Spencer Heath Archive

Item 602       

Recollected by Spencer MacCallum immediately after conversation

F.D.R. in his fireside chats said the function of banking was to keep funds safe. That’s like saying that the function of a hardware store is to keep tools locked up. The real function of a banker is as a go-between.

Politics is the disruptive factor. It is people like /William C./ Mullendore who are warding off the politicians, in his case to save the power companies.