Part 1 - The Institute Libraries - Institute for Advanced Study

eceived, and of one "unethusiastic" response:
I have talked this proposal over with nrmrerous key individ-
uals who vould be involved and so far have found them unani-
mously enthusiastic and urgent that ve proceed iomediately,
with the single exception of Walter Stevart, who was friendly,
but did not seem to me to be enthusiastic.
. .
At the Social Science Resezrch Council, for example, I was
requested to frare a specific proposal imediately so that
they could sound out the possibilities of financing the project.
At the Reserve Bank of New York, I vas urged to go
ahead 2nd prmised hearty cooperation in mking contacts and
obtaining rateriils. At the Federal Reserve Board in Washington,
Dr. Eranuel Goldenveiserwas equally enthusiastic
and thought that the Board might welcome the opportunity'to
cooperate fornally in a joint, far-reaching investigation of
the financial crisis, detailing its om experts to participate
in shouldering the heavy expense that might ensue in
the detailed exarination of its am records. I have also
. gene over the general scope of the proposal with Stacy Hay,
- /Assistant Director of the Division of the Social Sciences
of the Rockefeller ~oundation7 who has made valuable suggestions
as to the best form in-&ich
should be set up.
an inquiry of this kiitd
To s-rize these remarks so far: (1) The need for a com-
prehensive inquiry of the type contemplated is, I think,
almost unquestioned; (2) I have found not only enthusiasm...
but also an extraordinary desire to cooperate on the part of
those whose cooperation vould be most essential, so far as
I have been able to sound them out; and (3) I have been urged
from many sides to try to persuade the Institute to take the
leadership in the undertaking.
Riefler's pl2.n for the accomplishment of the work was well con-
ceived; the School vould be a mall "distinctive school of finance." Its
- -
influence vould be broad and deep, as he conceived it.
-
LIL/ would, then, assume leadership in formulating a broad
inquiry into the causes and phenomena of the financial crisis
... set up as a project sponsored by the Institute...to be
carried out disinterestedly in cooperation with all of the
agencies and interests affected, and to be financed in part
by the Rockef=ller Foundation and in part by the official
,/govermnentsL/ agencies involved.