The consequences of successful action seemed almost as terrible as the consequences of inaction, and they could be more horrible for those who took t… - John Kenneth Galbraith

[W]ith sound-money and gold-standard morality transcendent, Jackson's destruction of the Bank was all but universally regarded as a villainous action. ...In more recent times, as the conventional wisdom of bankers has come... modestly into question and a heightened democratic ethos has ascribed both perception and virtue to the common man, Jackson's action has been viewed with contrasting warmth. He was... speaking for the small, energetic and aspiring folks of the new states, the new farms and the frontier.
He was, in an important respect, their accidental ally. He opposed the bank as a monopoly—a monster which, as Biddle held, had power to rival that of the state. ...[I]t was also the power of his political enemies. But he favored hard money—he was for currency consisting of gold and silver and for eschewing all paper as the instrument of the devil. In getting rid of the bank, he got... the softest [money] of all—an explosion of new banks, and avalanche of bank notes. But this, and the loans so allowed, were what his constituents most wanted. Had Andrew Jackson succeeded in establishing... hard money... his name would have been reviled by the... small, energetic and aspiring folk of the frontier. Historians, in pondering whether Jackson was right or wrong on financial matters, must allow... a third possibility... that he was confused.

The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.

The rule will often be here reiterated: financial genius is before the fall. I