Federal Reserve Board in 1930. He took on an additional half-year post in 1932 as chief of the new Reconstruction Finance Corporation, which was Hoover's unsuccessful attempt to aid companies by providing loans to businesses. After Franklin D. Roosevelt became president, Meyer resigned his Fed position on May 10, 1933. Meyer has been criticized as Fed Chairman for not attacking the economic catastrophe of the early 1930s with monetary stimulus, thus allowing the banking crisis to get out of hand and deepening the economic collapse. One of his biggest critics at the time condemned Meyer along with J. P. Morgan, Andrew Mellon and Ogden Mills as being the Four Horsemen of the Apocalypse. More recent critics include Nobel laureate Milton Friedman and his fellow economist Anna Schwartz who, in their landmark book A Monetary History of the United States, put forth the argument that the Fed could have lessened the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. In publishing Purchase of the Washington Post In 1929, Meyer made an offer of $5 million for The Washington Post, but he was rebuffed. In June 1933, he bought the paper at a bankruptcy auction for $825,000, the paper having been ruined by its spendthrift socialite owner Ned McLean, and by the Great Depression. Meyer had resigned as Fed chairman just three weeks earlier, and he had no experience in the publishing business. But he was prepared to bid up to $2 million for the Post, far more than the other bidders, including William Randolph Hearst. Preferring to remain anonymous, Meyer stayed home from the proceedings. After weeks of speculation when even his daughter Katharine didn't know the buyer's name, it was finally revealed in newspapers around the country on June 13. In his statement to the press, Meyer vowed to improve the Post, and asserted that he would operate it independently. He also said that he had bought the Post on his own, without the influence of "any person, group or organization." He made this statement to contradict the rumors that as a well-known Republican, he would soon turn it into a voice for Republican causes. Press reaction to the purchase was positive, with other newspapers being pleased that the Post would not go out of business, and would continue to report the news from the nation's capital; given its