"Cowboy" Sun Belt Firms Began to Challenge the Eastern Establishment "Yankees" for Political Power after World War II; The "Cowboys" Are Less Inclined to Bail Out Wall Street Banks Who Recklessly Loaned to Communist and Third World Countries

After World War II, the united Rockefeller-Morgan-Kuhn, Loeb Eastern Establishment was not allowed to enjoy its financial and political supremacy unchallenged for long. “Cowboy” Sun Belt firms, maverick oil men and construction men from Texas, Florida, and southern California, began to challenge the Eastern Establishment “Yankees” for political power. While both groups favor the Cold War, the Cowboys are more nationalistic, more hawkish, and less inclined to worry about what our European allies are thinking. They are also much less inclined to bail out the now Rockefeller-controlled Chase Manhattan Bank and other Wall Street banks that loaned recklessly to Third World and Communist countries and expect the U.S. taxpayer—through outright taxes or the printing of U.S. dollars—to pick up the tab.

--Murray N. Rothbard, Wall Street, Banks, and American Foreign Policy, 2nd ed. (Auburn, AL: Ludwig von Mises Institute, 2011), 34.