When Chase published Government in Business in 1935, the New Deal was at high tide. The New Deal was "but a single engagement on a world-wide battle front." Chase recalled talking to a member of the New Deal brain trust who "had no patience with Social Credit, but was nevertheless convinced that a wise federal control of money and credit was all that was needed to rescue us from the depression, and to maintain equilibrium thereafter." The New Deal had come in with "no philosophy, strategy, propaganda before its inauguration," but it had "changed more institutions in two years than all the reformers have been able to do in a generation." When many opponents of the New Deal gathered together to form the Liberty League, Chase wrote an "Ode to the Liberty League" for the Nation late in the year, describing it as "the loudspeaker of what Veblen used to call the kept classes."