"I am opposed to wage reductions" - a statement made by President Roosevelt at a February press conference in 1938, compelled both economists and industrialists to ejaculate numerous multisyllabic words on the matter. In light of the fact that magazine editors are wage earners, the majority of selected quotes side with FDR.
In this 1952 article, Herbert Hoover, the 31st President of the United States (1929 - 1933) painstakingly explained why he was not responsible for the Great Depression.
Attached is a small excerpt from the PATHFINDER review of Eugene Lyons' 1948 book, "Our Unknown Ex-President" (1948). The author outlined the various measures taken by the Hoover administration during the earliest years of the Great Depression in hopes that the flood waters would subside:
"He fought for banking reform laws, appropriations for public works, home-loan banks to protect farms and residences. He asked for millions for relief to be administered by state and local organizations... A Democratic Congress refused to heed his suggestions."
With FDR waiting in the wings, eagerly anticipating the start of his administration, the outgoing president, Herbert Hoover (1874 1964), made his farewell address to the cash-strapped nation:
"Warning against the 'rapid degeneration into economic war which threatens to engulf the world' the President said that 'the imperative call to the world today is to prevent that war.' The gold standard, he said 'is the need of the world,' for only by the early reėstablishment of that standard can the barriers to trade be reduced.'"
Read about the Great Depression and the U.S. auto industry during the last year of the Hoover presidency...
This is President Herbert Hoover's recollection as to how his administration addressed the mass demonstrations of W.W. I veterans in need of relief. It is very different from the version recalled in high school history books in that Hoover stated that the order to burn the Anacostia shacks came from General MacArthur, not him.
The author of this brief paragraph points out that prior to the Great Depression that commenced in 1929, there were as many as five other economic slumps that existed in America's past. He remembered that in each case "something unexpected has come along to not only put us back on our feet again but to boom things in addition."
"Will it be the sudden perfection of television? Or further development of electrical appliances, particularly air-conditioning and cooling? Or some new novelty?"