Tuesday, October 28, 2008

Seventy-six years ago today!

A fun read:
"... I stated that this depression had exposed many weaknesses in our economic system. It has shown much wrongdoing. There has been exploitation and abuse of financial power. These weaknesses must be corrected, and that wrongdoing must be punished. We will continue to reform such abuses and correct such wrongdoing as falls within the powers of the Federal Government.

Furthermore, the American people must have protection from insecure banking through a stronger banking system. They must have relief from conditions which permit the credit machinery of the country being made available without adequate check for wholesale speculation in securities, with its ruinous consequences to millions of our citizens and to our national economy. This the Federal Reserve System by its present constitution has proven incapable of bringing about. I recommended to the Congress the sane reform of our banking laws. The Democratic House of Representatives did not see fit to pass that legislation in the last session, but we shall persist until it has been accomplished.
My only comment on this occasion is that if I receive a mandate from the American people in this election, I shall be able not only to force upon this Democratic House real economies, but I shall be able to stop further raids by the Democratic Party on the Treasury of the United States.
I also, likewise at Cleveland, gave an extended exposition of the measures and policies which we have in action and propose for labor and employment. I am in hopes that these statements may be carefully considered, and our time is too short this evening to go into those items in detail although I hope to take them up again in this campaign.

[Address in Indianapolis, Indiana, Herbert Hoover, 28 Oct 1932... 76 years ago today!]
Warning: the entire address is very long, and is a quite detailed polemic against FDR.

Much of it could be lifted with little change and attributed to Sen. McCain, with few folks the wiser.

For what it's worth: the specific economic policies discussed by Hoover in this address bear little resemblance to those being discussed today. Quite a bit of space is devoted to tariffs. The issuance of paper money, not backed by specie, is another concern.


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