So far as the personal side is concerned, the victory was to him who lost and the defeat to him who won. I can say that never in the last fifteen years have I had the peace of mind that I have since the election. I have almost a feeling of elation.

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When we are sick, we want an uncommon doctor; when we have a construction job to do, we want an uncommon engineer, and when we are at war, we want an uncommon general. It is only when we get into politics that we are satisfied with the common man.

The high tenet of this philosophy (Liberalism) is that Liberty is an endowment from the Creator of every individual man and woman upon which no power, whether economic or political, can encroach, and that not even the government may deny. And herein it challenges all other philosophies of society and government; for all others, both before and since, insist that the individual has no such unalienable rights, that he is but the servant of the state. Liberalism holds that man is master of the state, not the servant; that the sole purpose of government is to nurture and assure these liberties. All others insist that Liberty is not a God-given right; that the state is the master of the man.

We must fight again for a government founded on individual liberty and opportunity that was the American vision. If we lose we will continue down this New Deal road to some sort of personal government based upon collectivist theories. Under these ideas ours can become some sort of Fascist government.

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The present economic organization of Fascism is based on the “Corporate State,” the necessity for which is stated to be “Economic Planning.” The Italian word Corporasioni currently translated as “corporation” is misleading, as its import is not our business corporation; it is more nearly that of the old English “guild.” In more modern expression, which again in American terms is not quite precise, the system is based upon the creation separately of Fascist “labor unions” and Fascist “trade associations” in each industry or calling, whose authority through committees and administrators is binding upon all those engaged in that industry or calling,…

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Wages have increased, the cost of living has decreased. The job of every man and woman has been made more secure. We have in this short period decreased the fear of poverty, the fear of unemployment, the fear of old age; and these fears that are the greatest calamities of human kind.

Two courses were open to us. We might have done nothing. That would have been utter ruin. Instead, we met the situation with proposals to private business and to the Congress of the most gigantic program of economic defense and counterattack ever evolved in the history of the Republic. We put that program in action. Our measures have repelled these attacks of fear and panic. . . . We have used the credit of the Government to aid and protect our institutions, both public and private. We have provided methods and assurances that none suffer from hunger or cold amongst our people. We have instituted measures to assist our farmers and our homeowners. We have created vast agencies for employment.

We in America today are nearer to the final triumph over poverty than ever before.

The only problem with capitalism is the capitalists.

I, with other Americans, have perhaps unduly resented the stream of criticism of American life... more particularly have I resented the sneers at Main Street. For I have known that in the cottages that lay behind the street rested the strength of our national character.

The only trouble with capitalism is capitalists; they're too damned greedy.

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The American people are doing their job today. They should be given a chance to show whether they wish to preserve the principles of individual and local responsibility and mutual self-help before they embark on what I believe to be a disastrous system. I feel sure they will succeed if given the opportunity.