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 thi… - Herbert Hoover

I have... instituted systematic, voluntary measures of cooperation with the business institutions and with State and municipal authorities to make certain that fundamental businesses of the country shall continue as usual, that wages and therefore consuming power shall not be reduced, and that a special effort shall be made to expand construction work in order to assist in equalizing other deficits in employment... I am convinced that through these measures we have reestablished confidence. Wages should remain stable. A very large degree of industrial unemployment and suffering which would otherwise have occurred has been prevented. Agricultural prices have reflected the returning confidence. The measures taken must be vigorously pursued until normal conditions are restored.

It is true that Communists and Fascists were round about. They formed popular fronts and gave the applause. These men shifted the relation of government to free enterprise from that of umpire to controller. Directly or indirectly they politically controlled credit, prices, production of industry, farmer and laborer. They devalued, pump-primed and deflated. They controlled private business by government competition, by regulation and by taxes. They met every failure with demands for more and more power and control . . . When it was too late they discovered that every time they stretched the arm of government into private enterprise, except to correct abuse, then somehow, somewhere, men's minds became confused. At once men became fearful and hesitant. Initiative slackened, industry slowed down production. Then came chronic unemployment and frantic government spending in an effort to support the unemployed. Government debts mounted and finally government credit was undermined. Out of the miseries of their people there grew pressure groups—business, labor, farmers demanding relief or special privilege. Class hate poisoned cooperation.

The American people from bitter experience have a rightful fear that great business units might be used to dominate our industrial life and by illegal and unethical practices destroy equality of opportunity...