All of
this has been caused in large part by a complete lack of planning
and a complete failure to understand the danger signals that have
been flying ever since the close of the World War. The people of
this country have been erroneously encouraged to believe that they
could keep on increasing the output of farm and factory
indefinitely and that some magician would find ways and means for
that increased output to be consumed with reasonable profit to the
producer.
Today we have reason to believe that things are a little better
than they were two months ago. Industry has picked up, railroads
are carrying more freight, farm prices are better, but I am not
going to indulge in issuing proclamations of overenthusiastic
assurance. We cannot ballyhoo ourselves back to prosperity. I am
going to be honest at all times with the people of the country. I
do not want the people of this country to take the foolish course
of letting this improvement come back on another speculative wave.
I do not want the people to believe that because of unjustified
optimism we can resume the ruinous practice of increasing our crop
output and our factory output in the hope that a kind Providence
will find buyers at high prices. Such a course may bring us
immediate and false prosperity but it will be the kind of
prosperity that will lead us into another tailspin.
Pages:
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26