US Presidency
1938

I then said this to the Congress: But the very vigor of the recovery in both durable goods and consumers ' goods brought into the picture early in 1937, a year ago, certain highly undesirable practices, which were in large part responsible for the economic decline which began in the later months of that year. Again production had ( outran ) outrun the ability to buy. There were many reasons for this over production. One of them was fear fear of war abroad, fear of inflation, fear of nation-wide strikes. None of these fears have been borne out. .. Production in many important lines of goods outran the ability of the public to purchase them, as I have said. For example, through the winter and spring of 1937 cotton factories in hundreds of cases were running on a three shift basis, piling up cotton goods in the factory, ( and ) goods in the hands of middle men and retailers.