US Presidency
1929

But this occasion so far differs from all others in that the credit situation in the country is entirely isolated from it due to the Federal Reserve and the banks, and there is no credit consideration involved. But the natural recovery of increased interest rates by the withdrawal of capital from speculative securities takes that capital ultimately back into industry and commerce. It is ordinarily the tendency of industrial leaders and everyone else to sit back to see what happens and to be a little more cautious in his business than he might otherwise have been that we have to deal with. We have also to deal naturally with some unemployment in the semi-necessity trades. But the real problem and the interpretation of it is one of maintenance of employment. This is not a question of bolstering stock markets or stock prices or anything of that kind.