US Presidency
1932

I have opposed and I will continue to oppose, the Federal Government going into the power business and the further extension of Federal bureaucracy. The intention of many of the men at least that are campaigning for the Democratic Party and under the auspices of and with money provided by the Democratic National Committee, are certainly to put the Government into the power business, and it would seem that they must have confidence that their notions will be put over by the Democratic candidate. The Democratic candidate assures us that he will preserve the great water powers of the country for the people. That is already provided by the law passed 20 years breakwater in 1920 and it, therefore, presents no difficulty to vigorous campaign promises. In my acceptance speech I stated that this depression had exposed many weaknesses in our economic system. It has shown much wrongdoing. There has been exploitation and abuse of financial power. These weaknesses must be corrected, and that wrongdoing must be punished.