
Originally Posted by
Melonie
""We have been passing through one of those great economic storms which periodically bring hardship and suffering upon our people. While the crash only took place 6 months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.
On the occasion of this great storm we have for the first time attempted a great economic experiment, possibly one of the greatest of our history...
I believe I can say with assurance that our joint undertaking has succeeded to a remarkable degree...
The intensity of the speculative boom on this occasion was, in my view, as great as or greater than any of our major manias before. The intensity of the slump has been greatly diminished by the efforts that have been made.
Our program was one of deliberate purpose to do everything possible to uphold general confidence...
We have succeeded in maintaining confidence and courage. We have avoided monetary panic and credit stringency. Those dangers are behind us...
Our credit machinery has proved itself able to stand shock in the commercial field through the Federal Reserve System..
There can be no doubt of the service of the Federal Reserve System in not only withstanding the shock but also in promoting the supply of capital after the collapse."
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