English, 22.02.2021 18:40 brooklyn4932

7 DAYS AFTER THE CRASH President Herbert Hoover
Press conference, November 5, 1929

We have had a period of overspeculation that has been extremely widespread, one of those waves of speculation that are more or less uncontrollable, as evidenced by the efforts of the Federal Reserve Board, and that ultimately results in a crash due to its own weight. . . . The ultimate result of it is a complete isolation of the stock market phenomenon from the general business phenomenon. In other words, the financial world is functioning entirely normal and rather more easily today than it was two weeks ago, because interest rates are less and there is more capital available.

The effect on production is purely psychological. So far there might be said to be from such a shock some tendency on the part of people through alarm to decrease their activities, but there has been no cancellation of any orders whatsoever. There has been some lessening of buying in some of the luxury contracts, but that is not a phenomenon itself. . . .

The sum of it is, therefore, that we have gone through a crisis in the stock market, but for the first time in history the crisis has been isolated to the stock market itself. It has not extended into either the production activities of the country or the financial fabric of the country, and for that I think we may give the major credit to the constitution of the Federal Reserve System.

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7 DAYS AFTER THE CRASH President Herbert Hoover
Press conference, November 5, 1929

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