Economic Security, Economic Insecurity, Financial Security, Financial Insecurity Quotes
There are some who believe that this quotation demonstrates more than any other Hoover’s blind spot regarding the non-rich in America which led to his inaction in the face of the Great Depression.
Three days before the Great Depression Stock Market crash
He did indeed kill the Bank of the United States by exercising the Presidential Veto on the legislation renewing the Bank’s government charter. The Bank was privately owned but handled all the fiscal functions for the Government and holding the United States deposits. The Bank owners and executives were not supports of Jackson and opposed him on many issues. Jackson thought it outrageous that a private bank, not under the control of the people or the representatives of the people, should have a monopoly on the banking functions of the United States. Vetoes were very unusual then. All the presidents before Jackson together vetoed only 12 laws. Jackson himself vetoed 13 including the Bank of America.
Essentially Mellon told the President to let the entire economy crash. With huge numbers of people out of work, labor would be more humble and not only settle for lower wages, but will work harder, and without "excess" income beyond their basic needs, they would not drink and engage in other immoral activities. President Hoover, a wealthy man himself, did not go along with Mellon's idea of making the situation worse, but his conservative philosophy of government would not allow the Government to "interfere" with the private economy or give any direct assistance to the citizens.
Actually originated by William Jennings Bryan in a 1900 campaign speech. See {640984} . The slogan became the name and first line of a poem and also a song. See {609937}
Likely misattributed. The phrase was popularized by the writer Orville Schell in "To Get Rich Is Glorious: China in the '80s" (1984) but Schell never actually attributed the words to Deng, telling the L.A. Times's Evelyn Iritani in 2004 that it merely "grew out of the zeitgeist" of China's economic reforms.
