Herbert Hoover Quotes
Franklin D. Roosevelt and the New Deal then created the Securities and Exchange Commission to Regulate the Stock Market and that kept things under reasonable control for over 50 years, but then the fraudulent schemes had gotten very sophisticated and the Enron and other scandals were uncovered, leading to Sarbanes Oxley and other more regulatory legislation.
The Banks and Wall Street were much to blame of the Great Depression which began in 1929. Many called for reform and heavy regulation of the finance industry. However President Hoover was very passive and the Depression became worse. Hoover also opposed ANY regulation of banking or Wall Street. Hence the names in this quotation. The Priest was the right wing demagogic radio host of his day. Virulently anti-Semitic and anti-Black, he was threatened with excommunication by the Catholic Church, which finally ordered him to cease us weekly radio show and stop the political hate.
Ruth did have a great year. Hoover was floundering after presiding over the stock market crash and the Great Depression that followed.