Herbert Hoover actually said...

The gradual credit contraction during the past 8 months arising indirectly from causes originating in foreign countries and continued domestic deflation, but more directly from hoarding, has been unquestionably the major factor in depressing prices and delaying business recovery.

Context

Statement on Signing the Federal Reserve Act, Amendments

02/26/1932

https://www.presidency.ucsb.edu...

More Herbert Hoover Quotes

View All Herbert Hoover Quotes