Herbert Hoover actually said...

I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn in the tide.

I have myself been advocating this for the last 6 years.

What we are trying to do is open the channels of credit so as to dissipate fear and apprehension in the minds of the bankers and the public ...

It is an economy measure, one that is long overdue.