Herbert Hoover actually said...

It means lower rates, and lower rates cannot be made except by broad economies in methods, or alternatively, by wage reductions.

The President's News Conference

01/01/1931

More Herbert Hoover Quotes

I haven't any great wealth of news.

News is not subject to manufacture.

Otherwise than that I haven't anything of any particular interest this morning.

Yes, in 10 or 15 minutes.