Herbert Hoover actually said...

"Pending the compilation and analysis of this statement I wish to suggest that you refrain from actually obligating money available for expenditure during the current fiscal year except in those cases ..."

"In view of the fact that our receipts are falling off materially from the amount estimated at the time of the preparation of the Budget for 1932 and of the consequent large deficit indicated for the c..."

"The situation is a serious one and demands that we all make the most earnest efforts to eliminate or postpone all such activities as may be so treated without serious detriment to the public welfare."

"The major problem is one affecting primarily the banking and credit conditions and can best be solved by the voluntary cooperation of the bankers of the world rather than by governments with their con..."