Herbert Hoover actually said...

"But during the latter part of January, despite these steps, there was a large increase in the short account which unquestionably affected the price of securities and brought discouragement to the coun..."

"I have a question from the press as to conferences held with officials of the New York Stock Exchange."

"I and other administration officials again expressed our views to the managers of the exchange that they should take adequate measures to protect investors from artificial depression of the price of s..."

"Individuals who use the facilities of the exchange for such purposes are not contributing to recovery of the United States."