Herbert Hoover: “The public can understand that if one local merchant finds it…”

On the recordFebruary 15, 1932

The public can understand that if one local merchant finds it difficult to borrow from the banks his normal credit to maintain a stock of goods, he necessarily shortens down on his stocks and this reflects right back to the manufacturer and thus into unemployment.

Said by

Herbert Hoover

Republican · California

Source

presidency.ucsb.edu

Editor's note · Context

The President's News Conference

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