My fellow Americans we are in a time of economic turmoil and lost dreams. The past administration failed to see the consequences of not taking federal action. This administration plans to bring back economic stability and hope for present and future generations. Our former commander-in-chief, Herbert Hoover, reacted poorly to the stock market crash of 1929. He misjudged the intensity of the collapse, calling it "a needed adjustment" and stated that by his standards, the American economy was fundamentally sound. Hoover's hands-off policy towards the economy drove our nation deeper into the depth of depression.
He felt that no federal action of any kind was needed to stabilize the economy. Hoover also felt that the federal government should never supply aid of any kind to the poor, unemployed, and the hungry. His administration upheld the belief that welfare would destroy the character of the American people. Near the end of Hoover's disappointing term in office, he signed a law creating the Reconstruction Finance Corporation.
This organization could loan up to 2 billion dollars to banks, insurance companies, and railroads. Hoover's last ditch attempt to help the economy was too little, too late. Our economy was in shambles and now we need someone to pick up those pieces. As your newly elected president, my administration will work to relieve the suffering caused by the depression, creating jobs and stabilizing the economy. One of my first concerns is to restore the American people's faith in banks. I am ready to shut down all banks and only re-open those that are stable.
I have sent a banking relief bill to Congress that, if passed, will enable the federal government to assist the banking industry in regaining the nations trust and support. The new administration is also setting up the Federal Deposit Insurance Corporation that insures bank deposits up to $10, 000 dollars. I am now working to put the unemployed back on the job. Dam and bridge projects are being organized all over the country to get Americans back to work. I am also offering direct relief to farmers through mortgages. With my New Deal I plan to stabilize the economy, put people back to work, and install faith in our nations banks.
As your new president I will elevate the economy back to the standards that the American people are accustomed to and expect from the federal government. Thank you and good night.