What most people don't grasp....from 1920 to the fall of 1929....the US was in constant financial turmoil...with speculation going rampant.
When he made this statement....he was mostly aiming at Congress trying to build regulations....to control speculation.
The chaos going beyond Wall Street? Well....that's the odd part that we tend to miss today....there was massive property sales going on in California and Florida during his era, and guys at times were doubling their investment money in a matter of just a year.
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