[SAMARA]

8.In the same way we cannot review carefully the history of our industrial advance without being struck with its haphazardness, the gigantic waste with which it has been accomplished, the superfluous duplication of productive facilities, the continual scrapping of still useful equipment, the tremendous mortality in industrial and commercial undertakings, the thousands of dead-end trails into which enterprise has been lured, the profligate waste of natural resources. Much of this waste is the inevitable by-product of progress in a society which values individual endeavor and which is susceptible to the changing tastes and customs of the people of which it is composed. But much of it, I believe, could have been prevented by greater foresight and by a larger measure of social planning. Such controlling and directive forces as have been developed in recent years reside to a dangerous degree in groups having special interests in our economic order, interests which do not coincide with the interests of the Nation as a whole. I believe that the recent course of our history has demonstrated that, while we may utilize their expert knowledge of certain problems and the special facilities with which. they are familiar, we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities--an outlook which deserves the adjectives "selfish" and "opportunist."
9. You have been struck, I know, by the tragic irony of our economic situation today. We have not been brought to our present state by any natural calamity--by drought or floods or earthquakes or by the destruction of our productive machine or our man power. Indeed, we have a superabundance of raw materials, a more than ample supply of equipment for manufacturing these materials into the goods which we need, and transportation and commercial facilities for making them available to all who need them. But raw materials stand unused, factories stand idle, railroad traffic continues to dwindle, merchants sell less and less, while millions of able-bodied men and women, in dire need, are clamoring for the opportunity to work. This is the awful paradox with which we are confronted, a stinging rebuke that challenges our power to operate the economic machine which we have created.

What is this saying? How is it rephrased today?
Waste... recurring theme here. I especially like "we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities" Taxpayers are loaning 700 billion and earning a 11.3 trillion deficeit - not a gain?. When I bank, I lose on my savings compared to my service charges. What happened here? Economic machine? Not a result of a natural disaster? Great, now the politicans can blame God.

10. We are presented with a multitude of views as to how we may again set into motion that economic machine. Some hold to the theory that the periodic slowing down of our economic machine is one of its inherent peculiarities--a peculiarity which we must grin, if we can, and bear because if we attempt to tamper with it we shall cause even worse ailments. According to this theory, as I see it, if we grin and bear long enough, the economic machine will eventually begin to pick up speed and in the course of an indefinite number of years will again attain that maximum number of revolutions which signifies what we have been wont to miscall prosperity, but which, alas, is but a last ostentatious twirl of the economic machine before it again succumbs to that mysterious impulse to slow down again. This attitude toward our economic machine requires not only greater stoicism, but greater faith in immutable economic law and less faith in the ability of man to control what he has created than I, for one, have. Whatever elements of truth lie in it, it is an invitation to sit back and do nothing; and all of us are suffering today, I believe, because this comfortable theory was too thoroughly implanted in the minds of some of our leaders, both in finance and in public affairs.

What is this saying? How is it rephrased today?
Dont trust Wallstreet and the government that supports its endeavours. Let the economics forces play its hand. He said it clearly 75 years ago, "...faith in immutable economic law and less faith in the ability of man to control what he has created...". A 700 billion cheque should be place in the mainstreet not in the wallstreet. "[W]e cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities"

11. Other students of economics trace our present difficulties to the ravages of the World War and its bequest of unsolved political and ,economic and financial problems. Still others trace our difficulties to defects in the world's monetary systems. Whether it be an original cause, an accentuating cause, or an effect, the drastic change in the value of our monetary unit in terms of the commodities is a problem which we must meet straightforwardly. It is self-evident that we must either restore commodities to a level approximating their dollar value of several years ago or else that we must continue the destructive process of reducing, through defaults or through deliberate writing down, obligations assumed at a higher price level.
12. Possibly because of the urgency and complexity of this phase of our problem some of our economic thinkers have been occupied with it to the exclusion of other phases of as great importance.
13. Of these other phases, that which seems most important to me in the long run is the problem of controlling by adequate planning the creation and distribution of those products which our vast economic machine is capable of yielding. It is true that capital, whether public or private, is needed in the creation of new enterprise and that such capital gives employment.
14. But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb. It is the same story as the thoughtless turning out of too many school teachers and too many lawyers.

What is this saying? How is it rephrased today?
700 billion continues a destructive process. Simple. Entire excerpt of #14:
"But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb."