“ No legislation can by any possibility guarantee the business community against the results of speculative folly any more than it can guarantee an individual against the results of his extravagance. When an individual mortgages his house to buy an automobile he invites disaster ”
Theodore Roosevelt, State of the Union Address. copy citation
| Author | Theodore Roosevelt |
|---|---|
| Source | State of the Union Address |
| Topic | disaster legislation |
| Date | |
| Language | English |
| Reference | |
| Note | |
| Weblink | http://www.gutenberg.org/files/5032/5032-h/5032-h.htm |
Context
“legislation to this effect should be enacted for the District of Columbia and the Territories.
Yet we must also remember that even the wisest legislation on the subject can only accomplish a certain amount. No legislation can by any possibility guarantee the business community against the results of speculative folly any more than it can guarantee an individual against the results of his extravagance. When an individual mortgages his house to buy an automobile he invites disaster; and when wealthy men, or men who pose as such, or are unscrupulously or foolishly eager to become such, indulge in reckless speculation--especially if it is accompanied by dishonesty--they jeopardize not only their own future but the future of all their innocent fellow-citizens, for the expose the whole business community to panic and distress.”
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