Wild greed along the lines I have been describing brought on the Depression. When investment bankers, so-called, continually load great transportation companies with debt in order to sell securities to savings banks and insurance companies so they can make a commission, the well finally runs dry. . . . There is no magic solution to the condition of the railroads, but one thing is certain—no formula, however scientific, will work without men of proper character responsible for physical and financial operations of the roads and for the administration of the laws provided by Congress.
Replace railroads with housing and he is still right today.
