Part of a fireside chat by FDR (social security, security, place)

[Tek_Freek]

I'm uncertain that this belongs in the Retirement forum, but the discussions here as usually so lively and not (overly) nasty that I felt it was a good place to put it.

Here's the web page: Social Security Online - HISTORY

Here's the text of interest:

"The second step we have taken in the restoration of normal business enterprise has been to clean up thoroughly unwholesome conditions in the field of investment. In this we have had assistance from many bankers and businessmen, most of whom recognize the past evils in the banking system, in the sale of securities, in the deliberate encouragement of stock gambling, in the sale of unsound mortgages and in many other ways in which the public lost billions of dollars. They saw that without changes in the policies and methods of investment there could be no recovery of public confidence in the security of savings. The country now enjoys the safety of bank savings under the new banking laws, the careful checking of new securities under the Securities Act and the curtailment of rank stock speculation through the Securities Exchange Act. I sincerely hope that as a result people will be discouraged in unhappy efforts to get rich quick by speculating in securities. The average person almost always loses. Only a very small minority of the people of this country believe in gambling as a substitute for the old philosophy of Benjamin Franklin that the way to wealth is through work."

[Tesaje]

those who refuse to learn the lessons of history are doomed to repeat it....

[Curmudgeon]

What is it they say (whoever "they" are), "the more things change the more they stay the same?" The one constant throughout the ages has been greed.

[texdav]

But if you look it really wasn't the inveswtments that brought this economy down. it was plan old borrowing for what you couldn't afford;not risking of what you had. One has to remember that 80% of the people are fine even in these hard times caused by so few across the board.But then obne has to define what was alright then and now. The real lesson is that you need to look out for your ownself and not count on governament. If they couldn't protect the madofff victims by even checking if he were trading when warned; which is easily done ;then you are a fool to trust government. That in fact is exactly what the guy who wanred the SEC said in front of congress whyen he testified;people need to learn the same old lesson of if it counds to good to be true as the majority have for ever.