HOOVER COMMISSION REPORT

The highly important Report of the Hoover Commission reveals that the Federal Government owns or is financially interested in approximately 100 important business enterprises including the production, the distribution, and the sale of electric power ($823,000,000 invested in the Tennessee Valley Authority alone), fertilizers, and telephones; in the operation of railways and steamship companies; in the smelting of metals; in the buying of and sometimes in the selling of farm products; and in many other business activities all involving a direct investment at present of $20 billion with about $14 billion more on the way in the form of definite commitments. At present, there are 40 government agencies engaged in lending, guaranteeing, and insuring with already existing investments and definite commitments of about $22 billion. Loans of all kinds to every type of enterprise are made including the manufacture of automobiles and prefabricated housing. Thus, a total of over $55 billion of the taxpayers’ moneys is in business run by the Federal Government in competition with private enterprise. And by the way, who is it that is talking about monopolies? On the point of competition of direct interest to ourselves, private financial institutions in this country have $77 billion of the savings of the public while the Federal Government through savings bonds, postal savings, pension and trust funds has over $96 billion of the thrift of this country — a 2,000% increase in 20 years, while the increase of sayings held by our own savings associations over the same period was 75%. It is utterly stupid for banking and financial institutions in this country to indulge in competitive bickering while the Federal Government moves ahead with giant and ever-increasing strides to garner control of the savings of the people of this country, just as it has done and proposes to do more of on the lending side of the business and in the erection of political dwellings.