Former U.S. President Herbert Clark Hoover addresses people in Oakland, California during the Great Depression. He speaks out in favor of a balanced budget and against the new spending and taxation proposals of the New Deal under President Franklin D. Roosevelt. He says, "The cost of the New Deal threatens to exceed that of the Great War...We have seen the creation of a most gigantic spending bureaucracy. That is not only a reduction of your standard of living, but of your freedom and your hopes. Here is where common sense cries out to be hear. The folly and waste must be cut out of this expenditure, and the federal government budget balanced, or we shall see one of three horsemen ravage this land: Taxation, or repudiation, or inflation...these issues transcend any group or individual. They represent the fate of the nation."
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