1925
Speculation
Hoover was not shy about sharing his concerns about the American economy. As early as 1925, then-Secretary of Commerce Hoover had warned President Coolidge that stock market speculation was getting out of hand. Yet in his final State of the Union Address, Coolidge saw no reason for alarm. Hoover, however, remained fearful. Even before his inauguration, he urged the Federal Reserve to halt "crazy and dangerous" gambling on Wall Street by increasing the discount rate the Federal Reserve charged banks for speculative loans. He asked magazines and newspapers to run stories warning of the dangers of rampant speculation.