Presidential Statement of the Day
By Herbert Hoover, in a letter to Chesla Sherlock, managing editor of The Ladies’ Home Journal, 13 May 1932:
A home and the home owner are the best credit risks in our country. There is no character credit comparable to a family struggling to own its home. But finance of homes too often continues on terms comparable to the credit extended by a pawnbroker. The family willing to work, save their money, apply the savings to payment for their house is not only a sound basis of credit but a sound basis for the nation. Every interest in life ties them to maximum effort to succeed. They must have credit upon terms adjusted to their little of cash and their much of character.