Most Read · Tuesday, October 29, 1929
Hoover: Business 'Fundamentally Sound,' Just Lying Down
The White House repeated today that business is 'fundamentally sound.' The phrase actually comes from President Hoover's statement on October 25, right after Black Thursday, and it has aged about as well as a margin account.
Aides clarify that business is not collapsing so much as resting. 'It's horizontal by choice,' said one. 'It's had a long week.' Economists warn the nap may last a while. In reality the Dow kept sliding until July 1932, which by any standard is a very long lie-down.
Satire. For what actually happened, see the “What really happened” box in the full issue.