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/ ¿ / / y / 3 OUTLINE OF THE CHICAGO SPEECH I- Introduction (1) Importance of industrial activity to farmers (2) Importance of reconciling conflicting interests of private groups II- Causes of the Recession (1) Orderly up to final quarter of 1936 (a) Industrial Production, Dec. '34-36; Oct. '36- 110 (b) Payrolls « » 39$ (c) Increase in National Income 1934-36 - $14b. (d) Stable prices (2) TOiat happened in last quarter of 1936 (3) Industry kept going in summer on backlog of orders and additions to inventories (4) Consumer buying ceased to expand after May (a) Decline in building (b) Falling off in railroad buying (c) Decline in Government contribution in first eleven months - $3b. III-Other Explanations (1) Monetary policy (2) Undistributed Earnings and Capital Gains Taxes (a) Improve operation but retain principle IV- Episode illustrates limitations on monetary and fiscal policies (1) March statement (2) Decline in competition and growth in controlled prices, output, wages (3) Questions this raises (4) Hope that organizations of capital and labor will realize their true interest lies in serving public interest (5) These basic problems are economic, not political V- Current Situation (1) Correction of inventory situation (2) Maintenance of buying power through provision for unemployed and far-sighted business policies (3) Increase in buying power from building program (a) Railroads and building and farm income VI- Conclusion ^
@FedFRASER