But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.
The three great ends which a statesman ought to propose to himself in the government of a nation are, — 1. Security to possessors; 2. Facility to acquirers; and 3. Hope to all.
It has been well said that 'he who has never learned to obey cannot be a good commander.' The two are not the same, but the good citizen ought to be capable of both; he should know how to govern like a freeman, and how to obey like a freeman - these are the virtues of a citizen.
For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. So let us mark this day with remebrance, of who we are and how far we have traveled.
The legitimate object of government is to do for a community of people whatever they need to have done, but can not do at all, or can not so well do, for themselves – in their separate, and individual capacities.
Now what is just and right is to be interpreted in the sense of 'what is equal'; and that which is right in the sense of being equal is to be considered with reference to the advantage of the state, and the common good of the citizens. And a citizen is one who shares in governing and being governed. He differs under different forms of government, but in the best state he is one who is able and willing to be governed and to govern with a view to the life of virtue.
The Government of the Reich, who regard Christianity as the unshakable foundation of the morals and moral code of the nation, attach the greatest value to friendly relations with the Holy See and are endeavouring to develop them.
Government should stand behind its currency and credit and the bank deposits of the nation. No individual should suffer a loss of money through depreciation or inflated currency of Bank bankruptcy.