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“The other matter to which we beg leave to refer in candor has been the anxiety shown for the Constitution and civil liber­ties because of alleged dictatorial, impatient and vindictive tendencies on our part. This concern is without basis in fact.”

“The corporate State considers that private enterprise in the sphere of production is the most effective and useful instrument in the interest of the nation. In view of the fact that private organisation of production is a function of national concern, the organiser of the enterprise is responsible to the State for the direction given to production.”

“The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.”