Not to be confused with "Message on the Economy," Hoover's "Statement on the Economy" (who was in charge of giving these speeches such exciting names?!) comes two weeks later and has a much different tone than his first talk.

This statement is very useful and relevant to compare with FDR's "First Fireside Chat" (which comes a bit over three years later). Check out President Hoover's tone, completely void of confidence:

"We are dealing here with a psychological situation to a very considerable degree. It is a question of fear." (Source)

Dang. That's quite a change from the confidence in "Message on the Economy" two weeks earlier.

This statement, given at a press conference, could be compared to Roosevelt's later line "We have nothing to fear but fear itself" (1933). Hoover knows the economy is in a bad spot…and that it's getting worse. He just doesn't have much of a bedside manner about it—in fact, the phrase "It is a question of fear" makes us want to completely freak out.

But any economist will tell you that the primary catalyst for an economic recession or depression is fear. Fear leads to people hoarding their cold, hard, cash, which is terrible for the country (as FDR has told us in his fireside chat). One of FDR's primary goals in "First Fireside Chat" was to address that fear, calm the public, and reassure them of progress and hope.