I am firmly opposed to the government entering into any business the major purpose of which is competition with our citizens... for the Federal Government deliberately to go out to build up and expand... a power and manufacturing business is to break down the initiative and enterprise of the American people; it is the destruction of equality of opportunity amongst our people, it is the negation of the ideals upon which our civilization has been based.

On vetoing the "Muscle Shoals Bill" which was the seed for the later creation of the Tennessee Valley Authority - Herbert Hoover, 1874-1964 (1971)