Unhappy events abroad have retaught us two simple truths about the liberty of a democratic people. The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of a private power to a point where it becomes stronger than the democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group, or by any other controlling private power.
— FDR: message to Congress proposing the monopoly investigation, 1938
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