Word: overbuilt
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...safe to conclude with Secretary Hoover that this Spring's depression has no economic causes. On the contrary, economic factors have been even more important in bringing the depression about than the political situation. The country is still adjusting its industries to a peacetime basis, and struggling with an overbuilt condition of its productive facilities. There remains the long-awaited liquidation of rents and real estate values, which many students of the subject pre dict will be seen this Fall. Until the inflation is taken out of rents and real estate, hopes for "a long period of na tional prosperity...