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And it is clear that we will not leave the people in the lurch. Never had there been anything like it before. The Fund had no statutory authority, however, to engage in other activities that it began to undertake. Too wild fluctuations are both unwarranted and unwanted, because they hurt small investors and may cause a panic and other complications that affect the state of the real economy. The act authorized the ESF to use its capital to deal in gold and foreign exchange to stabilize the exchange value of the dollar. They held huge portfolios of common stocks, and obviously they could not afford to have them become cheap.