largest and most hated trusts, while the public announcement calmed the markets. Roosevelt exploded in anger at the super-rich for the economic malfeasance, calling them "malefactors of great wealth." in a major speech in August entitled, "The Puritan Spirit and the Regulation of Corporations." Trying to restore confidence, he blamed the crisis primarily on Europe, but then, after saluting the unbending rectitude of the Puritans, he went on: It may well be that the determination of the government...to punish certain malefactors of great wealth, has been responsible for something of the trouble; at least to the extent of having caused these men to combine to bring about as much financial stress as possible, in order to discredit the policy of the government and thereby secure a reversal of that policy, so that they may enjoy unmolested the fruits of their own evil-doing. Regarding the very wealthy, Roosevelt privately scorned. "their entire unfitness to govern the country, and ... the lasting damage they do by much of what they think are the legitimate big business operations of the day." Foreign policy Japan The American annexation of Hawaii in 1898 was stimulated in part by fear that otherwise Japan would dominate or seize the Hawaiian Republic. Similarly, Germany was the alternative to American takeover of the Philippines in 1900, and Tokyo strongly preferred the U.S. to take over. As the U.S. became a naval world power, it needed to find a way to avoid a military confrontation in the Pacific with Japan. In the 1890s, Roosevelt had been an ardent imperialist and vigorously defended the permanent acquisition of the Philippines in the 1900 campaign. After the local insurrection ended in 1902, Roosevelt wished to have a strong U.S. presence in the region as a symbol of democratic values, but he did not envision any new acquisitions. One of Roosevelt's priorities during his presidency and afterwards, was the maintenance of friendly relations with Japan. From 1904 to 1905 Japan and Russia were at war. Both sides asked Roosevelt to mediate a peace conference, held successfully in Portsmouth, New Hampshire. Roosevelt won the Nobel Peace Prize for his efforts. Though he proclaimed that the United States would be neutral during the Russo-Japanese War, Roosevelt secretly favored the Imperial Japan to emerge victorious against the Russian Empire. He wanted the influence of the Russians to weaken in order to take them out in the Pacific