Posted this on a blog entry a while back and also on my old website months ago. You can see the original here:
http://420trader.net/?p=380
Once again, I will start off with quotes to spark a discussion (though that failed in pretty much every thread I started in the politics forum; refer to global warming, vaccinations and new world order)
Comparing some quotes from the experts from the Great Depression and today:
Great Depression:
We will not have any more crashes in our time. John Maynard Keynes, 1927
There will be no interruption of our permanent prosperity. Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
There is no cause to worry. The high tide of prosperity will continue. Andrew W. Mellon, Secretary of the Treasury, September 1929
Stock prices have reached what looks like a permanently high plateau. Irving Fisher, Ph.D. in economics, Oct. 17, 1929
Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board. New York Times, October 14, 1929
This crash is not going to have much effect on business. Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression Harvard Economic Society (HES), November 2, 1929
The Governments business is in sound condition. Andrew W. Mellon, Secretary of the Treasury, December 5, 1929
President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days. Washington Dispatch, March 8, 1930
The spring of 1930 marks the end of a period of grave concern American business is steadily coming back to a normal level of prosperity. Julius Barnes, head of Hoovers National Business Survey Conference, Mar 16, 1930
While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States that is, prosperity. President Hoover, May 1, 1930
The worst is over without a doubt. James J. Davis, Secretary of Labor, June 29, 1930
Gentleman, you have come sixty days too late. The depression is over. Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930
We have hit bottom and are on the upswing. James J. Davis, Secretary of Labor, September 12, 1930
President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter. Washington dispatch, October 21, 1930
I see no reason why 1931 should not be an extremely good year. Alfred P. Sloan, Jr., General Motors Co, November 1930
The depression has ended. Dr. Julius Klein, Assistant Secretary of Commerce, June 9, 1931
I believe July 8, 1932 was the end of the great bear market. Dow Theorist, Robert Rhea, July 21, 1932
All safe deposit boxes in banks or financial institutions have been sealed and may only be opened in the presence of an agent of the I.R.S. President F.D. Roosevelt, 1933
Today:
Home sales are coming down from the mountain peak, but they will level out at a high plateau a plateau that is higher than previous peaks in the housing cycle. David Lereah, Chief Economist, National Association of Realtors, Dec 2005
We may see a blip up in foreclosures and delinquencies. Leslie Appleton-Young, Chief Economist, California Association of Realtors, Dec 15 2005
The U.S. housing market appears to be emerging from its recent travails and the worst may well be over,Federal Reserve Chairman Alan Greenspan, Reuters release Oct 9, 2006
The subprime mess is grave but largely contained Federal Reserve Chairman, Ben Bernanke May 17 2007, Speech before the Federal Reserve Bank of Chicago
This is far and away the strongest global economy Ive seen in my business lifetime.- Henry Paulson, US Treasury Secretary, July 12th, 2007
The market impact of the U.S. subprime mortgage fallout is largely contained and the global economy is as strong as it has been in decades. Henry Paulson, August 2007
This is not a rescue Goldman Sachs Chief Financial Officer David Viniar after Goldman poured $3 billion into one of its hedge funds, Aug 13, 2007
I hope youre confident about our economy. I am. President Bush at the Robinson Helicopter Co. in Torrance, Calif, Jan 30, 2008
Losing a job is painful, and I know Americans are concerned about our economy; so am I. Its clear our economy has slowed, but the good news is, we anticipated this and took decisive action to bolster the economy, by passing a growth package that will put money into the hands of American workers and businesses. President Bush on news that the economy lost 63,000 payroll jobs in February, March 7, 2008
The worst is likely to be behind us,- Henry Paulson, US Treasury Secretary, May 7th, 2008
These institutions [Fannie and Freddie] are fundamentally sound and strong. There is no reason for the kind of [stock market] reaction were getting. Christopher Dodd, Chair, Senate Banking Committee, Financial Post, July 12, 2008
My first instinct was to let the market work, until I realized, being briefed by experts It turns out that theres a lot of interlinks through the financial system. President George W. Bush on $700B Treasury Department bailout plan, Sept 2008
We think that 2009 is likely to be better than 2008. Richard Bernstein, Chief investment strategist at Merrill Lynch, Dec 2008
I definitely think the market is nearing the bottom financial writer Lita Epstein also the author of The Pocket Idiots Guide to Investing in Mutual Funds, 12 Feb 2009.
http://420trader.net/?p=380
Once again, I will start off with quotes to spark a discussion (though that failed in pretty much every thread I started in the politics forum; refer to global warming, vaccinations and new world order)
Comparing some quotes from the experts from the Great Depression and today:
Great Depression:
We will not have any more crashes in our time. John Maynard Keynes, 1927
There will be no interruption of our permanent prosperity. Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
There is no cause to worry. The high tide of prosperity will continue. Andrew W. Mellon, Secretary of the Treasury, September 1929
Stock prices have reached what looks like a permanently high plateau. Irving Fisher, Ph.D. in economics, Oct. 17, 1929
Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board. New York Times, October 14, 1929
This crash is not going to have much effect on business. Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression Harvard Economic Society (HES), November 2, 1929
The Governments business is in sound condition. Andrew W. Mellon, Secretary of the Treasury, December 5, 1929
President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days. Washington Dispatch, March 8, 1930
The spring of 1930 marks the end of a period of grave concern American business is steadily coming back to a normal level of prosperity. Julius Barnes, head of Hoovers National Business Survey Conference, Mar 16, 1930
While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States that is, prosperity. President Hoover, May 1, 1930
The worst is over without a doubt. James J. Davis, Secretary of Labor, June 29, 1930
Gentleman, you have come sixty days too late. The depression is over. Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930
We have hit bottom and are on the upswing. James J. Davis, Secretary of Labor, September 12, 1930
President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter. Washington dispatch, October 21, 1930
I see no reason why 1931 should not be an extremely good year. Alfred P. Sloan, Jr., General Motors Co, November 1930
The depression has ended. Dr. Julius Klein, Assistant Secretary of Commerce, June 9, 1931
I believe July 8, 1932 was the end of the great bear market. Dow Theorist, Robert Rhea, July 21, 1932
All safe deposit boxes in banks or financial institutions have been sealed and may only be opened in the presence of an agent of the I.R.S. President F.D. Roosevelt, 1933
Today:
Home sales are coming down from the mountain peak, but they will level out at a high plateau a plateau that is higher than previous peaks in the housing cycle. David Lereah, Chief Economist, National Association of Realtors, Dec 2005
We may see a blip up in foreclosures and delinquencies. Leslie Appleton-Young, Chief Economist, California Association of Realtors, Dec 15 2005
The U.S. housing market appears to be emerging from its recent travails and the worst may well be over,Federal Reserve Chairman Alan Greenspan, Reuters release Oct 9, 2006
The subprime mess is grave but largely contained Federal Reserve Chairman, Ben Bernanke May 17 2007, Speech before the Federal Reserve Bank of Chicago
This is far and away the strongest global economy Ive seen in my business lifetime.- Henry Paulson, US Treasury Secretary, July 12th, 2007
The market impact of the U.S. subprime mortgage fallout is largely contained and the global economy is as strong as it has been in decades. Henry Paulson, August 2007
This is not a rescue Goldman Sachs Chief Financial Officer David Viniar after Goldman poured $3 billion into one of its hedge funds, Aug 13, 2007
I hope youre confident about our economy. I am. President Bush at the Robinson Helicopter Co. in Torrance, Calif, Jan 30, 2008
Losing a job is painful, and I know Americans are concerned about our economy; so am I. Its clear our economy has slowed, but the good news is, we anticipated this and took decisive action to bolster the economy, by passing a growth package that will put money into the hands of American workers and businesses. President Bush on news that the economy lost 63,000 payroll jobs in February, March 7, 2008
The worst is likely to be behind us,- Henry Paulson, US Treasury Secretary, May 7th, 2008
These institutions [Fannie and Freddie] are fundamentally sound and strong. There is no reason for the kind of [stock market] reaction were getting. Christopher Dodd, Chair, Senate Banking Committee, Financial Post, July 12, 2008
My first instinct was to let the market work, until I realized, being briefed by experts It turns out that theres a lot of interlinks through the financial system. President George W. Bush on $700B Treasury Department bailout plan, Sept 2008
We think that 2009 is likely to be better than 2008. Richard Bernstein, Chief investment strategist at Merrill Lynch, Dec 2008
I definitely think the market is nearing the bottom financial writer Lita Epstein also the author of The Pocket Idiots Guide to Investing in Mutual Funds, 12 Feb 2009.