Friday, August 5, 2011

Quotes from Great Depression number 1

September 1929

“There is no cause to worry. The high tide of prosperity will continue.” — Andrew W. Mellon, Secretary of the Treasury.

October 14, 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

December 5, 1929

“The Government’s business is in sound condition.” — Andrew W. Mellon, Secretary of the Treasury

December 28, 1929

“Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as an indication that American industry had reached a point where a break in New York stock prices does not necessarily mean a national depression.” — Associated Press dispatch.

January 13, 1930
“Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today.” – News item.

January 21, 1930

“Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction.” – News dispatch from Washington.

January 24, 1930

“Trade recovery now complete President told. Business survey conference reports industry has progressed by own power. No Stimulants Needed! Progress in all lines by the early spring forecast.” – New York Herald Tribune.

March 8, 1930

“President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days.” – Washington Dispatch.

May 1, 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

June 29, 1930

“The worst is over without a doubt.” – James J. Davis, Secretary of Labor.

August 29, 1930

“American labor may now look to the future with confidence.” – James J. Davis, Secretary of Labor.

September 12, 1930

“We have hit bottom and are on the upswing.” – James J. Davis, Secretary of Labor.

October 16, 1930

“Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment.” – Charles M. Schwab.

October 20, 1930

“President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President’s special committee on unemployment.” – Washington dispatch.

October 21, 1930

“President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter.” - Washington Dispatch

November 1930

“I see no reason why 1931 should not be an extremely good year.” – Alfred P. Sloan, Jr., General Motors Co.

January 20, 1931

“The country is not in good condition.” – Calvin Coolidge.

June 9, 1931

“The depression has ended.” – Dr. Julius Klein, Assistant Secretary of Commerce.


  1. Prosperity is just around the corner. The only trouble is, the corner is about 5000 miles down the road and just past the bridge that's washed out.

    About that S&P downgrade....a) gee, really? and b) why does anything any of the ratings agencies say matter to anybody after the mortgage mess? These guys are bums, and they proved it. 

    The US has a lower rating than the UK? Really? How's that work, exactly?

    You don't think that maybe S&P is kinda using the economic and debt situations to make hay for itself, do ya? As in, the brave truth-tellers stepping forward to prove they're not the lying sacks of you-know-what they've proved to be in the past?

    It's not that they're wrong, it's that they're so aggressively willing to drive the stake in, and do it here and now and not, say, in the UK.

    On the other hand, it means nothing except the trading repercussions when we open Sunday night. That should be interesting. If they deliver another week like last week, I'm be more than happy to take the money on puts.

    You get to a certain age, though, and all the playacting and charades get to be pretty tiresome.

  2. Agree with all
    The real question is why....why, at this point in time, have the shenanighans increased and become so blatant.   They all know there will be repercussions of a very severe nature.   Why has the manipulation, media control, greed become such a level?

    Is it only because the cheese ran out, or is there something more?


Insightful and Useful Comment!