| Posted: 08 September 2008 at 3:53pm | IP Logged | 12
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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.
June 9, 1931 "The depression has ended." - Dr. Julius Klein, Assistant Secretary of Commerce Sound like anyone around here Mr. Myers? It reminds me a bit of you except none of them asked me if I had gotten laid last night.
I love the quotes about "the high tide of prosperity" (while everything was collapsing) and "the worst is over without a doubt" and so many others. It is a cornucopia!
Tell me more about the BLS and their estimates, the health of the banking sector and how a couple of folks wanting to flip houses caused the present crises. I love to hear your fairy tales. It would be best if I could hear them before bedtime, in hushed tones, to soothe worries.
I will sell you a tulip, for a fair price (nothing like the 1637 price), if you explain how all those wise men and women (economists even!) at Fannie and Freddie didn't realize the magnitude of the housing collapse.
C'mon Mr. Myers. You can do it. I am not asking for Scholes and Merton stuff here. No Nobel Prize is needed.
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