Great Depression Quotes 1929 vs 2008: Have We Learned Anything?
Thursday, February 26, 2009 19:07A few select quotes during the depression years of 1929 to 1931.
Notice the “Expert” opinions which convey optimism, the bank bailouts, government assurances, the Hoover (Paulson) plan, and the deliberate attempt by the main stream media to manufacture consent for bailing out Wall St. Has anything changed?
“There is no cause to worry. The high tide of prosperity will continue”
- Andrew W. Mellon, Secretary of the Treasury. September 1929
Stock Prices Will Stay at High Level For Years to Come, Says Ohio Economist .
-Dr. Charles Amos Dice, professor of business organization at Ohio State October 13, 1929
“FISHER SEES STOCKS PERMANENTLY HIGH”
-Irving Fisher, Yale economist, October 16h, 1929
“BROKERS IN MEETING PREDICT RECOVERY; Partners in 35 Wire Houses at Conference Agree Selling Has Been Overdone.” October 25, 1929
NEW AID IS PLEDGED TO BANK COALITION; G.F. Baker Jr. Joins Parley at Morgan Offices and Many Other Offers Are Made. SUPPORT EASES ANXIETY
-October 26, 1929
- Brokers Believe Worst Is Over and Recommend Buying of Real Bargains
- – New York Herald Tribune, October 27, 1929
October 29, 1929 – Stock Market Crashes!
BROKERS BELIEVE BOTTOM IS REACHED; Others Say a Sharp. Recovery Is in Order.
-October 30, 1929 (Glad they covered both sides of the story!)
“FISHER SAYS PRICES OF STOCKS ARE LOW; Quotations Have Not Caught Up With Real Values as Yet, He Declares. SEES NO CAUSE FOR SLUMP”
-October 22, 1929
“Time to Buy Stocks” John J. Raskob, one of the country’s leading industrial and political leaders
-October 30, 1929
Headline “INSURANCE HEADS URGE TO BUY STOCKS”
-October 30, 1929
ROCKEFELLER BUYS, ALLAYING ANXIETY; Elder Financier Says Business Status Does Not Warrant the Destruction of Values. October 31, 1929 (Remember Warren Buffet in Sept 2008?)
- Stocks Up in Strong Rally; Rockefellers Big Buyers; Exchanges Close 2-1/2 Days
- – New York Herald Tribune, October 31, 1929
SEES NEW BULL MARKET.; President of Philadelphia Stock Exchange Makes Predictions.
-November 22, 1929
BANKING CIRCLES SEE TURN FOR THE BETTER; Several Developments Cited as Presaging Recovery of the Stock Market. -November 15, 1929
HOOVER CALLS LEADERS OF NATION TO CONFER ON WAYS TO SPUR BUSINESS;
-November 16, 1929
Headline: The Quieting-Down of Wall Street–Aspects of Government’s Relief Projects.
-November 25, 1929
“The Government’s business is in sound condition.”
Andrew W. Mellon, Secretary of the Treasury
-December 5, 1929
RESERVE BANK AREAS FORECAST NEW YEAR
Despite the obvious slackening of the pace of business at the close of the year, leaders in banking and industry throughout the country maintain an optimistic attitude toward the prospects for 1930.
-January 1, 1930
MORTGAGE MONEY SCARCE
-February 23, 1930
“The worst is over without a doubt.”
James J. Davis, Secretary of Labor.
- June 1930
‘BUSINESS CYCLE’ SEEN AT NEW PHASE; Bankers Hold Downward Trend in Markets Indicates Recovery Is Near. DENY ANALOGY TO 1920-21 Economists Point to Superior Credit Conditions Now, Holding Easy Money Points to Revival.
-July 6, 1930
BIG BANKERS PUT UP $100,000 SAFEGUARD; House of Morgan Among Those Required to Provide Protection for Investors. -August 3, 1930
“We have hit bottom and are on the upswing.”
James J. Davis, Secretary of Labor.
-September 12, 1930
BIG FIRM SUSPENDED; Prince & Whitely, 51-Year-Old House, Is Unable to Meet Its Obligations
In the midst of the severest market reaction in two months, the New York Stock Exchange announced yesterday that the 51-year-old firm of Prince Whitely, one of the largest and best known houses in Wall Street, had been suspended on its own admission that it was unable to meet its obligations. (Can we say Bear Stears?)
-October 10, 1930
SCHWAB FORESEES RECORD PROSPERITY;
-October 25, 1930
“30% OF STOCKS SELL UNDER BOOK VALUES; Capital Is Above Market Price.”
-December 14, 1930
NEW YORK JOINING IN BRITISH CREDIT; Federal Reserve Bank Agrees, if Requested, to Buy Prime Commercial Bills.
-August 2, 1931
REDISCOUNT RATE CUT TO 1 % RECORD LOW; Federal Reserve Bank Here Takes Drastic Action
-May 8, 1931
RELIEF FUND URGED MEMBER BANKS
Out of the experiences of the depression, resulting in the necessity for organization of the $500,000,000 corporation to relieve banks temporarily in distress, may come a remodeled Federal Reserve System that will be so constituted as to meet the requirements of present-day commerce and industry.
-October 9, 1931
BANKERS OF NATION BACK HOOVER PLAN; October 8, 1931 (Paulson Plan 2008)
HOOVER’S BANK PLAN GETS WIDE SUPPORT; November 15, 1931 (Media Manufacturing Consent)
$2,000,000,000 POOL FOR BANK AID URGED; October 26, 1931 (Bail Out Bill)
URGES BUILDERS’ AID IN HOME FINANCING; Bank Official Says Industry Could Help More With Second Mortgages.
-August 30, 1931
REAL ESTATE MEN ON THE HOOVER PLAN; Some Skepticism Is Voiced, but the General Belief Is That Good Will Result.
-October 11, 1931
HOOVER PLAN HAILED IN HOLIDAY SERMONS; (Praise the lord)
-November 29, 1929
“The depression has ended.” (Finally see the “D” word, but only to refer to it in the past tense…very common)
Dr. Julius Klein, Assistant Secretary of Commerce.
- June 9, 1931 (Stock market did bottom one year and 50% later)
5-YEAR MORATORIUM PROPOSED BY KEYNES; Hoover Plan Is a “Stop-Gap” Device
-July 1, 1931
WORLD COOPERATION: A NEW STEP AHEAD; The Hoover Plan Has Focused Attention on the Problem of Economic Unity THE NEW WORLD COOPERATION
-July 12, 1931
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Great Depression Quotes 1929 vs 2008: Have We Learned Anything? says:
February 26th, 2009 at 9:35 pm
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javedahmad says:
February 26th, 2009 at 9:41 pm
The reason we do not learn anything from history is because our histories are tampered; and when we manage to discover the truth of histories it becomes “conspiracies”. Thus the history repeats itself simply because we never get to know the truth!
john phillips says:
February 26th, 2009 at 10:13 pm
II was born in September 1922 and although only 7 years of age in 1929 I remember the Great Depression vividly and it had the effect of tempering my entire life, ie my late wife and I were very frugal. Apart from a mortgage on our first house we never had anything on hire purchase etc. Apart from a Visa card for travelling, and which debt is always directed to our bank for immediate settlement we have never had a credit card—-thank goodness.
The remarks made by the author of this article are so very true. My only comment is :- “That you ain`t seen nothing yet” Best of Britishg!!
Great Depression Quotes 1929 vs 2008: Have We Learned Anything? | Charting Stocks « Kanan48’s Blog says:
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john phillips says:
February 27th, 2009 at 12:36 am
As an addendum to my previous comments. The Depression of 1929 lasted until about 1937, during which year Britain began rearming against the rise of Adolf Hitler and Fascism. On the basis that history repeats itself I do begin to be concerned as to who my great grandchildren will be fighting in WW3—-maybe Russia who is now rearming or maybe China, the main creditors of the USA with millions of devalued dollars.
Miguel Grande says:
February 27th, 2009 at 7:30 am
The Great Depression starting 2008 will end with WWIII and the elimination of 80% of the world’s population. Our illegal Bio-Weapons program has spent $50 billion a year for a decade planning for this massacre. The beauty of Bio-Weapons are they don’t destroy property, they just eliminate the useless eaters and breeders. They have primed the death machine with vaccinations, flouride, mercury amalgams, MSG, aspertame, chemtrails and mercurized fructose syrup. They are killing us slowly, so we won’t live to collect our Social Security, which went missing during the Clinton years.
chartingstocks1 says:
February 27th, 2009 at 7:48 am
john..thanks so much for your input….the depression years transformed a generation of spenders into savers…i think history will repeat once more
farang says:
February 27th, 2009 at 9:35 am
JaveDahmad:
That is about the most insightful observation I’ve heard in a decade or so.
Thanks!
robertsgt40 says:
February 27th, 2009 at 10:58 am
All that is needed in these quotes on the time is to add some more zeros to bring them current. Same song different verse…fast forward. Same moneychangers. They broke the bank this time.
HansGluck says:
February 27th, 2009 at 1:11 pm
First off to Miguel, I am struck that either you have spent too much time surfing to doomsday sites (what, no allusions to 2012 or Apocalypse?) or that I should pray that you are horribly mistaken. Secondly, what strikes me about all of this is the media or its failure to report news on an investigative level. Just when did news reporting become akin to repeating the government line? How are we not already in a depression? How can things not get worse? Why does Ron Paul continue to sound like the voice in the wilderness? I have to laugh that someone above wants to blame this on Bill Clinton. As a true independent, the Bush administration should face charges on so many levels, and what has happened to our economy should be at the top of the list. The greed, the profiteering….it’s sickening. I’m not enamored by Obama or his plan to throw money at the problem, but let’s be rational in identifying the roots of the problem.
tatu says:
February 27th, 2009 at 1:13 pm
I’m disgusted that anyone out there EVER believes ANYTHING coming from the TV/newspaper corporate mind control media or the slave-raping “governments” of the world. THAT’S THE PROBLEM, too many naive weak stupid people. If the majority of the nation is like this then there is no hope for it to change. Unfortunately, we are facing far more than just a majority. Look at all the O-bot retards, and all the simpletons who are waiting for the GOP in 2012. LMAO! (if it wasn’t so pathetic and sad)
http://patriotsquestion911.com
Chuck says:
February 27th, 2009 at 10:15 pm
Here is another telling quote…
“We are spending more money than we have ever spent before, and it does not work. After eight years we have just as much unemployment as when we started, and an enormous debt to boot”. – U.S. Treasury Secretary Henry Morgenthau…May 1939
Discretionary spending is under water and sinking rapidly.
Malls are all discretionary in nature and are closing up all over.
Negative indicators are more than mere numbers, they are people’s lives.
Learn how to survive a depression
bluenote says:
February 27th, 2009 at 10:21 pm
As Ron Paul said, Austrian school economists saw this coming years ago. I was able to tell people that when Joe America could not pay his adjusted rate mortgage, credit derivatives would explode and the financial web around the planet would collapse. Upon hearing this, people laughed in my face. It is cold comfort indeed they are not laughing now.
The point is that as clearly as this could be seen, the methods for avoiding it could also be seen. It is nonsense for anyone to suggest that Bernanke, Paulson, Volker, Summers et al are making “mistakes” or are “trying to save” the economy. These people KNOW EXACTLY WHAT THEY ARE DOING. Then KNOW you cannot create tens of trillions of dollars out of thin air without creating hyperinflation and destroying the dollar. This is intentional.
Those in a position to stop this did nothing of the kind because they were the ones initiating the entire process. It took them thirty years to set up this robbery and, so far, they are getting away with it. This is a repeat performance of the financial elite manipulations prior to 1929 but the economically illiterate public did not understand it then and they don’t understand it now. This is the greatest transfer of wealth in history; the biggest heist ever conceived and this time they have wiped the floor with the entire world. No wonder these people are so arrogant! By the time they are finished they will own or be owed for virtually every hard asset in the country.
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Ashleigh says:
October 19th, 2009 at 2:06 pm
I fell so bad for all them people who lost there lives trying to fight against the Dust Bowl.