This one's for the bulls...
Source Jim Devine
Date 06/11/08/14:43

some historical quotes.

"We will not have any more crashes in our time." - John Maynard Keynes in 1927

"I cannot help but raise a dissenting voice to statements that we are
living in a fool's paradise, and that prosperity in this country must
necessarily diminish and recede in the near future." - E. H. H.
Simmons, President, New York Stock Exchange, January 12, 1928.

"There will be no interruption of our permanent prosperity." - Myron
E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928.

"No Congress of the United States ever assembled, on surveying the
state of the Union, has met with a more pleasing prospect than that
which appears at the present time. In the domestic field there is
tranquility and contentment...and the highest record of years of
prosperity. In the foreign field there is peace, the goodwill which
comes from mutual understanding." - Calvin Coolidge December 4, 1928

"There may be a recession in stock prices, but not anything in the
nature of a crash." - Irving Fisher, leading U.S. economist , New York
Times, Sept. 5, 1929

"Stock prices have reached what looks like a permanently high plateau.
I do not feel there will be soon if ever a 50 or 60 point break from
present levels, such as (bears) have predicted. I expect to see the
stock market a good deal higher within a few months." - Irving Fisher,
Oct. 17, 1929

"This crash is not going to have much effect on business." - Arthur
Reynolds, Chairman of Continental Illinois Bank of Chicago, October
24, 1929

"There will be no repetition of the break of yesterday... I have no
fear of another comparable decline." - Arthur W. Loasby (President of
the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929

"We feel that fundamentally Wall Street is sound, and that for people
who can afford to pay for them outright, good stocks are cheap at
these prices." - Goodbody and Company market-letter quoted in The New
York Times, Friday, October 25, 1929

"This is the time to buy stocks. This is the time to recall the words
of the late J. P. Morgan... that any man who is bearish on America
will go broke. Within a few days there is likely to be a bear panic
rather than a bull panic. Many of the low prices as a result of this
hysterical selling are not likely to be reached again in many years."
- R. W. McNeel, market analyst, as quoted in the New York Herald
Tribune, October 30, 1929

"Buying of sound, seasoned issues now will not be regretted" - E. A.
Pearce market letter quoted in the New York Herald Tribune, October
30, 1929

"Some pretty intelligent people are now buying stocks... Unless we are
to have a panic -- which no one seriously believes, stocks have hit
bottom." - R. W. McNeal, financial analyst in October 1929

"The decline is in paper values, not in tangible goods and
services...America is now in the eighth year of prosperity as
commercially defined. The former great periods of prosperity in
America averaged eleven years. On this basis we now have three more
years to go before the tailspin." - Stuart Chase (American economist
and author), NY Herald Tribune, November 1, 1929

"Hysteria has now disappeared from Wall Street." - The Times of
London, November 2, 1929

"The Wall Street crash doesn't mean that there will be any general or
serious business depression... For six years American business has
been diverting a substantial part of its attention, its energies and
its resources on the speculative game... Now that irrelevant, alien
and hazardous adventure is over. Business has come home again, back to
its job, providentially unscathed, sound in wind and limb, financially
stronger than ever before." - Business Week, November 2, 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 such as would entail prolonged further
liquidation..." - Harvard Economic Society (HES), November 2, 1929

"... a serious depression seems improbable; [we expect] recovery of
business next spring, with further improvement in the fall." - HES,
November 10, 1929

"The end of the decline of the Stock Market will probably not be long,
only a few more days at most." - Irving Fisher, November 14, 1929

"In most of the cities and towns of this country, this Wall Street
panic will have no effect." - Paul Block (President of the Block
newspaper chain), editorial, November 15, 1929

"Financial storm definitely passed." - Bernard Baruch, cablegram to
Winston Churchill, November 15, 1929

"I see nothing in the present situation that is either menacing or
warrants pessimism... I have every confidence that there will be a
revival of activity in the spring, and that during this coming year
the country will make steady progress." - Andrew W. Mellon, U.S.
Secretary of the Treasury December 31, 1929

"I am convinced that through these measures we have reestablished
confidence." - Herbert Hoover, December 1929

"[1930 will be] a splendid employment year." - U.S. Dept. of Labor,
New Year's Forecast, December 1929

"For the immediate future, at least, the outlook (stocks) is bright."
- Irving Fisher, in early 1930

"...there are indications that the severest phase of the recession is
over..." - Harvard Economic Society (HES) Jan 18, 1930

"There is nothing in the situation to be disturbed about." - Secretary
of the Treasury Andrew Mellon, Feb 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 Hoover's National Business
Survey Conference, Mar 16, 1930

"... the outlook continues favorable..." - HES Mar 29, 1930

"... the outlook is favorable..." - HES Apr 19, 1930

"While the crash only took place six months ago, I am convinced we
have now passed through the worst -- and with continued unity of
effort we shall rapidly recover. There has been no significant bank or
industrial failure. That danger, too, is safely behind us." - Herbert
Hoover, President of the United States, May 1, 1930

" May or June the spring recovery forecast in our letters of last
December and November should clearly be apparent..." - HES May 17,

"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

"... irregular and conflicting movements of business should soon give
way to a sustained recovery..." - HES June 28, 1930

"... the present depression has about spent its force..." - HES, Aug 30, 1930

"We are now near the end of the declining phase of the depression." -
HES Nov 15, 1930

"Stabilization at [present] levels is clearly possible." - HES Oct 31, 1931

"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

via Colin J. Seymour, June 2001
20 June 2001

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