James Buchan Quotes

Any organisation has to go through at least one depression to see how it survives, and a normal economic cycle takes seven years.

We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal.

… a depression is for capitalism like a good, cold douche.

Experience shows that a recession is never the result of just a few large industries dragging the economy down while the others continue to expand.

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

This economy is on life support.

There will always be a business cycle, and white-collar workers will get hit in the next recession like they always do in recessions.

Listen, I wish economic growth only went in one direction. It doesn't. There are economic downturns. They're painful, they're harmful, and they hurt families.

History is fickle. We know that. The good and bad come around and go around, and go around again. There are recessions and depressions and economic boom and bust.

How much would you pay to avoid a second Depression?

If one wants to avoid the recurrence of economic crises, one must avoid the expansion of credit that creates the boom and inevitably leads into the slump.

There is one policy for recession or depression and another for good times.

We have depressions about every 10-20 years—just long enough for the current generation to forget the last depression.

When times were good, we made more money. When times are bad, we make less money.

You have to take it seriously that the economy is in crisis.

Depression is the aftermath of credit expansion.

A government decision that slashes spending at the wrong time and sends a weak economy into a tailspin can be just as undisciplined as one that unleashes a wasteful spending spree in an overheated environment.

A recession is when a neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his.

This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.

The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.

So, for example, a country was into recession right after I was sworn in, a dot-com bust had taken place. Then the attacks of September the 11th, and then of course the great financial meltdown in the -the fundamental question facing any presidency is how do you deal with the hand you're dealt?

I don't know if we're on the edge of the precipice, but we're in a very, very, very difficult situation.