Economic Downturn Quotes

Our time of trouble is because we have not paid good attention to the Messenger of God that He raised among us to warn us of the days that we are now witnessing; days when factories closed and long lines of persons looking for a job. He asked us to get up and do something for ourselves before we were forced to do it. Unfortunately we did not listen.

Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.

We simply can't spend our way out of a recession.

The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.

From now on, depressions will be scientifically created.

There may be a recession in stock prices, but not anything in the nature of a crash..

The time of maximum pessimism is the best time to buy.

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

Gerald Ford's economics is the worst thing that's happened to this country since pantyhose ruined finger-fucking.

The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.

Wall Street indexes predicted nine out of the last five recessions.

When you’re highly leveraged, everything is exaggerated. Good times are better—but bad times are much worse.

I look back to the Great Depression, and what Roosevelt was able to do in very difficult times, to get Social Security through back in the time when it was seen as - well, it wasn't what it is today. It was sort of a last-ditch, if you really need it, you got it, but, today, it's much more a part of your retirement program.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

Budget deficits are not caused by wild-eyed spenders, but by slow economic growth and periodic recessions. And any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the rates now.

How did we go bankrupt? Two ways. Slowly, and then all of a sudden.

How long will it take the citizens of the United States, one wonders, to recognize that the house their country bombed in Iraq is the same one they were living in until it was foreclosed?

The economic position is only flourishing on the surface. Germany is in fact dancing on a volcano. If the short-term credits are called in, a large section of our economy would collapse.

It is the policies of the Obama Administration that has led to a stagnated economy as well as high unemployment, as well as many of the other issues that we face.

By 1939, the Depression was back. Unemployment was huge. Roosevelt didn't have any quick fix. Remember, the New Deal, Works Progress Administration, and Civilian Conservation Corps - all that happened years before. Roosevelt was riding a storm.

Harvard graduates being laid off. How can that be?

When the biggest, richest, glassiest buildings in town are the banks, you know that town's in trouble.

The bankers of the country are more to blame than are any other group for the present depression.

The standard of living of the average American has to decline.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.