Occasional musings on topical economic and political issues & and common-sense approaches.
Monday, July 14, 2008
Sounds like 1929?
Sheila Bair, head of the Federal Deposit Insurance Corp., has said over the weekend (July 12-13, 2008) that "the overwhelming majority of banks in this country are safe and sound." (Los Angeles Times)
"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, Nov. 15, 1929
"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 Week, Nov. 2, 1929
"Unless we are to have a panic, which no one seriously believes, stocks have hit bottom." -- R. W. McNeal, financial analyst, October 1929
"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
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Sheila Bair, head of the Federal Deposit Insurance Corp., has said over the weekend (July 12-13, 2008) that "the overwhelming majority of banks in this country are safe and sound." (Los Angeles Times)
"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, Nov. 15, 1929
"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 Week, Nov. 2, 1929
"Unless we are to have a panic, which no one seriously believes, stocks have hit bottom." -- R. W. McNeal, financial analyst, October 1929
"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