History Rhymes…
…In this case it rhymes with CNBC of today…
“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, Ph.D. in Economics, 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
More here…
Oh ye’ suckers…
