“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” / Hemingway
"We will not have any more crashes in our time."
- John Maynard Keynes in 1927
December 4, 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
September 1929
"There is no cause to worry. The high tide of prosperity will continue." — Andrew W. Mellon, Secretary of the Treasury.
October 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
December 5, 1929
"The Government's business is in sound condition." — Andrew W. Mellon, Secretary of the Treasury
March 8, 1930
"President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days." - Washington Dispatch.
June 29, 1930
"The worst is over without a doubt." - James J. Davis, Secretary of Labor.
September 12, 1930
"We have hit bottom and are on the upswing." - James J. Davis, Secretary of Labor.
June 9, 1931
"The depression has ended." - Dr. Julius Klein, Assistant Secretary of Commerce.
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