There are other recent headlines, such as the one in the most recent The Economist issue:
September 1929“There is no cause to worry. The high tide of prosperity will continue” - Andrew W. Mellon, Secretary of the Treasury
October 14, 1929 “Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board.”– New York Times
December 5, 1929 “The Government’s business is in sound condition.”– Andrew W. Mellon, Secretary of the Treasury
Very Prosperous Year Is Forecast-- The World, December 15, 1929
June 29, 1930 “The worst is over without a doubt.”– James J. Davis, Secretary of Labor.
August 29, 1930 “American labor may now look to the future with confidence.”– James J. Davis, Secretary of Labor.
September 12, 1930 “We have hit bottom and are on the upswing.”– James J. Davis, Secretary of Labor.
October 16, 1930“Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment.”– Charles M. Schwab.
November 1930“I see no reason why 1931 should not be an extremely good year.”– Alfred P. Sloan, Jr., General Motors Co.
FINALLY SOMEONE SAYS IT:
January 20, 1931“The country is not in good condition.”– Calvin Coolidge.
June 9, 1931“The depression has ended.”– Dr. Julius Klein, Assistant Secretary of Commerce.
August 12, 1931“Henry Ford has shut down his Detroit automobile factories almost completely. At least 75,000 men have been thrown out of work.”– The Nation.
Rhea was RIGHT!:
July 21, 1932“I believe July 8, 1932 was the end of the great bear market.”– Dow Theorist, Robert Rhea.
updated Sep 23, 2008
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