Proof That The "Experts" Aren't Always Right

[CO Liberal]

“We will not have any more crashes in our time.” - John Maynard Keynes, 1927

“I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise & that prosperity in this country must necessarily diminish & recede in the near future.” - E H H Simmons, President, New York Stock Exchange, 1928

“There will be no interruption of our permanent prosperity.” - Myron E Forbes, President, Pierce Arrow Motor Car Co, 1928

“No Congress of the US 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 & contentment...& the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding.” - Calvin Coolidge, 1928

“There may be a recession in stock prices, but not anything in the nature of a crash.” - Irving Fisher, leading U.S. economist, New York Times 9-5-1929

“Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.” - Irving Fisher, PhD in economics, 10-17-1929

“This crash is not going to have much effect on business.” - Arthur Reynolds, Chairman, Continental Illinois Bank of Chicago, 10-24-1929

“There will be no repetition of the break of yesterday... I have no fear of another comparable decline.” - Arthur W Loasby (President, Equitable Trust Co), NYT, Friday, 10-25-1929

“We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices.” - Goodbody & Co market letter quoted, NYT, Friday 10-25-1929

“This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan...that any man who is bearish on America will go broke. Within a few days there is likely to be a bear panic rather than a bull panic. Many of the low prices as a result of this hysterical selling are not likely to be reached again in many years.” - R W McNeel, market analyst, New York Herald Tribune 10-30-1929

“Buying of sound, seasoned issues now will not be regretted.” - E A Pearce market letter quoted NY Herald Tribune 10-30-1929

“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 in Oct 1929

“The decline is in paper values, not in tangible goods & services...America is now in the 8th year of prosperity as commercially defined. The former great periods of prosperity in America averaged 11 years. On this basis we now have 3 more years to go before the tailspin.” - Stuart Chase (American economist & author), NY Herald Tribune 11-1-1929

“Hysteria has now disappeared from Wall Street.” - Times of London 11-2-1929

“The Wall Street crash doesn't mean that there will be any general or serious business depression... For 6 years American business has been diverting a substantial part of its attention, its energies & its resources on the speculative game... Now that irrelevant, alien & hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind & limb, financially stronger than ever before.” - Business Week 11-2-1929

“Gentlemen, you have come 60 days too late. The depression is over.” - Herbert Hoover, US President, to a delegation requesting a public works program to help speed US economic recovery, 1930

“For 5 years at least, American business has been in the grip of an apocalyptic holy-rolling exaltation over the unparalleled prosperity of the 'new era' upon which we have entered.” - Business Week 1929

[el_gato]

1. the "experts" are paid liars

[HereSince1628]

2. Thanks, that was a bit of good fun!