December 29, 2008








THEN
NOW
Stock prices have reached what looks like a permanently high plateau.
- Irving Fisher, PhD Economics, 18 October, 1929
Home sales are coming down from the mountain peak, but they will level out at a high plateau - a plateau that is higher than previous peaks in the housing cycle.
- David Lereah, Chief Economist, NAR, August 2005
There will be no interruption of our permanent prosperity.
- Myron E. Forbes, President, Pierce Arrow Motor Car Company, 12 January, 1928
It's impossible for prices to go down this year.
- Gary Watts, Spokesman Orange Country Association of Realtors, December 2005
I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future.
- E.H.H. Simmons, President, New York Stock Exchange, 12 January, 1928
If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there, doing nothing.
- Anthony Hsieh, CEO Lending Tree, August 2005
"Unless we are to have a panic -- which no one seriously believes -- stocks have hit bottom.
- R.W. McNeal, financial analyst, 1929
I think the bloom is off the rose, but there is no doom and gloom.
- Alan Nevin, Chief Economist, California Building Industry Association, August 2005
[G]ood stocks are cheap at these prices.
- Goodbody and Company market letter quoted in The New York Times, 29 October, 1929

Buying of sound, seasoned issues now will not be regretted.
- E.A. Pearce market newsletter

This is the time to buy stocks.
- R. W. McNeel, market analyst

both quoted in the New York Herald Tribune, 30 October, 1929

For the immediate future, at least, the outlook (stocks) is bright.
- Irving Fisher, early 1930
Housing is still the best investment, without question.
- Stan Sieron, President, Illinois Association of Realtors, early 2006

We always know that when stock markets go up, people end up buying a lot of things that are overpriced and when stock markets go down, people end up passing on a lot of things that are underpriced. I think there are probably some gains to be made in the stock market.
- Stephen Harper, Prime Minister, Canada, 8 October, 2008
This crash is not going to have much effect on business.
- Arthur Reynolds, Chairman, Continental Illinois Bank of Chicago, 24 October, 1929
We may see a blip up in foreclosures and delinquencies.
- Leslie Appleton-Young, Chief Economist, California Association of Realtors
In most of the cities and towns of this country, this Wall Street panic will have no effect.
- Paul Block, President, Block newspaper chain, editorial, 15 November, 1929
I'm so mad at my neighbor. I bought my new home here in Ashburn last summer and plan to sell it next year (after holding two years to avoid taxes) to make a nice return on my investment. The problem is my neighbor is trying to sell his house (very similar to mine) right now and he keeps lowering his asking price. Each time he lowers his price, I see my potential profits next year getting squashed. Doesn't he realize he's hurting the comps for all of his neighbors by doing this? I don't think he is acting very "neighborly" by doing this. I want to say something to him and tell him he should stop putting his interests ahead of his neighbors. It's people like him who are ruining the market for the rest of us. If he would just refuse to lower his price, we could maintain our comps and everyone would benefit. What can I do to stop him?
- Question during a real estate chat held by the Washington Post, 2006
I am convinced that through these measures we have reestablished confidence.
- Herbert Hoover, President, United States, December 1929

While the crash only took place six months ago, I am convinced we have now passed through the worst -- and with continued unity of effort we shall rapidly recover.
- Herbert Hoover, 1 May, 1930
We are really on track for a soft landing. There are no balloons popping.
- David Lereah, August 2005

I'm calling it a soft landing: a return to what is considered to be more normal market conditions.
- Leslie Appleton-Young, Chief Economist, California Association of Realtors, 2006
The end of the decline of the Stock Market will probably not be long, only a few more days at most."
- Irving Fisher, professor of economics, Yale, 14 November, 1929
I'd say this is another very important signal that the economic soft patch we were all worried about is pretty much confined to March.
- David Seiders, Chief Economist, National Association of Home Builders
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, 16 March, 1930
What the market is doing is going through a correction, which it really needed. It's getting down to where it's reasonable.
- Ted Martinez, representative, National Homebuilders Association, December 2005
"... despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression ...
- HES, 2 November, 1929
We're now in the "middle innings" of the current economic expansion, and the next economic recession is not yet in sight.
- David Seiders, Chief Economist, National Association of Home Builders, January 2006
[A] serious depression seems improbable"
- HES, 10 November, 1929
The idea that we're going to see a collapse in the housing market seems to me improbable.
- John Snow, Secretary of the Treasury, 2006
... there are indications that the severest phase of the recession is over ...
- HES, 18 January, 1930

... the outlook continues favorable ...
- HES, 29 March, 1930

... the outlook is favorable ...
- HES, 19 April, 1930

... by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent ...
- HES, 17 May, 1930

... irregular and conflicting movements of business should soon give way to a sustained recovery ...
- HES, 28 June, 1930

... the present depression has about spent its force ...
- HES, 30 August, 1930

We are now near the end of the declining phase of the depression.
- HES, 15 November, 1930

Stabilization at [present] levels is clearly possible.
- HES, 31 October, 1931
[H]ousing activity will remain healthy for some time to come.
- David Lereah, 28 October, 2005

Comments: Post a Comment



<< Home