World Wide Economic Depression: The United States Economic Crisis

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Friday, December 26, 2008

The United States Economic Crisis

In my first book, The Approaching Winter: The Next Great Depression, I wrote, “ In my opinion, the causes of the next great depression will be clear: An unseen reversal in psychology from optimism to pessimism was the catalyst to a bear market in stock exchanges in 2000. Basic economics and common... Sign in to see full entry.

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1. “There will be no interruption of our permanent prosperity.” Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928.(1) 2. “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… and the highest record of years of prosperity.” Calvin Coolidge, December 4, 1928.(2) 3. “In most of the cities and towns of this country, this Wall Street panic will have no effect.” Paul Block, President of the Block newspaper chain, editorial, November 15, 1929.(3) 4. “Stocks have reached what looks like a permanently high plateau.” Irving Fisher, Professor of Economics, Yale University, 1929.(4) Now let’s fast-forward to 1966 and examine the words of Alan Greenspan, one of the foremost financial officials of our time. This is what he said was the cause of the Great Depression: “The excess credit which the Fed pumped into the economy spilled over into the stock m

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