- Everybody knows the date of the start of the Great Depression,
October 29th 1929. It was the day of the worst stock market crash in history.
Some people confuse the stock market crash on that fateful day as the
Great Depression. The Depression was not a single day but rather an era
that dragged on through the thirties and into the forties. The picture
of what was about to happen to the lives of most Americans in the beginning
was opaque at best. At the time, the general public did not realize a
major change was taking place. After all, they were being told things
like the economy is "fundamentally sound" by then President Hoover.
A few other quotes from the beginning of that dark era include:
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- December 5, 1929
- "The Government's business is in sound condition."
- Andrew W. Mellon, Secretary of the Treasury
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- December 28, 1929
- "Maintenance of a general high level of business
in the United States during December was reviewed today by Robert P. Lamont,
Secretary of Commerce, as an indication that American industry had reached
a point where a break in New York stock prices does not necessarily mean
a national depression."
- Associated Press dispatch.
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- January 13, 1930
- "Reports to the Department of Commerce indicate
that business is in a satisfactory condition, Secretary Lamont said today."
- News item.
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- May 1, 1930
- "While the crash only took place six months ago,
I am convinced we have now passed the worst and with continued unity of
effort we shall rapidly recover. There is one certainty of the future of
a people of the resources, intelligence and character of the people of
the United States that is, prosperity."
- President Hoover
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- June 29, 1930
- "The worst is over without a doubt."
- James J. Davis, Secretary of Labor.
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- June 9, 1931
- "The depression has ended."
- Dr. Julius Klein, Assistant Secretary of Commerce.
-
- (quotes came from Illuminati News Sept. 2005)
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- Fast forward to today's credit crisis. I can remember
vividly in February of 2007 how all the financial experts and administration
officials being brought on to CNN (where I worked as an investigative correspondent)
all said that the sub prime crisis (securitized debt or OTC derivatives)
would be "contained." "Contained"? America is now
bailing out GSE's Fannie and Freddie along with every major bank and brokerage
house through the Feds "Lending and Auction" facilities. There
is no telling what the ultimate tab for all the bailouts will add up to,
but trillions of dollars is far from a fantasy figure. After all, this
so called credit crisis is not a one day event like the takeover of Bear
Sterns or the stock market crash of 1929, but the beginning of a new era.
Many financial events and upheavals will serve as mile markers along the
road that will undoubtedly shape this new era. What the country will look
like in the end will take years to develop. I think where we are now is
certainly not the end and not the beginningbut the end of the beginning
of a new and dark era in world financial history.
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- http://jsmineset.com/
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