Aikajanahan oli: 1929 ensimmäinen "virallinen" pörssin romahdus.

DOW pohjalle 1933. Oheinen kuva antaa pienen vertailun noihin päiviin ja viimeiseen viiteen vuoteen. DOW palasi 1929 tasolle Toisen Maailmansodan myötä.



  • 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, and that prosperity in this country must necessarily diminish and recede in the near future. E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
  • There will be no interruption of our permanent prosperity. Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
  • 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. In the domestic field there is tranquility and contentment; and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding. Calvin Coolidge December 4, 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, Sept. 5, 1929
  • There is no cause to worry. The high tide of prosperity will continue. Andrew W. Mellon, Secretary of the Treasury, September 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, October 14, 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, Ph.D. in economics, Oct. 17, 1929
  • This crash is not going to have much effect on business. Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
  • There will be no repetition of the break of yesterday; I have no fear of another comparable decline. Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 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 and Company market-letter quoted in The New York Times, Friday, October 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, as quoted in the New York Herald Tribune, October 30, 1929
  • Buying of sound, seasoned issues now will not be regretted. E. A. Pearce market letter quoted in the New York Herald Tribune, October 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 October 1929
  • The decline is in paper values, not in tangible goods and services; America is now in the eighth year of prosperity as commercially defined. The former great periods of prosperity in America averaged eleven years. On this basis we now have three more years to go before the tailspin. Stuart Chase (American economist and author), NY Herald Tribune, November 1, 1929
  • Hysteria has now disappeared from Wall Street. The Times of London, November 2, 1929
  • The Wall Street crash doesn't mean that there will be any general or serious business depression. For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game. Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before. Business Week, November 2, 1929
  • Despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression such as would entail prolonged further liquidation. Harvard Economic Society (HES), November 2, 1929
  • A serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall. HES, November 10, 1929
  • 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 at Yale University, November 14, 1929
  • 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
  • Financial storm definitely passed. Bernard Baruch, cablegram to Winston Churchill, November 15, 1929
  • I am convinced that through these measures we have reestablished confidence. Herbert Hoover, December 1929
  • [1930 will be] a splendid employment year. U.S. Dept. of Labor, New Year's Forecast, December 1929
  • The Government's business is in sound condition. Andrew W. Mellon, Secretary of the Treasury, December 5, 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, December 28, 1929
  • I see nothing in the present situation that is either menacing or warrants pessimism; I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress. Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929
  • For the immediate future, at least, the outlook (stocks) is bright. Irving Fisher, Ph.D. in Economics, in early 1930
  • Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today. News item, January 13, 1930
  • There are indications that the severest phase of the recession is over. HES, Jan 18, 1930
  • Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction. News dispatch from Washington, January 21, 1930
  • Trade recovery now complete President told. Business survey conference reports industry has progressed by own power. No Stimulants Needed! Progress in all lines by the early spring forecast. New York Herald Tribune, January 24, 1930
  • There is nothing in the situation to be disturbed about. Secretary of the Treasury Andrew Mellon, Feb 1930
  • President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days. Washington Dispatch, March 8, 1930
  • 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, Mar 16, 1930
  • The outlook continues favorable. HES, Mar 29, 1930
  • The outlook is favorable. HES, Apr 19, 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. There has been no significant bank or industrial failure. That danger, too, is safely behind us. Herbert Hoover, President of the United States, May 1, 1930
  • By May or June the spring recovery forecast in our letters of last December and November should clearly be apparent. HES, May 17, 1930
  • Gentleman, you have come sixty days too late. The depression is over. Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery. June 1930
  • Irregular and conflicting movements of business should soon give way to a sustained recovery. HES, June 28, 1930
  • American labor may now look to the future with confidence. The worst is over without a doubt. James J. Davis, Secretary of Labor, June 29, 1930
  • The present depression has about spent its force. HES, Aug 30, 1930
  • We have hit bottom and are on the upswing. James J. Davis, Secretary of Labor, September 12, 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, October 16, 1930
  • President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President's special committee on unemployment. Washington dispatch, October 20, 1930
  • President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter. Washington Dispatch, October 21, 1930
  • We are now near the end of the declining phase of the depression. HES, Nov 15, 1930
  • I see no reason why 1931 should not be an extremely good year. Alfred P. Sloan, Jr., General Motors Co., November 1930
  • The country is not in good condition. Calvin Coolidge, January 20, 1931
  • The depression has ended. Dr. Julius Klein, Assistant Secretary of Commerce, June 9, 1931
  • Stabilization at [present] levels is clearly possible. HES, Oct 31, 1931
  • All safe deposit boxes in banks or financial institutions have been sealed and may only be opened in the presence of an agent of the I.R.S. President F.D. Roosevelt, 1933



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