Can some come to irrational conclusionsto justify erroneous assumptions?

There will be no interruption of our permanent prosperity

 

Myron E. Forbes

President, Pierce Arrow Motor Car Co, January 12, 1928

 

America is now in the eighth year of prosperity

 

…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

 

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

 

There is nothing in the situation to be disturbed about

 

Secretary of the Treasury Andrew Mellon

February 1930

 

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, National Association of Realtors

December 2005

 

This is far and away the strongest global economy

I've seen in my business lifetime

 

Treasury Secretary Henry Paulson

July 12th, 2007

 

Despite a recent spike in the nation's unemployment rate

the danger that the economy has fallen into a "substantial downturn"

appears to have waned

 

Ben Bernanke

Chairman of the Federal Reserve, June 9, 2008