Bankers' and Politicians' Predictions

"Banking Establishments Are More Dangerous Than Standing Armies." Thomas Jefferson (1743-1826), 3rd US President

"...a serious depression seems improbable; [we expect recovery of business next spring, with further improvement in the fall." Harvard Economic Society (HES), November 10, 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. There has been no significant bank or industrial failure. That danger, too, is safely behind us." President Herbert Hoover, May 1, 1930

"Under a paper money system, a determined government can always generate higher spending and hence positive inflation." Fed Chairman Ben Bernake, in 2002