How rulers preserved their wealth during the 1929 great depression start

in #investments5 years ago

Below is the list of quotes from the manipulating liars and clueless  public officials who ruined millions with erroneous, self serving,  predictions saying stuff like “all is well” and “go back to sleep”, at  the beginning of the great depression. Of course these hucksters were  jawboning prices up so they could keep quietly selling. The lesson here is not to trust what the rulers are saying to the  masses. The job of the ruling class is to preserve their wealth,  period.  Never forget this, as no one is ever going to do you a favor.  Always understand the motivation behind someone’s words, in most cases  it’s not truth. 

Quotes showing how shortsighted and manipulative the rulers are

  “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 

“Stock prices have reached what looks like a permanently high  plateau.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 

“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 

“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 

“Hysteria has now disappeared from Wall Street.”
– The Times of London, 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 

“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 

“[1930 will be] a splendid employment year.”
– U.S. Dept. of Labor, New Year’s Forecast, December 1929 

“For the immediate future, at least, the outlook (stocks) is bright.”
– Irving Fisher, Ph.D. in Economics, in early 1930 

“…there are indications that the severest phase of the recession is over…”
– Harvard Economic Society (HES) Jan 18, 1930 

“There is nothing in the situation to be disturbed about.”
– Secretary of the Treasury Andrew Mellon, Feb 1930 

“… the outlook continues favorable…”
– Harvard Economic Society (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 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.”
– Herbert Hoover, President of the United States, May 1, 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 

“… the present depression has about spent its force…”
– HES, Aug 30, 1930 (actually lasted ten years!) 

Basically, people will say anything to keep their lifestyle going and  take from everyone else. With the prospect of financial ruin, people get really greedy, and will so ANYTHING to kick the can down the road  and keep it going.   The more wealth and power someone has the more they  will have to step on everyone else as they have larger debt obligations  and higher fixed costs (like having to heat a bigger house in the  winter).