A Quote by Joe Biden
When the stock market crashed, Franklin Roosevelt got on the television and didn't just talk about the princes of greed. He said, 'Look, here's what happened.'
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If you look at what happened, I came in the middle of the worst financial crisis since the Great Depression. And unlike Franklin Delano Roosevelt who waited, well, didn't take office until about three years into the Great Depression, it was happening just as I was elected.
If you look at what's happened to the stock market, if you look at what's happened to housing values, if you look at what's happened to bank loan portfolios because the value of their other assets that they've already issued loans against were going down, there was a pretty good argument for trying to pass something at about this level of investment with the divisions as they were - unemployment, food stamps, and tax cuts, aid to education and healthcare, and job creation.
An interesting thing happened in 1989, right as I was graduating: the stock market crashed and really changed the landscape of the art world in New York. It made the kind of work I was doing interesting to galleries that wouldn't have normally been interested in it
An interesting thing happened in 1989, right as I was graduating: the stock market crashed and really changed the landscape of the art world in New York. It made the kind of work I was doing interesting to galleries that wouldn't have normally been interested in it.
Ronald Reagan is clearly to television what Franklin Roosevelt was to radio.
I was 5 years old when the stock market crashed; I lost everything.
There are no general-interest media that all of us can tap into. I'm not a good person to talk to about social media. I just avoid it. I'm suspicious also of the culture of venting. But the bigger question is, How can we in this media world have a genuine civic conversation? I mean, look at Franklin Roosevelt. He had these radio talks that all Americans listened to, and there was a common civic conversation that came out of it.
The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion, a very minor element of it. What happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the Federal Reserve System, to follow the course of action for which it was set up. It was set up to prevent exactly what happened from 1929 to 1933. But instead of preventing it, they facilitated it.
My father was a person who always allowed me to do what I wanted but he told me you want to go to a stock market, first get yourself qualified. So, I qualified myself as a chartered accountant and my dad said what do you want to do? I said I want to go to the stock market. He asked what will you do? I said I invest.
The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.
Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.
I don't think the rhetoric toward President Trump from media sources or media commentators is any worse than what Franklin Roosevelt got from a conservative press in another era. And Roosevelt was, you know, not as blunt as Trump about the press, but, you know, there was an ideological press back then, when we had multiple newspapers in town.
When Trump was a candidate, he talked about the stock market, because, oh, the stock market was going up when Obama was president.
Capitalism can be alright, I mean Karl Marx didn't live to see what Roosevelt did with that Depression. He pulled everybody out of that Depression and everybody hated Franklin Roosevelt. He got into office four times. One after the other, with everybody saying, he can't get in again. Everybody voted for Roosevelt four times and he did a hell of a lot.
During the 1937 congressional election campaign, Johnson's group probably paid $5,000 to Elliott Roosevelt, one of Franklin Roosevelt's sons, for a telegram in which Elliott suggested that the Roosevelt family favored Lyndon Johnson.
Few expected very much of Franklin Roosevelt on Inauguration Day in 1933. Like Barack Obama seventy-six years later, he was succeeding a failed Republican president, and Americans had voted for change. What that change might be Roosevelt never clearly said, probably because he himself didn't know.
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