A Quote by Austan Goolsbee
What happened is we went into a recession beginning in December of 2007 that was the worst since 1929. And it is a very deep hole that we have been struggling to get out of.
Related Quotes
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.
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.
So I had the worst experience at the very beginning, and things have been getting better since.
I remember in 2007, 2008, when we had the recession, there were all of these very gloomy emails sent from a lot of venture capitalists, saying, Don't expect to get funded.'
I think it's been unfortunate, but it's happened, that since the Great Recession, the gains have all gone to the top. And we need to reverse that.
The war in Iraq is a serious situation. It's - it involves the worst foreign policy mistake in the history of this country. So we should take everything serious. This is - we find ourselves in a very deep hole. We need to find a way to dig out of it.
I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental imbalance in which the top 1 percent now gets almost a quarter of all national income. We haven't seen income and wealth this concentrated since the late nineteen twenties, and we all know what happened then - the Great Depression. We'll never really get out of the gravitational pull of the Great Recession until we fix this basic problem.
Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.
A government can't cut its way out of a recession any more than you can dig yourself out of a hole.
Hope. People want hope. We crave hope. We long for hope. Hope has been present since the very beginning. And almost in the worst situations of human history, you often find the greatest amount of hope. The very nature of the situation, the way stepped-on people created within them even more hope than when things were going fine. Hope has always been around.
Some people, they get down in a hole so deep they can't figure out what to hold on to.
December is a month that is rife with nostalgia. If there's anything deep in your heart that you want to keep buried, you can count on December to bring it to the surface.
As far as I’m concerned, this is the worst thing that’s happened since I found out why Magnus was banned from Peru.
Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.
My mother believed he would be healed. She counted on God, and the worst thing happened. The impact of that error in theology, in thinking, impacted my life from the very beginning.
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