Joseph Schumpeter Quotes

Financial crises are an unfortunate but necessary consequence of modern capitalism.

We all knew this. We all knew that it would take more time than any of us want to dig ourselves out of this hole created by this economic crisis.

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.

In the history of modern capitalism, crises are the norm, not the exception.

This economy is on life support.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

How much would you pay to avoid a second Depression?

I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal.

Economic depression cannot be cured by legislative action or executive pronouncement.

A recession is a period in which you tighten your belt. In a depression, you have no belt to tighten. In a panic you have no pants left to hold up.

You have to take it seriously that the economy is in crisis.

Capitalism doesn't function when it starts to contract, and we can see that quite clearly right here in the eurozone. It's like pushing a giant monster under water that's gasping for air. It goes nuts.

The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression.

I think if there's a great depression there might be some hope.

We got into a recession because the global economy went into the recession and we're a big exporting nation.

It's a European Union of economic failure, of mass unemployment and of low growth.

The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy.

I think it would take a real stretch to think that I caused the problems with the economy.

The reality for us in America is that we will never get out of debt with more than 15 million people out of work.

The world is still in deleveraging.

Nationalization, unmentionable only yesterday, has entered common usage not least because an even scarier word - depression - is next on America's list to avoid.

Obama's economic policies obviously have not worked, and have left the American market place with enormous uncertainty and anxiety.

It's a recession when your neighbor loses his job; it's a depression when you lose yours.

I worry about another leg down in the economies causing social disruption because deleveragings can be very painful - it depends on how they're managed.