Tommy Douglas Quotes

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.

A recession is when your neighbor loses his job. A depression is when you lose yours.

Depression is the aftermath of credit expansion.

So I analyzed that and decided I didn't want to be the president during a depression greater than the Great Depression, or the beginning of a depression greater than the Great Depression.

A recession is when a neighbor loses his job. A depression is when you lose yours. And recovery is when Jimmy Carter loses his.

How much would you pay to avoid a second Depression?

At many points during our nation's history, there have been times - known in our history textbooks as 'panics' - when adverse conditions affecting the financial and economic sectors of the country have caused individuals to hoard more than they need.

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

America had been a boom-and-bust economy going into the Great Depression - just over and over and over, fortunes were wiped out, ordinary families were crushed under it.

Gentleman, you have come sixty days too late. The depression is over.

The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

It's going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn't pass. But nobody will ever know that if it does.

Republicans don't like people to talk about depressions. You can hardly blame them for that. You remember the old saying: Don't talk about rope in the house where somebody has been hanged.

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

No I don't think it was a myth at all, anymore than what the recession that the whole country was experiencing was a myth, which obviously seems like it's going to get worse and worse.

I think when the bottom started to drop out, we didn't recognize it.

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.

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

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.

When our economy is not growing, those least able to look after themselves are the first thrown overboard ...

The upward economic movement in America has undoubtedly reached its end – the crisis has come.

At the end of Friday, March 3, 1933, thirty-two states had closed all their banks ... Six other states had closed almost all their banks. In the other ten states and in the District of Columbia withdrawals were limited to 5 percent of deposits and in Texas to ten dollars per day. The U.S. financial system had reached the last extremity before it would collapse completely, taking the life's savings of tens of millions of people and what was left of the international economic system with it.

The way you create deflation is you create an asset bubble.

We have the worst revival of an economy since the Great Depression. And believe me: We're in a bubble right now.

Science knows no politics. Are we in this frenzy of [the Depression] economy, brought about by those who control the wealth of this country, seeking to put a barrier on science and research for the paltry sum of $39,113 out of an appropriation of $100,000,000?