J. P. Morgan Quotes
Any man who is a bear on the future of this country will go broke. There may be times when things are dark and cloudy in America .... but remember that the growth of this vast country will take care of all.
In the midst of the 1908 depression:
J. Pierpont Morgan, 1837-1913, Financier, Remarks, Chicago Club, December 11, 1908
Sourced by: Eigen's Political and Historical Quotations
Actually the statement is not literally true though the exceptions are not numerous. People who sold their American common stocks before the 1929 stock market made money. The few people who bet against the U. S. Housing and Mortgage markets before the Meltdown of 2008, made a great deal of money. Over extended long periods, Biden’s statement is true.
Later that year the stock market crashed and the great depression ensued.
Ireland’s economy crashed in the Meltdown of 2008 and its Banks failed causing the rest of the economy to crash.
America’s first political economist
John Pierpont Morgan was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
