Horace Greeley Quotes
Speculation, in its broadest sense, is not an evil in itself, but the contrary, and relieves public distress far oftener than it creates it.
Speculation meant real estate investment and business.
Horace Greeley, 1811-1872, Newspaper Editor & Candidate for the Liberal Republican Presidential nomination (Defeated by Grant), Article in the New Yorker, 1837
Sourced by: Eigen's Political and Historical Quotations
There was a financial crisis in the country and the world when highly risky home mortgage loans defaulted leaving investors and speculators in mortgage-backed securities in a poor position. The investors had been reaping very high interest rates for their risky investments, but this was the first time that this form of risky investment had failed. The investors, of course were looking for a bailout from government. When the Bush administration failed to bail out investment bank, Lehman, there was a panic and the banking system of the country and much of the world froze up. Bush and his Secretary reversed their bailout of speculators policy and provided various assistants and bailouts to the very bankers and other investors who had caused the economic meltdown. The policy was continued by the Obama administration although the bailouts were just as distasteful to Obama as they were to Bush, but most economists agree that the two presidents very distasteful and unpopular bailout actions probably saved the nation from a massive depression. After being bailed out by the taxpayers, the Bankers then paid themselves exorbitant bonuses while the results of their management put 10 percent of the country out of work.
Horace Greeley was an American newspaper editor and publisher who was the founder and editor of the New-York Tribune. Long active in politics, he served briefly as a congressman from New York, and was the unsuccessful candidate of the new Liberal Republican Party in the 1872 presidential election against incumbent President Ulysses S. Grant, who won by a landslide.
