Andrew Mellon Quotes
There is no cause to worry. The high tide of prosperity will continue.
Mellon, Andrew W. Statement to the press, Sept. 1929. Quoted in Galbraith, John Kenneth. The Great Crash, 1929. Houghton Mifflin, 1954, p. 75.
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.
America’s first political economist
The economy was terrific under the Republicans and it is always hard to run against a successful economy. However, the lack of meaningful regulation and corporate and financial dominance caused the economy to come crashing down in 1929. See Hoover’s description {603859},
The statement was used later by Lyndon B. Johnson in his presidency. However the first President to brag about good economic times was Benjamin Harrison {618540}.
Andrew William Mellon, sometimes A.W., was an American banker, businessman, industrialist, philanthropist, art collector, and politician. From the wealthy Mellon family of Pittsburgh, Pennsylvania, he established a vast business empire before transitioning into politics. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street crash of 1929. A conservative Republican, Mellon favored policies that reduced taxation and the national debt in the aftermath of World War I.
