Arthur Reynolds Quotes

The Wall Street crash doesn't mean that there will be any general or serious business depression... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before.

There will be no interruption of our permanent prosperity.

I think that this is the most significant financial crisis in the post-War period for the United States, and it has in fact a global reach.... I think it is extraordinarily important to understand that, as we have seen in many previous examples of different countries and different times, choking up of credit is like taking the lifeblood away from the economy.

There may be a recession in stock prices, but not anything in the nature of a crash..

The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.

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

We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices

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.

The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence.

How much would you pay to avoid a second Depression?

Gentlemen. There is no man nor group of men who can buy all the stocks that the American public can sell.

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.

When the economy shows signs of faltering, prompt countermoves are required. Even mild measures on the part of government can be effective in the early stages of an economic decline. ... If action is withheld until a recession has gained momentum, strong and costly measures may prove insufficient.

The business community won’t like it if the Federal Reserve raises the interest rate. They never do. That doesn’t mean they shouldn’t do it.

Political reactions from Wall Street, whether they [are] right of wrong, could eventually influence the real economy.

Stocks have reached what looks like a permanently high plateau.

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

There is nothing in the present situation to suggest that the normal economic forces, working to correct excesses and to restore the proper balance of affairs, are still not operative and adequate.

We have much more to fear from economic weakness in Europe than in economic strength in Europe.

Can we prevent an almost complete collapse of the financial structure of modern capitalism? With no financial leadership left in the world and profound intellectual error as to causes and cures prevailing in the responsible seats of power, one begins to wonder and to doubt.... The financial and political authorities of the world have lacked the courage or the conviction at each stage of the decline to apply the available remedies in sufficiently drastic doses; and by now they have allowed the collapse to reach a point where the whole system may have lost its resiliency and its capacity for a rebound.

I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future

… a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons..

Doing nothing and shrinking spending may save us public money in the short term but could cost us a great deal more over time as the recession takes hold for much longer.

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

Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.