Declan Donnelly Quotes

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.

The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.

We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.

There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth.

The year 2008 was a reminder to those who had forgotten that there is such a thing as history and that the cycle of famine and feast in commerce, first identified in antiquity and well understood in the Middle Ages, was not suddenly abolished in modern times.

History is fickle. We know that. The good and bad come around and go around, and go around again. There are recessions and depressions and economic boom and bust.

Any organisation has to go through at least one depression to see how it survives, and a normal economic cycle takes seven years.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

There was, of course, a global financial crisis. But our Labour predecessors left Britain exceptionally vulnerable and damaged: more personal debt than any other major economy; a dangerously inflated property bubble; and a bloated banking sector behaving as masters, not the servants of the people.

We have some worse scenarios for which we need to prepare as companies. For the moment, we're planning for the worst, and the worst is now, and the car market is down more than 15 percent in France. There is so much uncertainty.

There will always be a business cycle, and white-collar workers will get hit in the next recession like they always do in recessions.

In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables.

Americans are in a cycle of fear which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time.

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.

As sure as the spring will follow the winter, prosperity and economic growth will follow recession.

Between 1857 and 1929, while regulators largely stood idle, the American economy swung through 19 national boom-and-bust gyrations that sometimes threatened to wipe out whole industries within months.

How much would you pay to avoid a second Depression?

Not every business cycle has a financial crisis. Frequently they do.

Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery.

Not every financial company toppled during the 2008 crisis, and some seized the opportunity to take advantage of weaker competitors in the midst of the tumult.

When the economy is bad, the economy is the only issue.

I have 13 bankers in my office, and they say that if you go forward with this you will cause the worst financial crisis since World War II.

We have depressions about every 10-20 years—just long enough for the current generation to forget the last depression.

Some kind of correction will always happen. But it depends on the specific companies.

At some point, there will be some other financial crisis. It's in the nature of a capitalist system.