SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Pastimes : Clown-Free Zone... sorry, no clowns allowed
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: pater tenebrarum who wrote (79441)3/13/2001 8:22:01 AM
From: Mike M2  Read Replies (1) of 436258
 
Heinz, an interesting quote from Robert Patterson's " The Great Boom and Panic" p.244 " A prophetic statementwas made early in March 1929, by Paul M. Warburg, one of the foremost authorities on the Federal Reserve System: 'History, which has a painful way of repeating itself, has taught mankind that speculative over-expansion invariably ends in over-contraction and distress. If a Stock Exchange debauch is quickly arrested by prompt and determined action, it is not too much to hope that a shrinkage of inflated stock prices may be brought about without seriously affectingthe wider circle of general business. If orgies of unrestrained speculation are permitted to spread too far, however, the ultimate collapse is certain not only to affect the speculators themselves, but also to bring about a general depression involving the entire country. When the savings of the masses are deposited as margins for Stock Exchange specualtion, and when the extravaant use of funds for speculative purposes absorbs so much of the nation's credit supply that it threatens to cripple the country's regular business, then there does not seem to be any doubt as to the direction in which the Federal Reserve System ought to exercise its influence quickly and forcefully. People who express the fear that increase in the Federal Reserve Bank's rediscount rate might hurt business overlook the far greater hurt the country will have to suffer if their advice to permit the situation " to work itself out were followed..." - originally from The Commercial and Financial Chronicle March 9, 1929 p.1444 back then downturns were called depressions. Warburg lobbied for the banksters for two years for the creation of the Federal Reserve System and was a partner at Kuhn, Loeb. Mike
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News