<<It takes vision, fortitude, the right heirs, the right training of the heirs, and a very long time horizon, but the rewards are enormous and passed on for generations>>
... all it takes is ONE bad break ...
"There will be no interruption of our permanent prosperity."
- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12,
1928
"There may be a recession in stock prices, but not anything in the
nature of a crash."
- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929
"Stock prices have reached what looks like a permanently high plateau.
I do not feel there will be soon if ever a 50 or 60 point break from
present levels, such as (bears) have predicted. I expect to see the
stock market a good deal higher within a few months."
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929
"This crash is not going to have much effect on business."
- Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago,
October 24, 1929
"This is the time to buy stocks. This is the time to recall the words
of the late J. P. Morgan¡K that any man who is bearish on America will
go broke. Within a few days there is likely to be a bear panic rather
than a bull panic. Many of the low prices as a result of this
hysterical selling are not likely to be reached again in many years."
- R. W. McNeel, market analyst, as quoted in the New York Herald
Tribune, October 30, 1929
"¡K a serious depression seems improbable; [we expect] recovery of
business next spring, with further improvement in the fall."
- HES, November 10, 1929
"The spring of 1930 marks the end of a period of grave
concern¡KAmerican business is steadily coming back to a normal level of
prosperity."
- Julius Barnes, head of Hoover's National Business Survey Conference,
Mar 16, 1930
Anything sound like what the Real Estate talking heads are spewing out
now?
"Home sales are coming down from the mountain peak, but they will
level out at a high plateau ¡X a plateau that is higher than previous
peaks in the housing cycle."
- David Lereah, Chief Economist, National Association of Realtors
"It's impossible for prices to go down this year."
- Gary Watts, Spokesman Orange Country Association of Realtors
"I don't worry about new home sales,"
- James Glassman, JP Morgan Chase Economist
"There is no national housing market, so there can't be a national
house-price bubble."
- Michael Youngblood, Managing Director, Friedman Billings Ramsey & Co
"If you own your own home free and clear, people will often refer to
you as a fool. All that money sitting there, doing nothing."
- Anthony Hsieh, CEO Lending Tree
"I think investors will have a good reason to come out here and buy
again."
- Jeromith Sutton, 2006, NAR Investment Advisor
"We're now in the 'middle innings' of the current economic expansion,
and the next economic recession is not yet in sight."
- David Seiders, Chief Economist, National Association of Home
Builders, Jan 2006 |
