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Old 12-12-2008, 11:22 AM   #1
SeanC
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1927-1933 Chart of Pompous Prognosticators

Is this what is waiting for us?

Numbers are explained below.



Quote:
1. "We will not have any more crashes in our time."
- John Maynard Keynes in 1927

2. "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."
- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928

"There will be no interruption of our permanent prosperity."
- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928

3. "No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment...and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding."
- Calvin Coolidge December 4, 1928

4. "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

5. "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

"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."
- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929

"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."
- Goodbody and Company market-letter quoted in The New York Times, Friday, October 25, 1929

6. "This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan... 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

"Buying of sound, seasoned issues now will not be regretted"
- E. A. Pearce market letter quoted in the New York Herald Tribune, October 30, 1929

"Some pretty intelligent people are now buying stocks... Unless we are to have a panic -- which no one seriously believes, stocks have hit bottom."
- R. W. McNeal, financial analyst in October 1929

7. "The decline is in paper values, not in tangible goods and services...America is now in the eighth year of prosperity as commercially defined. The former great periods of prosperity in America averaged eleven years. On this basis we now have three more years to go before the tailspin."
- Stuart Chase (American economist and author), NY Herald Tribune, November 1, 1929

"Hysteria has now disappeared from Wall Street."
- The Times of London, November 2, 1929

"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."
- Business Week, November 2, 1929

"...despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression such as would entail prolonged further liquidation..."
- Harvard Economic Society (HES), November 2, 1929

8. "... a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall."
- HES, November 10, 1929

"The end of the decline of the Stock Market will probably not be long, only a few more days at most."
- Irving Fisher, Professor of Economics at Yale University, November 14, 1929

"In most of the cities and towns of this country, this Wall Street panic will have no effect."
- Paul Block (President of the Block newspaper chain), editorial, November 15, 1929

"Financial storm definitely passed."
- Bernard Baruch, cablegram to Winston Churchill, November 15, 1929

9. "I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress."
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929

"I am convinced that through these measures we have reestablished confidence."
- Herbert Hoover, December 1929

"[1930 will be] a splendid employment year."
- U.S. Dept. of Labor, New Year's Forecast, December 1929

10. "For the immediate future, at least, the outlook (stocks) is bright."
- Irving Fisher, Ph.D. in Economics, in early 1930

11. "...there are indications that the severest phase of the recession is over..."
- Harvard Economic Society (HES) Jan 18, 1930

12. "There is nothing in the situation to be disturbed about."
- Secretary of the Treasury Andrew Mellon, Feb 1930

13. "The spring of 1930 marks the end of a period of grave concern...American business is steadily coming back to a normal level of prosperity."
- Julius Barnes, head of Hoover's National Business Survey Conference, Mar 16, 1930

"... the outlook continues favorable..."
- HES Mar 29, 1930

14. "... the outlook is favorable..."
- HES Apr 19, 1930

15. "While the crash only took place six months ago, I am convinced we have now passed through the worst -- and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us."
- Herbert Hoover, President of the United States, May 1, 1930

"...by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent..."
- HES May 17, 1930

"Gentleman, you have come sixty days too late. The depression is over."
- Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

16. "... irregular and conflicting movements of business should soon give way to a sustained recovery..."
- HES June 28, 1930

17. "... the present depression has about spent its force..."
- HES, Aug 30, 1930

18. "We are now near the end of the declining phase of the depression."
- HES Nov 15, 1930

19. "Stabilization at [present] levels is clearly possible."
- HES Oct 31, 1931

20. "All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S."
- President F.D. Roosevelt, 1933

Colin J. Seymour, June 2001
http://www.users.dircon.co.uk/~netking
20 June 2001
http://www.gold-eagle.com/editorials...r062001pv.html
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Old 12-12-2008, 04:06 PM   #2
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Quote:
Originally Posted by cngzsn View Post
Is this what is waiting for us?

Numbers are explained below.




http://www.gold-eagle.com/editorials...r062001pv.html
I believe that a banking holiday is realistic. Last night, on the radio; someone suggested that after Xmas a lot of companies will go bust because it will be a poor year for sales and many companies do not even go in the black until this time of the year. Then , once the retailers go bankrupt or close stores, then shopping centers will be vacant and the owners of the shopping centers will have problems and then ..........we will have a commercial real estate problem. It was just an educated guess, but I see it happening.
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Old 12-13-2008, 01:20 AM   #3
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Everyone that has GOLD to sell is preaching doom and gloom

Everyone with STOCKS to sell is yelling BOTTOM


I am a doom and gloom kind of guy myself and I believe we will lose 1,000,000 jobs next year (rate will be 8.5%-9% unemployment), a commercial real estate bust is DEFINATELY on the way (I was about to purchase some commercial property for one of my businesses this year and decided to hold off and pay the $12,000 in extra rent for the year because I think I will be able to buy property in 2010 for far greater than a $12,000 discount), and INFLATION is going to kick us all right square in the n*ts!

I thought up until about 2 or 3 weeks ago that the stock markets true value is around 7500 (which would mean I think we may have bottomed), but then after more research the true price of the market may very well be in the 5500-6000 range, which means MORE PAIN to come.

Right now you can't get a true value because the printing press is running 24/7. The Fed increased paper money supply by 7%, that next day gold rose 7%. The coming months will be interesting if not downright SCARY!
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Old 12-13-2008, 01:50 AM   #4
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Quote:
Originally Posted by Rivalrys View Post
Everyone that has GOLD to sell is preaching doom and gloom

Everyone with STOCKS to sell is yelling BOTTOM


I am a doom and gloom kind of guy myself and I believe we will lose 1,000,000 jobs next year (rate will be 8.5%-9% unemployment), a commercial real estate bust is DEFINATELY on the way (I was about to purchase some commercial property for one of my businesses this year and decided to hold off and pay the $12,000 in extra rent for the year because I think I will be able to buy property in 2010 for far greater than a $12,000 discount), and INFLATION is going to kick us all right square in the n*ts!

I thought up until about 2 or 3 weeks ago that the stock markets true value is around 7500 (which would mean I think we may have bottomed), but then after more research the true price of the market may very well be in the 5500-6000 range, which means MORE PAIN to come.

Right now you can't get a true value because the printing press is running 24/7. The Fed increased paper money supply by 7%, that next day gold rose 7%. The coming months will be interesting if not downright SCARY!
Correct, DOW's current fair value, as loosely determined the by the overall trend of the last century, is only around 5300-5400, and the maximum value of DOW last year, 14164, was around %265 of the fair value.

Before the great depression crash, the maximum was also around %255 of the fair value at that time, and the market had to go down to %24 of the fair value (or %10 of the maximum then) in 1932 to be able to correct itself due to "mean reversion."

By comparison with the current market, that would mean a minimum DOW value of around 1416. Scary indeed.

Of course, the rules of the game has changed a lot since then, and we won't be seeing these levels due to Fed's ability to inject cash to the system whenever they deem appropriate.
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Old 12-13-2008, 07:26 PM   #5
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I feel ya and Im just maintaining right now. Scary market and my tenants can't buy and I'm not trying to raise my rents either. I think a lot of us just need to see where we can maximize what we have first, cut out the excess.
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