This page has been archived and commenting is disabled.

The Value Of "Experts"

Tyler Durden's picture




 

Then...

“We will not have any more crashes in our time.” – John Maynard Keynes (1927)

“There will be no interruption of our permanent prosperity.” – Myron E. Forbes, President, Pierce Arrow Motor Car Co. (January 12, 1928)

“There is no cause to worry. The high tide of prosperity will continue.” – Andrew W. Mellon, Secretary of the Treasury. (September 1929)

“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)

“Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal ReserveBo ard.” – New York Times (October 14, 1929)

“This crash is not going to have much effect on business.” – Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago (October 24, 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)

“Financial storm definitely passed.” – Bernard Baruch, cablegram to Winston Churchill (November 15, 1929)

“The Government’s business is in sound condition.” – Andrew W. Mellon, Secretary of the Treasury (December 5, 1929)

“President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days.”WashingtonDispatch (March 8, 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)

“The worst is over without a doubt.” James J. Davis Secretary of Labor (June 29, 1930)

“We have hit bottom and are on the upswing.” – James J. Davis, Secretary of Labor (September 12, 1930)

“The country is not in good condition.” – Calvin Coolidge (January 20, 1931)

“The depression has ended.” – Dr. Julius Klein, Assistant Secretary of Commerce (June 9, 1931)

“In other periods of depression, it has always been possible to see some things which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope-nothing of man.” – Former President Calvin Coolidge, (1933)

H.H. Simmons, president of the New York Stock Exchange, Jan. 12, 1928: “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.”

W. McNeel, market analyst, as quoted in the New York Herald Tribune, Oct. 30, 1929: “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.”

Harvard Economic Society, Nov. 10, 1929: “… a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall.”

 

And Now...

 

Source: The Burning Platform blog

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 09/02/2015 - 13:46 | 6500501 Bloppy
Bloppy's picture

Today's trading is so contrived, soon as the volume drops, PPT gets to work manipulating a "just because" rally

Wed, 09/02/2015 - 13:49 | 6500518 froze25
froze25's picture

Read Tragedy and Hope, it goes into detail.  Scary shit when you read it and look at the world today.  Its repeating.

Wed, 09/02/2015 - 13:57 | 6500555 tc06rtw
tc06rtw's picture

 
  …  they didn’t mention
       “green shoots”  once!

Wed, 09/02/2015 - 15:09 | 6500977 Pool Shark
Pool Shark's picture

 

 

So, "Camera-on-a-Stick" is crashing???

Oh, man, I figured their growth rate was 'To Inifinity & Beyond'...

 

Thu, 09/03/2015 - 00:44 | 6503186 Fish Gone Bad
Fish Gone Bad's picture

Cramer should change his name to Cram-it.  Cramit down peoples' throats.

Wed, 09/02/2015 - 15:15 | 6501010 SuperRay
SuperRay's picture

I used to trade all the time. I loved trading. It was great. A lot of fun and endlessly fascinating. But now I come to see that the entire financial community is completely corrupt and the financial system as it is should never have come to be . Derivatives need to be outlawed because they only become a tool by corrupt Greedy people who provide nothing to the real economy . They're smart people but their intelligence doesn't extend to ethics or a balanced value system. It's all got come down.

Wed, 09/02/2015 - 13:52 | 6500520 nope-1004
nope-1004's picture

Cramer hosts a game show.  Contestants phone in and get "advice" on which poker table to throw their money.  There is no expert on modern day TV.  It's all about entertainment and the casino is completely rigged.

 

Wed, 09/02/2015 - 15:00 | 6500920 Ajax_USB_Port_R...
Ajax_USB_Port_Repair_Service_'s picture

A game show that needs a dunk tank.

Thu, 09/03/2015 - 00:46 | 6503187 Fish Gone Bad
Fish Gone Bad's picture

and that dunk tank needs eye candy.

Wed, 09/02/2015 - 13:35 | 6500443 saints51
saints51's picture

Being jewish has perks. For everyone else there's mastercard.

Wed, 09/02/2015 - 13:53 | 6500542 Edward Morbius
Edward Morbius's picture

"We are not printing money".

"Gold is not money"

 

"Subprime is contained".

 

guess who?

Wed, 09/02/2015 - 14:49 | 6500856 ThirdWorldNut
ThirdWorldNut's picture

"QE is one of those things that work in practice"

Wed, 09/02/2015 - 13:36 | 6500445 sopko16
sopko16's picture

You know the saying... talk is cheap mother%$#$. Haha. And who said Cramer is even an expert? He massively failed a fund.

 

It will fluctuate right? hahaha.

 

 

Wed, 09/02/2015 - 13:38 | 6500461 KnuckleDragger-X
KnuckleDragger-X's picture

He's self-proclaimed, just like 99% of the Wall St. experts......

Wed, 09/02/2015 - 13:37 | 6500448 cowdiddly
cowdiddly's picture

"Hey, this is not Bikini Bottom, this is Rock Bottom-" Spongebob Squarepants

Wed, 09/02/2015 - 13:40 | 6500473 q99x2
q99x2's picture

The police should shut down Harvard for teaching financial terrorism.

Wed, 09/02/2015 - 13:43 | 6500484 FeelinFine
FeelinFine's picture

Jim Cramer is the Jesse Livermore of the fitbit set... except poorer and dumber.

Wed, 09/02/2015 - 13:44 | 6500488 Kilgore Trout
Kilgore Trout's picture

Why was Calvin Coolidge such a Debby Downer?

Wed, 09/02/2015 - 13:47 | 6500504 atomicwasted
atomicwasted's picture

Cramer = Gartman

Wed, 09/02/2015 - 13:54 | 6500532 RawPawg
RawPawg's picture

'honey,pass me another magazine(ammo),and go open up another can of spam for me"~ RawPawg...Sept/Oct 2015

Wed, 09/02/2015 - 13:53 | 6500539 aliki
aliki's picture

"subprime is contained" is my personal favorite

Wed, 09/02/2015 - 13:55 | 6500553 Edward Morbius
Edward Morbius's picture

I like "when things get serious you MUST LIE", or "smells like a bottom".

Wed, 09/02/2015 - 14:12 | 6500633 atomicwasted
atomicwasted's picture

lol you said smells like bottom

Wed, 09/02/2015 - 14:15 | 6500650 skeeterpi
skeeterpi's picture

Coolidge was a great leader, spot on. When he suffered a depression in 1921 he got government out of the way lasted 18 months.

Wed, 09/02/2015 - 14:18 | 6500664 JamaicaJim
JamaicaJim's picture

Jim Cramer.

Screaming like a baboon chained to a bumper of a garbage truck, this lunatic should have been sent off to the booby hatch decades ago.

A pin wheeling Bozo of the lowest order, I keep waiting to hear - then see - him have a massive heart attack and die on set as he pitches one last dog shit stock.

DIE DIE DIE!

Wed, 09/02/2015 - 14:28 | 6500720 Palladin
Palladin's picture

Another great call by the MSM mouthpece.

https://www.youtube.com/watch?v=V9EbPxTm5_s

 

Wed, 09/02/2015 - 15:48 | 6501210 Nobody For President
Nobody For President's picture

Thanks - that was THE fucking classic of Cramer. Why anyone would watch this asshole for anything but entertainment value is beyond me.

ZH is entertainment enough for me, and sometimes I learn some really good shit about how the casino works.

Course I'm feeling good 'cause I made money on the turn today from down (sold the TZA high) to Up (sold the TNA too soon, but still made today's wages).

Wed, 09/02/2015 - 14:31 | 6500734 khnum
khnum's picture

If you watched David Copperfield for seven years you would figure out how he does a fair amount of his magic,the same for central banks and markets,Cramer et al cater for those who cant think for themselves or wont and there are a lot of sheep out there there are about 10 standard stunts the manipulators pull 90 percent of the time and the market falls for them hundreds of times over,so whilst there is individual brilliance markets rely on the collective stupidity of man.

Wed, 09/02/2015 - 14:35 | 6500757 GRDguy
GRDguy's picture

We buy high.  We sell low.  How we stay in business?  We lucky.

Wed, 09/02/2015 - 14:35 | 6500760 Alex Kintner
Alex Kintner's picture

This year,I put my nest egg into Cramer picks. In related news, I'm selling the pot that I pee in on ebay. Please bid. Please.

Wed, 09/02/2015 - 14:41 | 6500807 Dre4dwolf
Dre4dwolf's picture

If you actually followed Cramer you would of surely lost a fortune while his friends laugh all the way to the bank with your money after dumping all their shit shares on you lol

They call him CRAM-ER because he CRAMS SHIT SHARES DOWN SHEEPLE THROATS.

Wed, 09/02/2015 - 15:09 | 6500936 gaoptimize
gaoptimize's picture

I thought it was so strange that Cramer bought one of those "Contributor" paragraph ads at the top of Zerohedge, right next to William Bonzai, the other day.  I was thinking "WTF? Surely Zerohedge has outsourced the orination of these ads."

Wed, 09/02/2015 - 15:41 | 6501173 kchrisc
kchrisc's picture

"Experts" in only two things: Lies and concealing for Zion, their grifting banksters, and tyranny.

Zion is a scheme, not an ethnicity..

 

A trait of tyranny: Experts in lying and concealing are exalted. Experts in truth are murdered.

Wed, 09/02/2015 - 16:06 | 6501301 lasvegaspersona
lasvegaspersona's picture

image creating device on an extened platform...= a pencil

Do NOT follow this link or you will be banned from the site!