Quotes About Recession

Quotes tagged as "recession" (showing 1-30 of 39)
Harry Truman
“It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.”
Harry Truman

Ronald Reagan
“Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.”
Ronald Reagan

Ha-Joon Chang
“Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are -- a simple upward redistribution of income, rather than a way to make all of us richer, as we were told.”
Ha-Joon Chang, 23 Things They Don't Tell You About Capitalism

Michael   Lewis
“The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Michael   Lewis
“In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Nassim Nicholas Taleb
“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending”
Nassim Nicholas Taleb, The Bed of Procrustes: Philosophical and Practical Aphorisms

Craig Ferguson
“When you need to borrow money the Mob seems like a better deal I think. 'You don't pay me back I break both yer legs.' Is that all? You won't take my house or wreck my credit rating? Fine where do I sign. Legs? Fine. You don't even have to sign anything. ”
Craig Ferguson

Michael   Lewis
“What are the odds that people will make smart decisions about money if they don’t need to make smart decisions—if they can get rich making dumb decisions?”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Maggie Georgiana Young
“Millennials: We lost the genetic lottery. We graduated high school into terrorist attacks and wars. We graduated college into a recession and mounds of debt. We will never acquire the financial cushion, employment stability, and material possessions of our parents. We are often more educated, experienced, informed, and digitally fluent than prior generations, yet are constantly haunted by the trauma of coming of age during the detonation of the societal structure we were born into. But perhaps we are overlooking the silver lining. We will have less money to buy the material possessions that entrap us. We will have more compassion and empathy because our struggles have taught us that even the most privileged can fall from grace. We will have the courage to pursue our dreams because we have absolutely nothing to lose. We will experience the world through backpacking, couch surfing, and carrying on interesting conversations with adventurers in hostels because our bank accounts can't supply the Americanized resorts. Our hardships will obligate us to develop spiritual and intellectual substance. Maybe having roommates and buying our clothes at thrift stores isn't so horrible as long as we are making a point to pursue genuine happiness.”
Maggie Georgiana Young

Pew Research Center
“America isn't breaking apart at the seams. The American dream isn't dying. Our new racial and ethnic complexion hasn't triggered massive outbreaks of intolerance. Our generations aren't at each other's throats. They're living more interdependently than at any time in recent memory, because that turns out to be a good coping strategy in hard times. Our nation faces huge challenges, no doubt. So do the rest of the world's aging economic powers. If you had to pick a nation with the right stuff to ride out the coming demographic storm, you'd be crazy not to choose America, warts and all.”
Pew Research Center, The Next America: Boomers, Millennials, and the Looming Generational Showdown

George Packer
“This malignant persistence since September 11th is the biggest surprise of all. In previous decades, sneak attacks, stock-market crashes, and other great crises became hinges on which American history swung in dramatically new directions. But events on the same scale, or nearly so, no longer seem to have that power; moneyed interests may have become too entrenched, elites too self-seeking, institutions too feeble, and the public too polarized and passive for the country to be shocked into fundamental change.”
George Packer

Toba Beta
“World needs a new order of modern economy.”
Toba Beta, Master of Stupidity

Alex Callinicos
“Economic crises breed war.”
Alex Callinicos, The Revolutionary Road To Socialism

Suzan Colon
“This explains why I've been making Recession Tea- letting a teabag steep for half the time it should so I can use it again for a second cup later.”
Suzan Colon

Jen Lancaster
“You know what? We need a recession in this country, because that would finaly weed out al the subnormal, underdeveloped, stupefied, puerile people in this workforce.”
Jen Lancaster, Bitter Is the New Black: Confessions of a Condescending, Egomaniacal, Self-Centered Smartass, Or, Why You Should Never Carry A Prada Bag to the Unemployment Office

Warren Buffett
“Only when the tide goes out do you discover who's been swimming naked.”
Warren Buffett, Warren Buffett Speaks

Lucy Moore
“The crash did not cause the Depression: that was part of a far broader malaise. What it did was expose the weaknesses that underpinned the confidence and optimism of the 1920s - poor distribution of income, a weak banking structure and insufficient regulations, the economy's dependence on new consumer goods, the over-extension of industry and the Government's blind belief that promoting business interests would make America uniformly prosperous.”
Lucy Moore, Anything Goes: A Biography of the Roaring Twenties

Michael   Lewis
“They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Tyler Cowen
“If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.”
Tyler Cowen

Michael   Lewis
“The simple measure of sanity in housing prices, Zelman argued, was the ratio of median home price to income. Historically, in the United States, it ran around 3:1; by late 2004, it had risen nationally, to 4:1. “All these people were saying it was nearly as high in some other countries,” says Zelman. “But the problem wasn’t just that it was four to one. In Los Angeles it was ten to one and in Miami, eight-point-five to one.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Michael   Lewis
“It is ludicrous to believe that asset bubbles can only be recognized in hindsight,” he wrote. “There are specific identifiers that are entirely recognizable during the bubble’s inflation. One hallmark of mania is the rapid rise in the incidence and complexity of fraud…. The FBI reports mortgage-related fraud is up fivefold since 2000.” Bad behavior was no longer on the fringes of an otherwise sound economy; it was its central feature.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Brandi L. Bates
“The most empowering thing you can do though is to create innovative ways to bring in livable wages. That begins with a debt free lifestyle.”
Brandi L. Bates, Moonshine For The Soul: A Path to Strength, Wisdom, Growth, Health & Happiness

Michael   Lewis
“Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Michael   Lewis
“Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a likely housing crash: “Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Robin Sacredfire
“Alchemy: In times of recession it's not wise to argue about the price of gold.”
Robin Sacredfire

Michael   Lewis
“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars’ worth of bonds. He’d either be paid zero, if the triple-B-rated bonds he’d insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn’t own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to “insure” it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn’t insurance at all but an outright speculative bet against the market—and this was the second way to think about it.”
Michael Lewis, The Big Short: Inside the Doomsday Machine

Petter Dass
“Jo ældere Verden hun bliver af Aar,
Jo værre jo slæmmer' er Menniskens Kaar,
Vi haver alt levet det beste.”
Petter Dass, The Trumpet of Nordland

Amanda Craig
“It’s unthinkable, now to live as her parents had done, going to work from nine to five and enjoying the benefits of the newly-formed health and education services. What paradise it had seemed! Now, in order to pay their exorbitant mortgages, and ever more exorbitant fuel prices, British adults have to work long hours – the longest, it is said, in Europe… Everyone they know, everyone they see, is just like them, living in houses like these, reading the same papers, seeing the same films and TV programmes and plays, buying from the same shops and sending their children to the same schools; and they think it will go on for ever, either ever-mounting property prices cushioning them. But it can’t.”
Amanda Craig

“The recession and regression of any society are always an indication of how poorly the citizens of that country understand the value of time.”
Sunday Adelaja, How To Become Great Through Time Conversion: Are you wasting time, spending time or investing time?

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