Quotes Suitable for Framing

Our own nation is putting itself into a Depression.  If the people in power had lived through the Great Depression they wouldn’t be doing this.  Glad I won’t have to worry about this much longer.

A ninety-six year old retiree of my acquaintance.

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  1. The decline in real per capita product registered between calendar year 1918 and calendar year 1921 was about 6% in this country. That was a product of reconversion of factories to civilian production, contractionary monetary policy, and the successive waves of Spanish flu. The year-over-year decline in that metric between 1929 and 1933 was 31% (derived from bad monetary policy and a bad supervisory regime in the financial sector, exacerbated by other things). This isn’t going to generate a depression. The effect of the decline in equity prices has been to return trailing p/e ratios to historically normal levels (now about 18, near the median of the period since 1974).

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