Great Recession Quotes & Sayings

Investing in auto companies and ensuring a financial collapse didn't lead not from a recession to a great depression may not have been the most popular thing to do, but it was the right thing to do. — Robert Gibbs

Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences. — John Kenneth Galbraith

The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it. — Mark Zandi

The Great Recession was now entering its third decade, and unemployment was still at a record high. Even the fast-food joints in my neighborhood had a two-year waiting list for job applicants. — Ernest Cline

Once supply begins to dwindle, the years to follow will see shortages that at best will cause global recession, possibly worse than the 1930s Great Depression, ... war, famine, pestilence and death. — Kenneth S. Deffeyes

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy - not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side. — Eric Hobsbawm

There was no blueprint or how-to manual for fixing a global financial meltdown, an auto crisis, two wars and a great recession, all at the same time. — Rahm Emanuel

'Up in the Air' may be a glossy production sprinkled with laughter and sex, but it captures the distinctive topography of our Great Recession as vividly as a far more dour Hollywood product of 70 years ago, 'The Grapes of Wrath,' did the vastly different landscape of the Great Depression. — Frank Rich

It was a generation growing in its disillusionment about the deepening recession and the backroom handshakes and greedy deals for private little pots of gold that created the largest financial meltdown since the Great Depression. As heirs to the throne, we all knew, of course, how bad the economy was, and our dreams, the ones we were told were all right to dream, were teetering gradually toward disintegration. However, on that night, everyone seemed physically at ease and exempt from life's worries with final exams over and bar class a distant dream with a week before the first lecture, and as I looked around at the jubilant faces and loud voices, if you listened carefully enough you could almost hear the culmination of three years in the breath of the night gasp in an exultant sigh as if to say, Law school was over at last! — Daniel Amory

I think the great majority of Republicans, mainstream Republicans from across the country, don't want to see Donald Trump as president of the United States either. They're concerned they'd see a recession and I think they are also concerned we'd see a more dangerous world. — Mitt Romney

The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured. — Roger Altman

The great thing is, Internet allows you to create your own job, not just look for jobs other people are going to give you. And that, combined with the American spirit, I think, is going to help us come out of the recession faster than other countries. And I think it's going to help Africa come out of, you know, a century of slump. — Esther Dyson

In these times of the 'Great Recession', we shouldn't be trying to shift the benefits of wealth behind some curtain. We should be celebrating and encouraging people to make as much money as they can. Profits equal tax money. While some people might find it distasteful to pay taxes, I don't. I find it patriotic. — Mark Cuban

However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts and among organizations, creates powerful forces that favor a collective blindness to risk and uncertainty. — Daniel Kahneman

Believing that a crisis is a useful thing to create, the Obama administration - which understands that, for liberalism, worse is better - has deliberately aggravated the fiscal shambles that the Great Recession accelerated. — George Will

The exposure from 'Iron Chef' has been helpful, but at the end of the day your product and your service determine whether you get customers or not. If people decide to eat out less during a recession, the first restaurants that they will cut out are the ones that don't do a great job. — Michael Symon

The twin shocks of 9/11 and the Great Recession seem mentally to have unhinged a portion of the American people and much of the political class. The following years were consumed by crazy arguments about the president's birth certificate, death panels, and voters shouting that the government must get its hands off their government-provided Medicare. — Mike Lofgren

In the five years since the end of the Great Recession, the economy has made considerable progress in recovering from the largest and most sustained loss of employment in the United States since the Great Depression. — Janet Yellen

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression. — Jay Carney

The 1980s was a time of the great recession of interactive entertainment. When Atari fell in 1982, until Nintendo launched its console, video games were an outcast for five years. — Bing Gordon

Supposing an emperor was persuaded to wear a new suit of clothes whose material was so fine that, to the common eye, the clothes weren't there. And suppose a little boy pointed out this fact in a loud, clear voice ...
Then you have The Story of the Emperor Who Had No Clothes.
But if you knew a bit more, it would be The Story of the Boy Who Got a Well-Deserved Thrashing from His Dad for Being Rude to Royalty, and Was Locked Up.
Or The Story of the Whole Crowd Who Were Rounded Up by the Guards and Told 'This Didn't Happen, OK? Does Anyone Want to Argue?'
Or it could be a story of how a whole kingdom suddenly saw the benefit of the 'new clothes', and developed an enthusiasm for healthy sports in a lively and refreshing atmosphere which got many new adherents every year, and led to a recession caused by the collapse of the conventional clothing industry.
It could even be a story about The Great Pneumonia Epidemic of '09.
It all depends on how much you know. — Terry Pratchett

Advancing the agenda of America's wealthiest winners under such circumstances would ordinarily be a hard sell. After all, in 2011, twenty-four million Americans were still out of work. The Great Recession had wiped out some $9 trillion in household wealth. But after forty years, the conservative nonprofit ecosystem had grown quite adept at waging battles of ideas. The think tanks, advocacy groups, and talking heads on the right sprang into action, shaping a political narrative that staved off the kind of course correction that might otherwise have been expected. — Jane Mayer

I believe strongly that we need a finance industry that is good for the economy, and I don't think anybody would argue that during the eight years leading up to the Great Recession, a lot of bets were made [and] risks taken that weren't good for the economy. — Hillary Clinton

In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a Great Depression. — Herbert Hoover

The Great Recession is not imaginary, and the effects loom large. There was an article in the NYT about the galloping death rate among white men in middle age. Higher than among any other demographic, etc. Mostly death by drugs, alcohol, or suicide. Many of them rural. My feeling is that it's many people who haven't been able to get back into the work force. Reg Morse is an example of the problem. — Rick Moody

It was as if some great ocean of destruction had rolled its unyielding tide through the city and then, upon its terrible recession, left behind only a shoreline of concrete sand and crushed humanity. — Jay Posey

With every year that passes, the more we have to be careful not to forget the causes and consequences of the Great Recession. — Sherrod Brown

It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate. — Mark Zandi

From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts. — Ron Paul

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

To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that? — Richard D. Wolff

So, for example, a country was into recession right after I was sworn in, a dot-com bust had taken place. Then the attacks of September the 11th, and then of course the great financial meltdown in the -the fundamental question facing any presidency is how do you deal with the hand you're dealt? — George W. Bush

The recession is everywhere. We need to be heard. Wouldn't it be great if there could be more referendums so we could have regular voting on specific points? — Joss Stone

The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy. — Roger Altman

On moonlight nights the long, straight street and dirty white walls, nowhere darkened by the shadow of a tree, their peace untroubled by footsteps or a dog's bark, glimmered in the pale recession. The silent city was no more than an assemblage of huge, inert cubes, between which only the mute effigies of great men, carapaced in bronze, with their blank stone or metal faces, conjured up a sorry semblance of what the man had been. In lifeless squares and avenues these tawdry idols lorded it under the lowering sky; stolid monsters that might have personified the rule of immobility imposed on us, or, anyhow, its final aspect, that of a defunct city in which plague, stone, and darkness had effectively silenced every voice. — Albert Camus

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

She wondered what it was about storytelling that made people want it almost as much as food and water, even more so in bad times than good. Movies had never drawn more patrons than during the Great Depression. Book sales often improved in a recession. The need went beyond a mere desire for entertainment and distraction from one's troubles. It was more profound and mysterious than that. — Dean Koontz

Up to our own day American history has been in a large degree the history of the colonization of the Great West. The existence of an area of free land, its continuous recession, and the advance of American settlement westward, explain American development. — Frederick Jackson Turner

Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy. — Mark Zandi

Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything. — Gavyn Davies

Housing was ground zero for the Great Recession. Between early 2006 and Obama's inauguration in 2009, average house prices fell by a third across the country. In certain areas, including cities as diverse as Akron, Orlando and Las Vegas, house prices fell by more than half. — Mark Zandi

Doing nothing and shrinking spending may save us public money in the short term but could cost us a great deal more over time as the recession takes hold for much longer. — Lucy Powell

The Great Depression in the 1930s turned many young people away from corporations towards communism. By contrast, the Great Recession in the first decade of this century seems to have turned many away from corporations towards entrepreneurship. — Ron Davison

the Occupy Movement flared up and began setting up tents in public parks all around the nation, from New York City to Chicago to Seattle. But it actually happened exactly eighty years earlier, when the nation was drowning in President Hoover's Great Depression, and not President Bush's Great Recession. These settlements weren't called "occupations" at the time, they were called "Hoovervilles. — Thom Hartmann

Poverty is not the stepchild of the Great Recession; poverty has always been a part of American life. — Tavis Smiley

I don't think that our problem, our jobs problem, is fundamentally a problem of trade. I think it has much more to do with the fact that we have not sufficiently educated our population. We have not got out of this great recession with adequate stimulus and adequate fiscal and monetary policies over all. — Robert Reich

Wall Street excesses helped lead to the Great Recession. — Chuck Schumer

suggest that the millennial generation, deeply affected by the Great Recession and a stagnant global economy, has begun to shift its psychic priorities from material success to living a meaningful existence. — Jeremy Rifkin

Labor force participation peaked in early 2000, so its decline began well before the Great Recession. A portion of that decline clearly relates to the aging of the baby boom generation. But the pace of decline accelerated with the recession. — Janet Yellen

Before Barack Obama took office, it looked like that pride could have vanished forever, but today, from the staggering depths of the Great Recession, the nation has had 29 straight months of job growth. Workers across my state and across the country are getting back the dignity of a good job and a good salary. — Ted Strickland

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

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