Recession Best Quotes & Sayings

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 reason inflation was brought down to manageable levels, by the time of Ronald Reagan's re-election, was directly attributable to Jimmy Carter's very courageous act, hiring a Federal Reserve chair, with the charge to induce a recession. That recession was probably the reason he didn't win a second term. — Rick Perlstein

The bottom line for housing is that the concerns we used to hear about the possibility of a devastating collapse - one that might be big enough to cause a recession in the U.S. economy - while not fully allayed have diminished. Moreover, while the future for housing activity remains uncertain, I think there is a reasonable chance that housing is in the process of stabilizing, which would mean that it would put a considerably smaller drag on the economy going forward. — Janet Yellen

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 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 problem for free-market economists is that their policy recommendations at the dawn of a recession are not too sexy to the political mindset. They involve either doing nothing to hinder price adjustments, or actively removing extra-market barriers to price adjustments. This often involves short-term pain in exchange for long-term solutions, when politics rewards short-term solutions that result in long-term pain. — Christopher Westley

A standard of living is of the nature of habit ... it acts almost solely to prevent recession from a scale of conspicuous expenditure that has once become habitual. — Thorstein Veblen

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

I personally believe that there's going to be a good case for the government preserving some type of guarantee to make sure that people have the ability to borrow to finance a house even in a very damaging recession. I think there's going to be a good case for that. — Timothy Geithner

In the immediate postwar years, the whole of Europe was in a recession. So first of all, it helped us step out of a recession; it gave a certain amount of speed to the economy. But that was the first step. — Giovanni Agnelli

Increased revenues, meaning higher taxes, will be a central element of any successful long-term budget plan, and President Obama is right to insist that the wealthy - the slice of America that has come through the recession in by far the best financial health - should provide those funds. — Steven Rattner

Sustainability requires that we demand enduring quality. Steve Strong has a slide presentation pointing out that much of Oxford was built 800 years ago. What are we building today that will be here 800 years from now? If something like that emerged from this recession, it would help justify the hardship so many people are currently experiencing. — Denis Hayes

Weak banks endangered sovereigns that were called upon to save them, and weak sovereigns endangered banks holding bonds at risk of default. Recession worsened the debt ratio, but austerity to reduce borrowing suppressed growth, or caused even worse recession. — John Peet

Louisville, Colorado, which was just voted by CNN and Money magazine as the best place to live, is a veritable Whitopia that is unaffected by the housing crisis and even the severe recession. You look at the best places to live, according to Money's 2009 list, and 9 of the 10 are Whitopias. — Richard Benjamin

A recession is very bad for publicly traded companies, but it's the best time for startups. When you have massive layoffs, there's more competition for available jobs, which means that an entrepreneur can hire freelancers at a lower cost. — Timothy Ferriss

The best way to encourage economic vitality and growth is to let people keep their own money.When you spend your own money, somebody's got to manufacture that which you're spending it on. You see, more money in the private sector circulating makes it more likely that our economy will grow. And, incredibly enough, some want to take away part of those tax cuts. They've been reading the wrong textbook. You don't raise somebody's taxes in the middle of a recession. You trust people with their own money. And, by the way, that money isn't the government's money; it's the people's money. — George W. Bush

Millionaires are just as patriotic as poor people. The very wealthy are just as noble and patriotic as the middle class. But nothing has been asked of them in this horrendous recession. And it's time we just ask. — Joe Biden

Cutting libraries during a recession is like cutting hospitals during a plague. — Eleanor Crumblehulme Library Assistant University Of British Columbia

The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses. — Ben Bernanke

Unfortunately, in a recession, the people who suffer the most aren't the rich, but the wanna-be rich and the poor. — Robert Kiyosaki

The recession, which started in 2007, is ongoing. The
underlying fundamental causes of the meltdown have not been
addressed. Banks are still not lending. Companies are still not hiring.
Congress has still not seriously addressed the growing debt. Neither
has Congress checked its own out-of-control spending. The much
lauded reforms installed by Frank-Dodd are nothing more than another
expansion of federal government control over the engines of wealth
creation. — Ziad K. Abdelnour

The campaign was also among the most heated in recent memory, or short -term anticipation. The soon-to-be Opposition Leader never tired of listing the promises the new Prime Minister would break; she in turn countered with statistics of the mess he'd create as Treasurer, in the mid-eighties. (The causes of that impending recession were still being debated by economists; most claimed it was an "essential precursor" of the prosperity of the nineties , and that The Market, in its infinite, time -spanning wisdom, would choose / had chosen the best of all possible futures. Personally, I suspect it simply proved that even foresight was no cure for incompetence. — Greg Egan

In my view, if you have one in 10 unemployed - something is wrong with the economy whether you call it recession or not. — Amity Shlaes

Surely, the best and most effective measure is to get the economy moving and shorten the period of recession or slowdown. That's the rationale for Gordon Brown's 'fiscal stimulus' and it sounds like a good one to me. — Lucy Powell

The time will come, and probably during 2009, that the only way the U.S. will be able to fund its deficits is to create money by printing it. The Treasury will have to sell bonds, and, in the absence of foreign buyers, the Fed will have to print the money to buy them. The consequence will be runaway inflation, increasing interest rates, recession, and inevitable tax increases on all Americans. — Doug Casey

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

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

Republicans are not going to play I-told-you-so, but it is pretty obvious that the tax reductions passed in 2003 helped Americans dig out of a recession and get back to work. — Marsha Blackburn

We've been in a war and a recession. That's why acccent colors with yellow and purple are popular. They're optimistic and flirty and happy colors. — David Bromstad

I am upset and completely disappointed in the government, the millionaires and billionaires in the U.S. See what's happening to the country? Look at all the health problems, the economy, the recession and crime. — Maharishi Mahesh Yogi

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

It is no mere coincidence that there is both an historic and a present relationship between community (people assisting each other) and a poverty of power due to financial recession. — Bill Mollison

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

Brazil fell into recession in the first half of the year, according to official data which showed the economy shrinking by 0.6% in the second quarter and 0.2% in the first. The main reason was another big drop in investment. The government had said that it expects GDP to grow by 1.8% this year, but that now seems unlikely. — Anonymous

In economic terms, health care is a highly successful industry - profitable, growing, and virtually recession-proof - but it's a massive burden on the rest of the economy. — Marcia Angell

In the last recession, 99 percent of us have lost wealth, but did you know that the top 1 percent increased their wealth five times? It tells you they create recessions so they get wealthier. — Jesse Ventura

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion. — James Buchan

Economic recession?" "Well, you see, five million years ago the Galactic economy collapsed, and seeing that custom-built planets are something of a luxury commodity, you see ... — Douglas Adams

Recession-resistant development produces things people need. Unsustainable growth churns out tinsel products that consumers have to be seduced into buying - until times get tough, when they quickly give them up. — Donella Meadows

We went into a recession in 2008 because of gasoline prices. The bubble burst in housing because people couldn't pay their mortgages because of $4 a gallon gasoline. — Rick Santorum

The US and Europe are committing suicide in different ways. In Europe it's austerity in the midst of recession and that's guaranteed to be a disaster. There's some resistance to that now. In the US, it's essentially off-shoring production and financialization and getting rid of superfluous population through incarceration. — Noam Chomsky

There are more people at Obama's table offering ideas than there were five years ago, but when it came to facing up to the Republicans' threat to force a double-dip recession if they didn't get their millionaires' tax cut, they still amounted to nothing. And therein lies our fundamental problem. — Eric Alterman

I have seen American determination in people like Debbi Sommers. She runs a furniture rental business for conventions in Las Vegas. When 9/11 hit, and again, when the recession tanked the conventions business, she didn't give up, close down, or lay off her people. She taught them not just to rent furniture, but also to manufacture it. — Mitt Romney