Quotes & Sayings About Recession

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 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 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

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

The book looked doomed, assailed on all sides by those who'd see it superseded by the synthetic-new and those who didn't give two shiny ones. With the recession forging ahead with renewed vigour, bookselling too was going the way of papyrus, taking with it what was left of Richard's self-esteem, his beer money and his comedic persona. — Charlie Hill

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

He's always complaining about the fucking recession and how the government is working against people like him. He calls himself working class, which I think is a bit ironic since he doesn't work. — Ida Lokas

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

I was asked what I thought about the recession. I thought about it and decided not to take part. — Sam Walton

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 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

The difference between recession and depression is simple. Recession, goes the saying, is when you lose your job; depression is when I lose mine. — Amity Shlaes

Although the recession is strong and although hard times await us in the next 2 or 3 months, Spain will continue to grow in the second quarter of 2009. — Jose Luis Rodriguez Zapatero

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

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

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

People stop buying things, and that is how you turn a slowdown into a recession. — Janet Yellen

When women were excluded from New Deal programs, Eleanor Roosevelt fought to include them. Roosevelt was among a handful of leaders who realized the U.S. economy would not escape the depths of recession without the full contributions of women. — Lael Brainard

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

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

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

A recession doubles the necessity to be really focused on three or four tactics that can prove a return on investment. — David Gates

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

When we were at peace, Democrats wanted to raise taxes. Now there's a war, so Democrats want to raise taxes. When there was a surplus, Democrats wanted to raise taxes. Now that there is a mild recession, Democrats want to raise taxes. — Ann Coulter

There are fears that Britain could be facing a double-dip recession, or worse still, a double-dip with misery sprinkles and fuck-where's-my-job-sauce. — Frankie Boyle

Nevada was hit hardest by the recession - highest unemployment, highest foreclosure rate, highest bankruptcy rate. — Brian Sandoval

Folks in the bottom half of the economy are already squeezed hard. They will be bloodied and bankrupt if economic policy inadvertently induces a recession. — William Greider

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

Two thirds of the work in the world is done by women. Women own 1 percent of the assets. Young women are sold into prostitution, forced labour, premature marriage, forced to have children they don't want or they can't support. They're abused, raped, beaten up. Domestic violence is supposed to be a cultural problem. They are the first victims of war, fundamentalism, conflict, recession. And young women who have access to education and health care and have resources think that everything was done, they don't have to worry. — Isabel Allende

The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit ... people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less ... coming on top of a massive income investment boom, it's all been just a bit too much of a good thing. — Nigel Lawson

When historians consider the significance of the Berlin crises of the mid-20th century, I do not believe that they will record it as an incident in the encirclement of freedom. The true view, in my judgment, will be to see it rather as a major episode in the recession of communism. — Robert Kennedy

We are in the middle of an education recession. — Rod Paige

Recession is when a neighbor loses his job. Depression is when you lose yours. — Ronald Reagan

Recession doesn't deserve the right to exist. There are just too many things to be done in science and engineering to be bogged down by temporary economic dislocations. — Walt Disney Company

The light was frozen, dead, a ghost. Only from the yellow barrels of the microscopes did it borrow a certain rich and living substance, lying along the polished tubes like butter, streak after luscious streak in long recession down the work tables. — Aldous Huxley

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

[Obama White House] rescued the economy from the worst recession. — Rahm Emanuel

The other thing is quality of life; if you have a place where you can go and have a picnic with your family, it doesn't matter if it's a recession or not, you can include that in your quality of life. — Jim Fowler

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

Why shouldn't he? All life is just a progression toward and then a recession from one phrase
'I love you — F Scott Fitzgerald

New York never felt the recession. New York never felt a depression. — John Catsimatidis

The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007. — Ben Bernanke

Europe is a strong market for the U.S. If it has problems, if there's a lack of consumer confidence, if there's a deeper recession, this will deeply affect jobs in the U.S. — George Papandreou

You know, my Grandpop Finnegan used to have an expression: he used to say, 'Joey, the guy in Olyphant's out of work, it's an economic slowdown. When your brother-in-law's out of work, it's a recession. When you're out of work, it's a depression.' — Joe Biden

So I think the winners in recession are the people who produce new technology that does things better, which people really want. — James Dyson

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

Ego-identification with things creates attachment to things, which in turn creates our consumer society and economic structures where the only measure of progress is always more. The unchecked striving for more, for endless growth, is a dysfunction and a disease. It is the same dysfunction the cancerous cell manifests, whose only goal is to multiply itself, unaware that it is bringing about its own destruction by destroying the organism of which it is a part. Some economists are so attached to the notion of growth that they can't let go of that word, so they refer to recession as a time of "negative growth". — Eckhart Tolle

The widely mis-interpreted 1998 'meltdown' of East Asia was a financial symptom of the renewed reality: In fact, it was the first round the world recession again to begin in East Asia and spread from there to the West, instead of vice versa. That marked the beginnings of the return back 360 degrees around the world of the world economic center to Asia where it had always been before those two eighty-year period of temporary Western ascendance. The stock market crash in Hong Kong and the devaluation of the Thai baht and the Indonesian rupia took only 80 seconds to make themselves felt in the London City and on New York's Wall Street. How much of a cultural lag do we still need for popular perception and social theory to catch up with global reality? — Andre Gunder Frank

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

A normal recession disrupts people's lives, but a long recession destroys them. You lose output, prosperity, family stability, self-esteem, and many other qualities on what looks to be a semi-permanent basis. — Matthew Yglesias

I think the economic empowerment of women that has been growing over the past decade is at the 'inflection point' with this global recession. Women are, we believe, the solution for their families in their ability to go out and increase household income. — Andrea Jung

The crash of 2008 ought to have thrown a bucket of cold water over the excited futurologists. Open societies suffered far more than closed regimes. A member of the Central Committee of the Chinese Communist Party was entitled to wonder why Americans were telling him he must allow free speech when China was booming and the First Amendment had not stopped debt-laden America going through a deep recession. — Nick Cohen

In Europe there's an dangerous growth of ultra xenophobia which is pretty threatening to any one who remembers the history of Europe ... and an attack on the remnants of the welfare state. It's hard to interpret the austerity-in-the-midst-of-recession policy as anything other than attack on the social contract. — Noam Chomsky

I'm a walking economy. My hairline's in recession,my waist is a victim of inflation, and together they're putting me in a deep depression! — Anonymous

Recession should be added to the list of natural calamities — Subhasis Das

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

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

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

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

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

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 most important domestic challenge facing the U.S. at the close of the twentieth century is the re-creation of fatherhood as avital social role for men. At stake is nothing less than the success of the American experiment. For unless we reverse the trend of fatherlessness, no other set of accomplishments
not economic growth or prison construction or welfare reform or better schools
will succeed in arresting the decline of child well-being and the spread of male violence. To tolerate the trend of fatherlessness is to accept the inevitability of continued social recession. — David Blankenhorn

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

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

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

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

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

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

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

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

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

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

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

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

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

They talk about the economy this year. Hey, my hairline is in recession, my waistline is in inflation. Altogether, I'm in a depression. — Rick Majerus

Around '75 when the recession hit, club owners started going to disco because it was cheaper for them to just buy a sound system than it was to hire a band. — Tommy Shaw

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

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

If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession. — Franklin Raines

Historically in every recovery, because the president rightly did inherit a recession. But historically, the lagging indicator always deals with employment. — Sean Hannity

It's not all Obama's fault: His plans to rebuild America's energy infrastructure have been hampered by the recession, and his efforts on global warming have been stymied by Tea Party wackos and weak-kneed Democrats in Congress. — Jeff Goodell

Funerals cost so much money, and are likely to be an additional source of stress in this recession - it's sad that we don't have a more humane, less commercialized way to approach burial. — Meghan O'Rourke

When George Bush finally leaves the White House, the satire industry will briefly join the rest of the economy in recession. It will certainly be the end of an era. — Rory Bremner

In the recession people are going to be looking even more at what movie stars are wearing, as it provides a fantasy outlet. — Cher

For years, we've grown dependant on American consumers as the world's spenders of last resort. They've kept Europe out of recession, allowed China to industrialise, and prevented global deflation. But at the same time, they've not been looking after their own futures. — Evan Davis

As Ohio's working families continue to recover from the worst economic recession in our country's history, we need a president who's committed to growing our economy by lifting up the middle class. — Sherrod Brown

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

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

What I do believe absolutely is that in the middle of a recession, the American middle class and working class needs a tax relief. — Bernie Sanders

Dear Miss Sam: Thanks so much for your lovely epistle. You've gotten so soft in only three months. Must be all those cookies. If I read you right, you want some assurances that you'll be (1) adored by your bosses, (2) worshipped by your colleagues, (3) appreciated by your clients, (4) virtually guaranteed a partnership which will lead to a long, full, happy life, and (5) given enough office space to make you happy, in spite of the obscene prices per square foot now being demanded by Manhattan landlords (our clients), recession or not. — John Grisham

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