Recession Quotes

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

Long Beach Savings was the first existing bank to adopt what was called the "originate and sell" model. This proved such a hit - Wall Street would buy your loans, even if you would not! - that a new company, called B&C mortgage, was founded to do nothing but originate and sell. ~ Michael Lewis

It is ironic that Keynesianism originated as a weapon to combat depression, but became universally accepted and "successful" only during (and because of!) the postwar expansion. At the first sign of renewed world recession, Keynesian theory has proved itself to be a snare and a delusion that has gone into immediate bankruptcy. The resulting "post-Keynesian synthesis" is also the theoretical reason for the reactionary exhumation of the simplistic, neoclassical, and monetarist economic theory of the 1920s. This revival of old theory is highlighted by the award of Nobel prizes in economics to Friedrich von Hayek, whose theoretical work was done before the Great Depression, and Milton Friedman, whose lone voice echoed in the wilderness until the new world economic crisis put his unpopular and antipopulist theories on the agenda of business board rooms and government cabinet rooms in one capitalist country after another. The real reason for the recent interest in fifty-year-old theories is that capital now wants them to legitimize its attack on the welfare state and "unproductive" expenditures on social services, which capital claims to need for "productive" investment in industry, including armaments. ~ Andre Gunder Frank

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

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

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

The people that make this country work, the people who pay on their mortgages, the people getting up and going to work, striving in this recession to not participate in it, they're not the enemy. They're the people that hire you. They're the people that are going to give you a job. ~ Rush Limbaugh

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

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

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

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

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 got into a recession because the global economy went into the recession and we're a big exporting nation. ~ Stephen Harper

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

No I don't think it was a myth at all, anymore than what the recession that the whole country was experiencing was a myth, which obviously seems like it's going to get worse and worse. ~ Lester Bangs

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 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

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

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

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

Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through. ~ James O'Shaughnessy

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

I basically got an education in software on DuPont's money because they were too stubborn to admit that a recession was coming. ~ Michael J. Saylor

We've gotten tremendous support. Everybody now understands how critical it is to help small businesses get out of this recession and into recovery. ~ Karen Mills

Woman for whom Botox and fillers are the norm don't feel dressed without it. It's like going to the hairdresser's for them. Also, famously, lipstick sales go up in a recession: you may not be able to afford the shoes and the dress but you are sure going to keep your lips pillow perfect. ~ Imogen Edwards-Jones

How long does a recession have to last before it's called a depression? ~ David Lodge

Everyone drinks more during a recession; they want to forget. ~ Christian Audigier

In America, they have this thing called a story cycle. When they're at war, they start doing fantasy and war-style entertainment. When fantasy gets big, they go through a recession, and horror starts gaining popularity. When horror gets popular, mystery starts gaining popularity. Then when mystery reaches its peak, science fiction starts gaining popularity. Then things get rough again, and we go back to Fantasy". This quote was taken from an interview from The Myth of Cthulhu: Dark Navigation. ~ Sakazaki Freddie

Ironically, for the mega-rich, recession brings with it the ability to live well at a lower cost and with less of a hassle. ~ Jamie Johnson

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

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

How often do police accidentally shoot and kill bankers who are committing financial crimes, stealing homes, and plunging the nation into economic instability and recession? ~ Ralph Nader

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

Hope is the universal currency of a recession. Invest it wisely! ~ Paul Guildea

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

There's never a recession if you work for the government. ~ Ann Coulter

Successful people save in prosperous times so they have a financial cushion in times of recession. ~ Brian Tracy

Rising unemployment and the recession have been the price that we have had to pay to get inflation down. That price is well worth paying. ~ Norman Lamont

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

If there's a recession, I'd buy stocks. That's when you make money: when markets are spooked. ~ Ben Stein

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

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 was offered Fagin-type roles, but I wanted to do new things. I could have worked in America, but there was a recession in the British film industry, and I wanted to work in England. I've no regrets. ~ Ron Moody

New Rule: Democrats must get in touch with their inner asshole. I refer to the case of Van Jones, the man the Obama administration hired to find jobs for Americans in the new green industries. Seems like a smart thing to do in a recession, but Van Jones got fired because he got caught on tape saying Republicans are assholes. And they call it news!

Now, I know I'm supposed to be all reinjected with yes-we-can-fever after the big health-care speech, and it was a great speech--when Black Elvis gets jiggy with his teleprompter, there is none better. But here's the thing: Muhammad Ali also had a way with words, but it helped enormously that he could also punch guys in the face.

It bothers me that Obama didn't say a word in defense of Jones and basically fired him when Glenn Beck told him to. Just like dropped "end-of-life counseling" from health-care reform because Sarah Palin said it meant "death panels" on her Facebook page. Crazy morons make up things for Obama to do, and he does it.

Same thing with the speech to schools this week, where the president attempted merely to tell children to work hard and wash their hands, and Cracker Nation reacted as if he was trying to hire the Black Panthers to hand out grenades in homeroom. Of course, the White House immediately capitulated. "No students will be forced to view the speech" a White House spokesperson assured a panicked nation. Isn't that like admitting that the president might be doing somethi ~ Bill Maher

The bottom line for Canada is that Kyoto will precipitate a recession that will cause a permanent reduction in employment, income and the size of our economy. And if global warming is going to happen Kyoto will do nothing whatsoever to prevent it or even slow it down. Why are we still considering it? ~ Ross McKitrick

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

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

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

It's important to prepare audience for the worst in life. People come to forget their problems, and it's my job, right before I leave, to go, "Don't forget: You're going through a divorce and there's a recession." It's always good to end on a pensive note. ~ Eugene Mirman

I don't really feel McCain. It ain't just because Barack is black; he can make change. Just like Bush equals recession, Barack equals progression. ~ Young Jeezy

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

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

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

There is a clear pattern in U.S. history: When we need labor, we welcome migrants. When we are in recession, we want them to leave. ~ Sonia Nazario

The Great Recession and its continuing aftermath have left many twenty-somethings feeling naïve, even devastated.Twenty-somethings are more educated than ever before, but a smaller percentage find work after college. Many entry-level jobs have gone overseas, making it more difficult for twenty-somethings to gain a foothold at home. With a contracting economy and a growing population, unemployment is at its highest in decades. An unpaid internship is the new starter job. About a quarter of twenty-somethings are out of work and another quarter work only part-time. Twenty-somethings who do have paying jobs earn less than their 1970s counterparts when adjusted for inflation. ~ Meg Jay

I had hoped that foreboding economic circumstances would have caused the ultra-rich to think not just of themselves and increasing their own personal affluence. Unfortunately, however, too many of them lack concern, and without this concern, the divisive imbalance will only worsen with recession. ~ Jamie Johnson

Economic crises breed war. ~ Alex Callinicos

Children are coming to school with trauma, everyday trauma, that they live under: violence in the homes, alcoholism in the community, unemployment that's 80 percent, not just during the recession. We need to help treat that before they can even go sit in a class and learn about math. ~ Denise Juneau

We spent $100 billion on education, saving the education system 300,000 teachers who were laid off because of the recession. We also put tens of thousands of lower income kids in college through Pell grants which has fundamentally all their opportunity. We did the same thing with regard to what we did on transportation. So we weren't' just trying to - we knew we had to do something big to keep us from going over the cliff into a depression and pull us out of hole. ~ Joe Biden

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

General welfare is a general condition - maybe sound currency is general welfare, maybe markets, maybe judicial system, maybe a national defense, but this is specific welfare. This justifies the whole welfare state - the military industrial complex, the welfare to foreigners, the welfare state that imprisons our people and impoverishes our people and gives us our recession. ~ Ron Paul

'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

In brief, we have no explicit family policy but instead have a haphazard patchwork of institutions and programs designed mostly under crisis conditions, whether the crisis is national in scope (such as a recession ) or personal (such as a break-up of a particular family). ~ Kenneth Keniston

Talk of the imperial decay of your invalid port. Its gracious withdrawal from perfection, keeping a hint of former majesty withal, as it hovers between oblivion and the divine Untergang of infinite recession. ~ Stephen Potter

You cannot spend your way out of recession or borrow your way out of debt. ~ Daniel Hannan

It's a recession when your neighbor loses his job; it's a depression when you lose your own. ~ Harry Truman

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

I am not for raising taxes in a recession, especially when it comes to job creators that we need so desperately to start creating jobs again. ~ Eric Cantor

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

When it comes to America's economy, the truth is that Mitt Romney believes that the key to our country's economic future lies in the failed policies of the past, the same ones that put banks before people, Wall Street before Main Street, plunging us into recession and devastating the middle class. ~ Charlie Gonzalez

There's a joke people tell in the Soviet Union: Mitterrand, Bush and Gorbachev have a meeting with God. Mitterrand says, 'My country faces many difficult problems-- lagging exports, Muslim minorities, European unification. How long will it be before France's problems are solved?' God says, 'Fifteen years.' Mitterrand begins to cry. 'I'm an old man,' says Mitterrand. 'I'll be dead by then. I'll never see France's problems solved.' Then Bush says, 'My country faces many difficult problems-- recession, crime, racial prejudice. How long will it be before America's problems are solved?' God says, 'Ten years.' Bush begins to cry. 'I'm an old man,' says Bush. 'I'll be out of office by then. I won't get any credit for solving America's problems.' Then Gorbachev says, 'My country faces many, many difficult problems. How long will it be before the Soviet Union's problems are solved?' God begins to cry. ~ P. J. O'Rourke

If we face recession, we should not lay off employees; the company should sacrifice a profit. It's management's risk and management's responsibility. Employees are not guilty; why should they suffer? ~ Akio Morita

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

A level of anxiety and tension and outright fear that so many people have felt, not only during the recession but during this slow economic recovery since. This made me very much want to up the conversation about how miracle-minded thinking applies to that area of life. ~ Marianne Williamson

In Oklahoma, the CEO of the company that makes McDonald's apple pies told me that she had trouble finding enough Americans to handle modern factory jobs-during a recession. The days of rolling out dough and packing pies in a box were over. She needed people who could read, solve problems and communicate what had happened on their shift, and there weren't enough of them coming out of Oklahoma's high schools and community colleges. ~ Amanda Ripley

Nobody's profitable at this moment, because recession is on; advertising dollars are down, and expenses are way up. So that kind of belies the situation that you would expect, because the ratings are way up everywhere. ~ Brit Hume

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

In this time of recession, it is the time for invention. Did you know both the telephone and the automobile were invented during recessions? So was 'talking dirty.' ~ Eugene Mirman

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

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

Covid-19 offers us a great opportunity for individual and collective recession. It is a time to go back to the drawing board and rewrite the next phase of our existence. The upcoming generation has to read about how we fought this pandemic with or without vaccines in order to overcome similar situations during their times. ~ Olawale Daniel

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

You've heard of mental depression; this is a mental recession. ~ Phil Gramm

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

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

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

The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one. ~ Nouriel Roubini

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

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

State governments generate less revenue in a recession. As state leaders struggle to make up for lost revenue, legislatures tend to cut funding for higher education. Colleges, in turn, answer these funding cuts with tuition hikes. ~ Arne Duncan

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

The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation. ~ Llewellyn Rockwell

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

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

So when folks talk about the deficit and leaving the deficit for our children, we will never get out of debt had this country until people get back to work, until they have good-paying jobs, and in between times, we will not move this economy forward until we are helping people be able to keep going in this recession. ~ Debbie Stabenow

"The ultimate recession": a recession caused not by failed regulation and bankers' greed, but by very high oil prices, food and water shortages, disappearing forests, accelerating climate change, forced migration and mass civil disruption ... The long and the short of it, unfortunately, is this: more politicians still believe that economic recovery depends on continuing to live beyond our means (financially and ecologically) than on learning to live within our means. And that's why the ultimate "Perfect Storm" recession still looms on the horizon ~ Jonathon Porritt

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

The trade unions in the UK are campaigning around zero-hours contracts, which isn't about feminism, but it's a feminist issue. Women are affected by zero-hours contracts, and the recession has and is affecting women more than men. ~ Rachel Holmes

In a recession, people want to be told for two hours that everything is going to be OK. They want to escape from their humdrum or painful reality into a feel-good drama, or a love story that transcends their daily life. ~ Alison Owen

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