Recession Wisdom Quotation

Reader Digest edisi Februari 2009 ngasih kumpulan quotation lucu, dan tetep aktual, terkait resesi ekonomi di sini. Beberapa di antaranya, yang menurut saya relevan, saya tampilkan di sini.

October 1923
The truth is that Wall Street gamblers are one of the causes of our frequent business depressions.
–Floyd W. Parsons, The Saturday Evening Post

November 1990
“A recession,” claimed a stockbroker, “is when your neighbor loses his job. A depression is when you lose your job. And panic is when your wife loses her job.”
–Winston K. Pendleton, Sunshine Magazine

January 1933
Sign in a Brooklyn grocery store …
Notice: Due to the depression, credit will hereafter be extended only to persons over the age of 80 years if accompanied by their grandparents.
–New York Sun

May 1975
Unemployment, recession, fuel costs, inflation-the only solution is for every American to buy a 1975 car and not drive it.
–Chicago Tribune

February 1963
Prosperity is when people buy things they can’t afford; recession is when they stop doing it.
–H. E. Martz, The Wall Street Journal

October 2008
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors … But fears regarding the long-term prosperity of the nation’s many sound companies make no sense.
–Warren Buffett, The New York Times

October 1982
Money … can symbolize work, power, love won, or love denied. It can take the form of expensive homes, expensive clothes, expensive presents. Luxuries become necessities. Debt compensates for all shortcomings. “For people to admit they can’t afford things they want means placing themselves in a position of weakness,” says Dr. Edward J.Khantzian, associate professor of psychiatry at Harvard Medical School. “They have to say no to themselves, and nobody likes that.”
–Time

December 2008
We who have had the misfortune of learning firsthand from this experience-and in a bust this big, that group includes just about everyone-can take pains to make sure that we, personally, never make similar mistakes again. Specifically, we can save more, spend less, diversify our investments, and avoid buying things we can’t afford.
–Henry Blodget, The Atlantic

December 2008
People, especially Americans, started believing that they can live on other people’s money. And more and more so. First other people’s money in your own country. And then the savings rate comes down, and you start living on other people’s money outside. At first it was the Japanese. Now the Chinese and the Middle Easterners.
We—the Chinese, the Middle Easterners, the Japanese—we can see this too. Okay, we’d love to support you guys—if it’s sustainable. But if it’s not, why should we be doing this? After we are gone, you cannot just go to the moon to get more money.
–Gao Xiqing, president of China Investment Corporation, The Atlantic

November 2008
It’s human to view your own difficulties as “the worst of times.” But this painful but necessary correction will result in a healthier, deleveraged society with a renewed focus on productivity, innovation, and better governance. The end is not here. A new beginning awaits.
–Jack and Suzy Welch, BusinessWeek

April 1930
There is something about the possession of wealth which is not good for the soul, perhaps. It places artificial value upon secondary things. A man losing a million metal tokens will put a revolver to his temple and pull the trigger. But he has lost nothing but money. He has deprived himself of life because misfortune has deprived him of luxuries.
–Clarence Budington Kelland, The American Magazine

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