THE AUTHORITIES KNOW BEST: Quotes from the Great Depression

September 1929:

"There is no cause to worry. The high tide of prosperity will continue."

— Andrew W. Mellon, Secretary of the Treasury

October 14, 1929:
"Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board."

— New York Times

December 5, 1929:
"The Government's business is in sound condition."

— Andrew W. Mellon, Secretary of the Treasury

December 28, 1929:
"Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as an indication that American industry had reached a point where a break in New York stock prices does not necessarily mean a national depression."

— Associated Press

January 13, 1930:
"Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today."

- News item

January 21, 1930:
"Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction."

- News dispatch from Washington

March 8, 1930:
"President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days."

- Washington Dispatch

May 1, 1930:
"While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States - that is, prosperity."

- President Hoover

June 29, 1930:
"The worst is over without a doubt." - James J. Davis, Secretary of Labor. August 29, 1930 "American labor may now look to the future with confidence."

- James J. Davis, Secretary of Labor

September 12, 1930:
"We have hit bottom and are on the upswing."

- James J. Davis, Secretary of Labor

October 16, 1930: "Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment."

- Charles M. Schwab

October 20, 1930: "President Hoover today designated Robert W. Lamont, Secretary of Commerce, as chairman of the President's special committee on unemployment."

- Washington dispatch

October 21, 1930: "President Hoover has summoned Colonel Arthur Woods to help place 2,500,000 persons back to work this winter."

- Washington Dispatch

November 1930:
"I see no reason why 1931 should not be an extremely good year."

- Alfred P. Sloan, Jr., General Motors Co.

June 9, 1931:
"The depression has ended."

- Dr. Julius Klein, Assistant Secretary of Commerce