#recession

Whenever a state or an individual cited 'insufficient funds' as an excuse for neglecting this important thing or that, it was indicative of the extent to which reality had been distorted by the abstract lens of wealth. During periods of so-called economic depression, for example, societies suffered for want of all manner of essential goods, yet investigation almost invariably disclosed that there were plenty of goods available. Plenty of coal in the ground, corn in the fields, wool on the sheep. What was missing was not materials but an abstract unit of measurement called 'money.' It was akin to a starving woman with a sweet tooth lamenting that she couldn't bake a cake because she didn't have any ounces. She had butter, flour, eggs, milk, and sugar, she just didn't have any ounces, any pinches, any pints. The loony legacy of money was that the arithmetic by which things were measured had become more valuable than the things themselves. ↗

— Tom Robbins

#economic-depression #money #recessions #wealth #money

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

#credit #mob #money #real-estate #recession

Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his. ↗

— Ronald Reagan

#depression #recession #slogan #job

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

#country #experiencing #get #going #i

In the middle of a recession, where we're just climbing out of it, where the economy -unemployment is still at 9.7 percent, the idea of raising taxes and reducing spending is a prescription for disaster. ↗

— Joe Biden

#disaster #economy #idea #just #middle

Because the world is in economic recession, which worsened since this drama happened, and our country will bear the burden of all of these consequences. ↗

— Omar Bongo

#because #burden #consequences #country #drama

In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497. ↗

— Warren Buffett

#century #conflicts #depression #disgraced #dozen

So, for example, a country was into recession right after I was sworn in, a dot-com bust had taken place. Then the attacks of September the 11th, and then of course the great financial meltdown in the -the fundamental question facing any presidency is how do you deal with the hand you're dealt? ↗

— George W. Bush

#any #attacks #bust #country #course

In China anything less than 6% growth is a recession meaning that it also causes financial problems and it's disruptive and it's a problem. ↗

— Ray Dalio

#anything #causes #china #disruptive #financial

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

#apparently #being #between #broad #changed