“…there are indications that the severest phase of the recession is over…” —Harvard Economic Society (HES) Jan 18, 1930
“There is nothing in the situation to be disturbed about.” —Secretary of the Treasury Andrew Mellon, Feb 1930
“The spring of 1930 marks the end of a period of grave concern… American business is steadily coming back to a normal level of prosperity.” —Julius Barnes, head of Hoover’s National Business Survey Conference
“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.” —Herbert Hoover, President of the United States, May 1, 1930
“…by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent…” —HES May 17, 1930
“Gentleman, you have come sixty days too late. The depression is over.” —Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930
“… irregular and conflicting movements of business should soon give way to a sustained recovery…” —HES June 28, 1930
“We are now near the end of the declining phase of the depression.” —HES Nov 15, 1930
