“At home, as well as abroad, there is paralyzing uncertainty among business men as to whether the Reserve Board will allow that expansion of bank credit without which such prosperity as we have had in recent years simply cannot last. In short, the Board has created a state of mind which breeds business depression.”

— William Trufant Foster

Foster and Catchings, in: The Atlantic Monthly, Vol. 144, (1929), p. 102; cited in: William J. Barber. From New Era to New Deal. 1988, p. 77.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "At home, as well as abroad, there is paralyzing uncertainty among business men as to whether the Reserve Board will all…" by William Trufant Foster?

William Trufant Foster 13

American economist 1879–1950

Related quotes

“The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.”

Robert Fogel (1926–2013) American economist, historian

Robert Fogel, in: " Transcript from an interview with Professor Robert W. Fogel, 2004 http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/fogel-interview-transcript.html" at nobelprize.org.

“This book offers an analytic description of the complicated processes by which seasons of business prosperity, crisis, depression, and revival come about in the modern world. The materials used consist chiefly of market reports and statistics concerning the business cycles which have run their course since 1890 in the United States, England, Germany and France.”

Wesley Clair Mitchell (1874–1948) American statistician

Preface
Business Cycles, 1913

“I am working with Unite in Salford to set up the Bank of Salford. It is going well. They have consolidated the credit unions, put money in, the city council will put their pay roll through it to stabilise the asset, the government are supporting it with advice and lowering entry requirements to become a bank that can lend to businesses as well as families. It will be bounded within Salford, there will be local residents on the board as well as institutions, but Unite cannot do it on their own. There needs to be a partnership between the Church and labour that can put some constraint on capital without relying on the state. Relational accountability and democratic governance are key to this. That is how the old bones will walk again, by renewing a commitment to the common good in action. It’s a great thing to do.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, Tackling Poverty Together http://www.bluelabour.org/2013/11/24/tackling-poverty-together/

“The true order of events shows that orthodoxy clearly has reversed the process through which investment is funded. Banks do not begin as intermediaries which accept deposits of 'savers' and then make loans to 'investors', for this would assume that the public has already developed the 'banking habit'. This habit is the end result of public experience with short term bank liabilities which have been created as banks extend short term credit to finance working capital expenses.”

L. Randall Wray (1953) American economist

Source: Money and Credit in Capitalist Economies, 1990, p. 58; as cited in: Stein (1994).

“Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.”

Ludwig von Mises book Socialism

Socialism (1922), Epilogue (1947)

“I would just like to challenge the idea that it is necessary to have a lot of women, or a particular number, on a board. Business is very, very competitive and you should take the performance of women in another competitive area, which is sport where [men] have no strength advantage. Chess, bridge, poker - women come absolutely nowhere. I think that just has to be borne in mind.”

Stuart Wheeler (1935) British businessman and politician

As quoted in The Independent, Thursday 15 August 2013 http://www.independent.co.uk/news/uk/home-news/ukip-faces-renewed-accusations-of-sexism-as-stuart-wheeler-claims-women-are-not-as-competitive-as-men-8763570.html
See Victoria Coren for a reply.

“THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.”

Benjamin Graham (1894–1976) American investor

Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153
Storage and Stability (1937)

“While the United States has been busy creating lawyers, we have been busier creating engineers.”

Akio Morita (1921–1999) Japanese businessman

'
Source: Made in Japan (1986), p. 173.

“For well over a century business cycles have run an unceasing round. They have persisted through vast economic and social changes; they have withstood countless experiments in industry, agriculture, banking, industrial relations, and public policy; they have confounded forecasters without number, belied repeated prophecies of a "new era of prosperity" and outlived repeated forebodings of "chronic depression."”

Arthur F. Burns (1904–1987) American economist and diplomat

Arthur F. Burns (1947). Stepping stones towards the future. Annual Report 27. New York: National Bureau of Economic Research. p. 27; Cited in: Gordon (1986; 1)

“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system; and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 1963.”

John F. Kennedy (1917–1963) 35th president of the United States of America

Source: 1962, Address and Question and Answer Period at the Economic Club of New York

Help us to complete the source, original and additional information

William Trufant Foster 13

Related quotes

Related topics