“There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U. S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

— Ben Bernanke

"A Crash Course for Central Bankers," http://www.foreignpolicy.com/story/cms.php?story_id=3272 Foreign Policy (September/October 2000)

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American economist 1953

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“The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.”

Mark Skousen (1947) American economist, investment analyst, newsletter editor, college professor and author

Mark Skousen; in: The Freeman: Ideas on Liberty, Vol. 60, Nr. 3-10 (2010). p. 7

“The stock market is not the economy, and the economy is not the stock market.”

Kai Ryssdal (1963) Radio host, United States Navy officer

repeatedly on his radio program " Marketplace APM https://www.marketplace.org/2019/09/30/the-stock-market-is-not-the-economy/" (September 2019)

“But the capitalist idea of profitability actually becomes an economic nonsense in the branches of our economy that today rule everything, in the banking and stock-exchange system. The fact of the ruling position of the banks proves most strikingly the economic senselessness of the capitalist idea. With the ‘productions’ of the banks and stock-exchanges never yet has a child been fed, never yet has a freezing person been clothed, in general never has even the smallest requirement that is necessary for life been supplied.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), p. 28

“Be glad that you're greedy; the national economy would collapse if you weren't.”

Mignon McLaughlin (1913–1983) American journalist

The Complete Neurotic's Notebook (1981), Unclassified

“The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.”

Michael Hudson (economist) (1939) American economist

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998)
Michael-Hudson.com, 1998-

“I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

“It can be argued that the U. S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“Here’s why I would recommend against [selling the U. S. stock markets short]…. Retail brokers normally require investors to hold any short-sale proceeds in U. S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value…. I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“I know that some people in the U. S. associate the Nordic model with some sort of socialism… Therefore, I would like to make one thing clear. Denmark is far from a socialist planned economy. Denmark is a market economy… The Nordic model is an expanded welfare state which provides a high level of security to its citizens, but it is also a successful market economy with much freedom to pursue your dreams and live your life as you wish.”

Lars Løkke Rasmussen (1964) Danish politician

"Nordic Solutions and Challenges: A Danish Perspective" http://www.vox.com/2015/10/31/9650030/denmark-prime-minister-bernie-sanders (October 2015), speech to Harvard's Kennedy School of Government.
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“If you want to understand financial markets, and their effects on the economy, you have to understand the trading game. Many short-term price movements are neither random nor caused by economic fundamentals. They're caused by investors buying and selling.”

Aaron C. Brown (1956) American financial analyst

Source: The Poker Face of Wall Street (2006), Chapter 1, The Art of Uncalculated Risk, p. 12

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