| author: NZ_Andy |

Alan Bollard reserve back governor of New Zealand said on 14th July 09: "Early signs of global recovery have now emerged. We have avoided a repeat of the Great Depression,"


That sounds like a famous quote in the making, and this week AMP Capital Investors head of investment strategy, Jason Wong said "It has been a pretty mild recession in New Zealand," and "On balance, we think the recession is pretty much over,".


Could the above quotes become famous (or infamous) like these statements made not long after the crash of 1929:


"Financial storm definitely passed."
- Bernard Baruch, cablegram to Winston Churchill, November 15, 1929


"I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress."
- Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929


"I am convinced that through these measures we have re-established confidence."
- Herbert Hoover, December 1929

"...there are indications that the severest phase of the recession is over..."
- Harvard Economic Society (HES) Jan 18, 1930


"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


In the New Zealand context of this global recession why do people think a problem 36 years in the making will be over in 1-2 years?

(http://www.goldmeasures.co.nz/2009_07_01_archive.html)