jessescrossroadscafe.blogspot.com / 20 APRIL 2017
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States-that is prosperity.”
President Herbert Hoover, May 1, 1930
“The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover was an engineer. He knew that water trickled down. Put it uphill and let it go and it will reach the driest little spot.
But he didn’t know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night anyhow. But it will at least have passed through some poor fellow’s hands.
They saved the big banks, but the little ones went up the flue.”
Will Rogers, 5 December 1932
“The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.”
John Kenneth Galbraith, The Great Crash of 1929
It was a risk on day, as the algos shook off any concerns and went into ‘up mode.’
Big cap tech pushed to a new closing high.