Quotable Quotes: The Bad, The Worse, And The Ugly In 2008
by Miki Saxon
If I had spent the entire year scouring for business quotes to fit this title I probably wouldn’t find as perfect a selection as the ten offered up by Business Week in the Worst Predictions About 2008.
Here are my favorites, which do you like?
The Bad
“I’m not an economist, but I do believe that we’re growing.” —President George W. Bush, July 15, 2008 Nope. GDP shrank at a 0.5% annual rate in the July-September quarter. On Dec. 1, the National Bureau of Economic Research declared that a recession had begun in December 2007. (I thought that’s why presidents have advisers, so they didn’t have to be an expert in everything.)
The Worse
“A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!” —Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008 (This is not the guy you want editing your investment advice.)
“I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia.” —Jim Cramer, CNBC commentator, Sept. 15, 2008 Two weeks later, Wachovia shares lost half their value from Sept. 15 to Dec. 29. nearly failed as depositors fled. CEO Steel eventually agreed to a takeover by Wells Fargo. (Can you imagine who he distrusts?)
The Ugly
“I expect there will be some failures…. I don’t anticipate any serious problems of that sort among the large internationally active banks.” —Ben Bernanke, Federal Reserve Chairman, Feb. 28, 2008 In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup needed an even bigger rescue in November. (Come on. If you’re gonna head the Fed you need to prognosticate at least as well as you obfuscate!)
“In today’s regulatory environment, it’s virtually impossible to violate rules.” —Bernard Madoff, money manager, Oct. 20, 2007 On Dec. 11, Madoff was arrested for allegedly running a Ponzi scheme that may have cost investors $50 billion. (Unless your name is Bernie and you’ve been doing it for a decade.)
OK, your turn now. Click the link and choose your favorites or supply your own in comments.
Your comments—priceless
Don’t miss a post, subscribe via RSS or EMAIL
Image credit: sxc.hu
January 11th, 2009 at 2:04 pm
I think Treasury Sec’y Paulson should have his own book B,W & U quotes:
August 10, 2008 – “We have no plans to insert money into either of those two institutions.” Talking about FNMA and Freddie Mac. $200 billion later money is still being thrown down those twin rat holes
May 2008 – “The worst is likely to be behind us.”
A keen read on the economy, the bailout and Paulson’s own career…
October 2008 – “It is naive for any of us to think that when you’re dealing with a situation of this magnitude that a bill could be passed or a single action taken to make all the issues go away.” About one month after insisting there was an emergency and an immediate $700 billion would take care of everything…
Perhaps we’d be better served acknowledging the quote of British writer Sir Ernest Benn:
“Politics is the art of looking for trouble, finding it everywhere, diagnosing it wrongly, and applying unsuitable remedies.”
January 11th, 2009 at 6:12 pm
Nice. I enjoyed this list. Another great compilation by Business Week – thanks for bringing it to us. My favorite was the one you mentioned by Bernard Madoff. What a mess.
January 11th, 2009 at 6:39 pm
Hi Mark, quoting Paulson is almost as difficult as quoting Bush—too much material to choose from.
But I LOVE the quote from Benn!!!! It’s right on the money.
January 11th, 2009 at 6:42 pm
Hi Aleksandar, I’m glad you enjoyed them. Heheh, ‘mess’ is a good description—it has four letters yet it can be printed in a family-friendly venue:)