Herbert Hoover or Barack Obama: “the major forces of the depression now lie outside of the United States”

Who said the following, Herbert Hoover or Barack Obama?

The origins of this depression lie to some extent within our own borders through a speculative period which diverted capital and energy into speculation rather than constructive enterprise. Had overspeculation in securities been the only force operating, we should have seen recovery many months ago, as these particular dislocations have generally readjusted themselves.


In the larger view the major forces of the depression now lie outside of the United States, and our recuperation has been retarded by the unwarranted degree of fear and apprehension created by these outside forces.

Don’t know? Then, who said this, Herbert Hoover or Barack Obama?

Some of the challenges that we’ve had over the last several months actually have to do with the fact that in Europe we haven’t seen them deal with their banking system and their financial system as effectively as they needed to.

I think these two quotes sound pretty similar. They both blame Europe for the world’s economic problems. The inference is that all would be well if it weren’t for those Europeans.

One quote is from 1930, the other is from just yesterday.

P.S. – there’s a reason we use the term recession and don’t use the term depression anymore.


Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.