Some quotes from 1929, before the devastating crash. Sound familiar? You decide 🫵 1. Charles E. Mitchell, president of National City Bank, September 1929: “The industrial condition of the United States is absolutely sound, and nothing can arrest the upward movement.” Mitchell, a prominent banker, expressed unwavering confidence in the economy and stock market, encouraging continued investment. 2. Seymour Cromwell, president of the New York Stock Exchange, early 1929: “The future appears brilliant. Our securities markets are the safest and most promising in the world.” Cromwell’s statement reflected the institutional belief that the stock market was a secure path to wealth. 3. Thomas W. Lamont, senior partner at J.P. Morgan, October 1929: “There is nothing in the situation to cause any undue alarm.” Spoken shortly before the crash, Lamont’s words aimed to calm investors during early market volatility, reinforcing the belief that any dips were temporary. 4. Andrew W. Mellon, U.S. Treasury Secretary, 1929: “The present prosperity will continue.” Mellon, a key figure in the Coolidge and Hoover administrations, promoted the idea that the economic boom of the 1920s was permanent. 5. The Wall Street Journal, editorial, mid-1929: “The outlook for the future is so bright that it is almost dazzling.” This editorial captured the media’s role in amplifying the bullish sentiment, encouraging investors to see no limits to market growth. 6.Michael J. Meehan, Wall Street broker, 1929: “There’s no reason to sell; the market is going to the moon.” Meehan, a major player in stock manipulation schemes, encouraged retail investors to keep buying, reflecting the speculative mania. 7. Paul M. Warburg, banker and Federal Reserve Board member, 1929: “The country is in a state of unprecedented prosperity, and the stock market reflects this strength.” Warburg’s statement, made earlier in 1929, echoed the belief that the market’s surge was a natural reflection of economic health. 8. Charles M. Schwab, steel magnate, 1929: “Never has the future of American business looked brighter.” Schwab, a titan of industry, expressed boundless optimism about the economy, influencing investors to see stocks as a sure bet.