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Money Quotes

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Money Quotes

“Americans want action for their money. They are fascinated by its self- reproducing qualities if it's put to work. Gold- hoarding goes against the American grain; it fits in better with European pessimism than with America's traditional optimism.”

“It is our choices... that show what we truly are, far more than our abilities.”

“I've known people who had fantastic ideas, but who couldn't get the idea off the ground because they approached everything weakly. They thought that their ideas would somehow take off by themselves, or that just coming up with an idea was enough. Let me tell you something - it's not enough. It will never be enough. You have to put the idea into action. If you don't have the motivation and the enthusiasm, your great idea will simply sit on top of your desk or inside your head and go nowhere.”

“Nothing did more to spur the boom in stocks than the decision made by the New York Federal Reserve bank, in the spring of 1927, to cut the rediscount rate. Benjamin Strong, Governor of the bank, was chief advocate of this unwise measure, which was taken largely at the behest of Montagu Norman of the Bank of England....At the time of the Banks action I warned of its consequences....I felt that sooner or later the market had to break.”