Resisting a Depression is a Dangerous Delusion

"The one sure way to prolong a depression is to resist it by trying to stand part, rather than to carry through the ultimately inevitable adjustment in as cool and orderly a way as possible — this is surely a dangerous delusion" — Walter Lippmann

"It is a delusion to think that a depression caused by credit can be resisted. All the panaceas, nostrums, and quacks invented by all the politicians in the world, can bu hold off the eventual day of reckoning, prologing the agony. It is far less painful to accept a stunning blow right on the chin than to suffer intolerably through a process of slow torture." — Robert L. Smitley

And you thought these quotes are from the news?

Well, think again.

Walter Lippman's quote is from September 8, 1931, Robert L. Smitley's from 1932.

They come from the first few pages of Popular Financial Delusions, by Robert L. Smitley, first published in 1933.