Irving Fisher
Irving Fisher
Irving Fisherwas an American economist, statistician, inventor, and Progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the Post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman...
NationalityAmerican
ProfessionEconomist
Date of Birth27 February 1867
CountryUnited States of America
Irving Fisher quotes about
Stock prices have reached what looks like a permanently high plateau.
Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess
Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.
If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.
There may be a recession in stock prices, but not anything in the nature of a crash.
The end of the decline of the Stock Market will probably not be long, only a few more days at most.
The rate of interest acts as a link between income-value and capital-value.
For the immediate future, at least, the outlook (stocks) is bright.
The nation is marching along a permanently high plateau of prosperity
FISHER SEES STOCKS PERMANENTLY HIGH