Wednesday, May 5, 2010


Right before the market crashed in 1929 Yale University economist Irving Fisher famously stated that stocks had reached "a permanently high plateau."  We all know what happened next.

Here are a couple of other quotes that may soon become part of our nation's "famous last words" collection, courtesy of British Petroleum ...

It's "unlikely that an accidental surface or subsurface oil spill would occur from the proposed activities."

- BP's exploration plan for the Deepwater Horizon well

"due to the distance to shore (48 miles) and the response capabilities that would be implemented, no significant adverse impacts are expected" to wildlife refuges and wilderness areas.

- BP's exploration plan for the Deepwater Horizon well,
after conceding that a spill could impact beaches.

As a reminder, here some additional famous last words ...

"We place absolute confidence in the Titanic. We believe the boat is unsinkable."

- White Star Line Vice President, P.A.S. Franklin

"A new era of active credit management."

- Alan Greenspan (1995), former Chair of the Federal Reserve,
simultaneously praising the glorious new era of finance & debt,
while justifying his cheap money policies (p. 227).

"Even with full authority to intervene, it's not credible that regulators would have been able to prevent the subprime debacle."

- Alan Greenspan, former Chair of the Federal Reserve,
trying to justify his failure to act on market bubbles.

And my personal favorite ...

“I can’t believe Keith Richards outlived me.”

- John Palmer, who passed away at 62, June 15, 2009.

- Mark

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