December 31, 1929, press statement of Treasury Secretary Andrew W. Mellon trying to assuage fears that the shock of the crash and the subsequent downturn in the economy would last.
December 31, 1929, press statement of Treasury Secretary Andrew W. Mellon trying to assuage fears that the shock of the crash and the subsequent downturn in the economy would last.
"I see nothing, however, in the present situation that is either menacing or warrants pessimism. During the winter months there may be some slackness or unemployment, but hardly more than is usual at this season each year. I have every confidence that there will be a revival of activity in the spring and that during the coming year the country will make steady progress."