David McWilliams: Pandession Is

David McWilliams Money Quote saying Irish economist that the global pandemic is having new effects on the world economy which requires a new term he has coined – Pandession. David McWilliams said:
 

 

“We are not living through a recession. Nor are we witnessing a depression. We are suffering from something new, something I’d like to term a “Pandession”. We have chosen to minimise needless death at the price of huge economic damage. This economic, social and political destruction is the Pandession” — David McWilliams

In this quote, David McWilliams is discussing the current economic situation caused by the COVID-19 pandemic. He argues that describing it as merely a recession or depression does not fully capture what is happening.

Instead, McWilliams coins the term “Pandession” to define it – a combination of pandemic and recession/depression. He explains that many societies have chosen to prioritize minimizing unnecessary loss of life from the virus, even at the enormous cost of severe economic damage, job losses, business failures, etc.

McWilliams’s point is that the scale of this economic, social and political disruption caused by both the health and economic impacts of the pandemic together is deserving of its own label, which he terms a “Pandession.” The quote acknowledges the immense challenges faced as a result of attempting to balance public health needs against economic stability during a global crisis like the COVID pandemic.

Harry Truman: A Recession or Depression?

Harry Truman Money Quote saying it’s tough to tell when tough economic times turn to terrible depression – but one way to tell is if you are still employed. Harry Truman said:
 

 

It’s a recession when your neighbor loses his job; it’s a depression when you lose your own — Harry Truman

In this quote, former U.S. President Harry Truman seems to be distinguishing between a recession and a depression based on personal experience and impact. By saying a recession is when one’s “neighbor loses his job” while a depression is when “you lose your own,”

Truman is suggesting that recessions affect communities from an outside perspective, while depressions touch individuals directly through their own job loss or financial hardship. The quote implies recessions are more broadly felt economic downturns, whereas depressions represent severe recessions that hit home on a personal level.

Overall, Truman appears to be employing a folksy saying to highlight how the severity of economic conditions can be understood differently depending on whether one is directly impacted through one’s own circumstances or observing impacts on others.

Birthday: May 8, 1884 – Death: December 26, 1972

Bernie Sanders: Criminality on Wall Street

Bernie Sanders Money Quote saying wall street banks crimes were the cause of financial crisis. Bernie Sanders said:
 

 

“Financial excesses, indeed widespread financial criminality on Wall Street, played a direct role in causing the world’s worst financial crisis since the Great Depression” — Bernie Sanders

In this quote, Bernie Sanders is directly blaming “financial excesses” and “widespread financial criminality on Wall Street” for causing the global financial crisis that began in 2008. By financial excesses, Sanders is referring to risky and reckless behavior by large banks and financial institutions that took on dangerous levels of debt and leverage.

By “financial criminality”, he seems to be suggesting that some behavior during this period crossed legal and ethical lines into outright criminal territory, though he does not provide specifics. Sanders argues this behavior within the financial sector led directly to the meltdown of the housing market and subsequent economic downturn, the worst since the Great Depression.

His view is that Wall Street’s excesses and potential illegalities played a primary role in triggering the crisis.

Walter Annenberg on Insulation of Money

Walter Annenberg Money Quotation saying he saw no ill effect from the Great Depression because he was wealthy. Walter Annenberg said:
 

 

“I didn’t feel the Depression at all. I always had a pocketful of money” — Walter Annenberg

In this quote, American publisher and philanthropist Walter Annenberg seems to be acknowledging that his personal experience differed greatly from many who suffered during the Great Depression era.

By stating that he “didn’t feel the Depression at all” and “always had a pocketful of money”, Annenberg implies that his wealth insulated him from the widespread economic hardship of that time period.

The quote conveys Annenberg’s perspective that having ample financial resources allowed him to avoid the struggles of the Depression years that impacted millions of others who were unemployed, impoverished and struggling to afford basic necessities.

His comment suggests that significant personal wealth can buffer individuals from experiencing broader societal downturns or recessions in a direct, meaningful way.

Birthday: March 13, 1908 – Death: October 1, 2002