What recovery?

"While the crash only took place six months ago, I am convinced we have now passed through the worst - and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us." - Herbert Hoover, President of the United States, May 1, 1930
"...by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent..." - Harvard Economic Society [HES] May 17, 1930

"Gentleman, you have come sixty days too late. The depression is over." - Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

"...irregular and conflicting movements of business should soon give way to a sustained recovery..." - HES June 28, 1930

"...the present depression has about spent its force..." - HES, Aug 30,1930

"We are now near the end of the declining phase of the depression." - HES Nov 15, 1930

"Stabilization at [present] levels is clearly possible." - HES Oct 31, 1931

"All safe deposit boxes in banks or financial institutions have been sealed...and may only be opened in the presence of an agent of the IRS." - President F.D. Roosevelt, 1933
As Mark Twain said... "history never repeats itself, but it rhymes."