"All of our customers with money must some day put it to work-into some revenue producing investment. Why not invest it now, when securities are cheap? Some people say they want to wait for a clearer view of the future. But when the future is again clear the present bargains will have vanished. In fact, does anyone think that today's prices will prevail once full confidence has been restored? Let us face it-these bargains exist only because of terror and distress. And when the future is assured, the dollar will have long since lost its present buying power. It takes courage, of course, to be optimistic about our country's future when nearly everyone is pessimistic. But it is cowardly to assume that the future of the United States is in peril."

Dean Witter
May 6, 1932<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />