Ebullience at the top:
“There is not a single note of pessimism to be found in all the statements made by the leading merchants. Their reports show that business conditions are in a strong position.”
Wall Street Journal, Sept 26 1907

The turn to fear:
“There was never at time in the country's history when our industrial affairs were in such a tangle, and were going down hill as rapidly as they are today.
Wall Street Journal, March 9 1908

Blame the government: “There can be no return to prosperity until Roosevelt is retired to private life.”
Wall Street Journal, April 11 1908

“The panic was the result of the Republican incapacity to act.”
Boston Evening Transcript, Dec 2 1907

Blame anything except the speculation in government granted licenses and privileges:
“Wall street, the most colossal, crooked, merciless and dangerous institution in all history.”
Wall Street Journal, March 23 1908

“Luxury is unquestionably one of the great causes of the present panic and depression, as it is invariably one of the great causes of all panics and depressions.”
Wall Street Journal, Feb 25 1908

“Panics are the result of overextensions and abuse of the credit system.”
Wall Street Journal, Feb 28 1908

The depression in insurance; the depression in Wall Street, the impaired public confidence in securities; are the work primarily of the men who have mismanaged corporations.”
Wall Street Journal, Oct 7 1907

“Extravagant living by those who have made money easily during prosperous times; and the efforts of others to live on an equal scale, were cited as leading causes for the present financial difficulties by Wm. H Colvin of the Chicago stock exchange.”
New York Globe and Commercial Advertiser, Nov 16 1907

“I think if we should analyse the cause of most financial panics we should find that they were caused by the failure of American women to spend their money wisely and well.”
New York Globe and Commercial Advertiser, Jan 29 1908, quoting Ida Tarbell