In Recent Times No Problem Has Been

All Crises Have Involved Debt That, In One Fashion Or Another, Has Become Dangerously Out Of Scale In Relation To The Underlying Means Of Payment.

In Economics, Hope And Faith Coexist With Great Scientific Pretension And Also A Deep Desire For Respectability.

Much Of The World's Work, It Has Been Said, Is Done By Men Who Do Not Feel Quite Well. Marx Is A Case In Point.

Even In Such A Time Of Madness As The Late Twenties, A Great Many Man In Wall Street Remained Quite Sane. But They Also Remained Very Quiet. The Sense Of Responsibility In The Financial Community For The Community As A Whole Is Not Small. It Is Nearly Nil. Perhaps This Is Inherent. In A Community Where The Primary Concern Is Making Money, One Of The Necessary Rules Is To Live And Let Live. To Speak Out Against Madness May Be To Ruin Those Who Have Succumbed To It. So The Wise In Wall Street Are Nearly Always Silent. The Foolish Thus Have The Field To Themselves. None Rebukes Them.

In The Early Days Of The Crash It Was Widely Believed That Jesse L. Livermore, A Bostonian With A Large And Unquestionably Exaggerated Reputation For Bear Operations, Leading A Syndicate That Was Driving The Market Down.