We All Agree That Pessimism Is A

The Stock Market Is But A Mirror Which Provides An Image Of The Underlying Or Fundamental Economic Situation. Cause And Effect Run From The Economy To The Stock Market, Never The Reverse. In 1929 The Economy Was Headed For Trouble. Eventually That Trouble Was Violently Reflected In Wall Street.

It Is The Good Fortune Of The Affluent Country That The Opportunity Cost Of Economic Discussion Is Low And Hence It Can Afford All Kinds.

In The United States, Though Power Corrupts, The Expectation Of Power Paralyzes.

Capitalism Is Chronically Unstable.boom And Bust Has Always Marked Capitalism In The United States. There Were Panics In 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 And 1987.in Economies And Politics, As In War, An Astonishing Number Of People Die, Like The Man On The Railway Crossing, Defending Their Right Of Way. This Is A Poorly Developed Instinct In Switzerland. No Country So Firmly Avows The Principles Of Private Enterprise But In Few Have The Practical Concessions To Socialism Been More Numerous And Varied.

All, The Intelligent And Stupid, Diligent And Idle, Have Been Swept Along On A Current Of Increased Output That, In The Usual Case, Owed Nothing Whatever To Their Efforts.