09/04/07 12:01:02
I'm reading this book called, "The Great Crash, 1929", it is just infinitely
interesting. It's been in print continuously since it was published in 1955.
People back then were just insane. They were betting into the
securities market when a large majority of them didn't even understand how it
worked... just it makes them money somehow. Not even the Chairman of the
Democratic National Committee knew how it worked and he was publishing articles
telling people how to become rich.
The Fed seemed to know what was going on, that everyone else was being fucking
stupid, but they were just keeping their mouths shut because they didn't want
to take the blame for preemptively causing an inevitable crash.