Just substitute 'Internet' (Grant's Interest Rate Observer) 'What's Left of the New Era?' asked Business Week early in 1930, 70 years ago next month. The stock market was in a shambles, but not yet
the world economy, and the magazine was raking the debris of what the
bulls of that day, too, had called a New Era. The editors spared no
sarcasm concerning the excesses of the glorious preceding upswing, but
they found more to praise than condemn. They compiled a list of
achievements of the just-ended boom that would outlast the imminent
cyclical downturn, e.g., breakthroughs in technology and industrial
management, a firmly implanted social optimism, widespread public
participation in the securities markets, greater access to personal credit,
better business statistics, better railroad transportation and the merest
hint of the possibilities of 'business cooperation and government
leadership in stabilizing prosperity.' The boom was over-the magazine
seemed to know it for a fact-but the material and intellectual advancesGet the full story in the December 17, 1999 issue of Grant's Interest
Rate Observer.
The December 17 issue of Grant's Interest Rate Observer is hot off the
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