Tulipomania Blowoff Contest: Why and When will it end? Message Board

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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?

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Jun 26 5:00 PM EST

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To: H James Morris who wrote (3499)	7/4/2002 9:20:33 AM
From: Bilow	Read Replies (1) of 3543

Hi HJM; J.K. Galbraith's commentary on the great depression applies here, I believe: At any given time there exists an inventory of undiscovered embezzlement in—or more precisely not in—the country’s businesses and banks. This inventory—it should perhaps be called the bezzle—amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. <b.Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks. clipperfund.com -- Carl

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