The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: LLCF who wrote (27966)	3/7/2005 5:00:59 AM
From: Elroy Jetson	Read Replies (1) of 110194

Most people didn't believe the false prosperity of the 1920s would end. People kept hearing the same cautions from economists for years - all the while growing more convinced of the stability of their "new era", where stocks and real estate had reached a permanently high plateau, a la Irving Fisher. Or as the founder of General Motors commented in May 1929, "Everything will be fine as long as we continue to believe. Confidence, not half-way confidence, but 100% confidence is the real basis for our prosperity." He later earned his living managing a bowling alley, having lost everything. .

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