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Strategies & Market Trends : The Millennium Crash
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To: posthumousone who wrote (2276)2/25/1998 5:13:00 PM
From: Mike M2  Read Replies (1) of 5676
 
Gary, here is a quote from Patterson's book "The Great Boom and Panic" p.224 "It seems that no matter how irrational a widely held belief may appear in retrospect, only a mind of remarkable independence can resist its compelling force when it is flourishing. The general confidence in ever-rising stock prices, with its supporting rationalizations that justified speculation, was symptomatic of the phenomenon that Bernard Baruch and others have referred to as "the madness of crowds". Although still largely unexplained by behavioral scientists, this so-called "madness" must be taken into account in any attempt to explain major booms and panics." Mike
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