Dr. Professor Fred Rococo<p><span class="h-card" translate="no"><a href="https://mas.to/@carnage4life" class="u-url mention" rel="nofollow noopener" target="_blank">@<span>carnage4life</span></a></span> the beginning of the <a href="https://sfba.social/tags/GreatCrash" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>GreatCrash</span></a> of 1929 looked like this.</p><p>"It is another feature of the <a href="https://sfba.social/tags/speculative" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>speculative</span></a> mood that, as time passes, the tendency to look beyond the simple fact of increasing values to the reasons on which it depends greatly diminishes. And there is no reason why anyone should do so as long as the supply of people who buy with the expectation of selling at a profit continues to be augmented at a sufficiently rapid rate to keep prices rising.</p><p>...</p><p>As the <a href="https://sfba.social/tags/speculation" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>speculation</span></a> spread northward, an enterprising Bostonian, Mr. Charles <a href="https://sfba.social/tags/Ponzi" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Ponzi</span></a>, developed a subdivision "near Jacksonville." It was approximately sixty- five miles west of the city.</p><p>...</p><p>In the autumn of 1926, two hurricanes showed, in the words of Frederick Lewis Allen, "what a Soothing Tropic Wind could do when it got a running start from the West Indies."</p><p>...</p><p>The <a href="https://sfba.social/tags/Florida" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Florida</span></a> <a href="https://sfba.social/tags/boom" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>boom</span></a> was the first indication of the mood of the twenties and the conviction that God intended the American <a href="https://sfba.social/tags/MiddleClass" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>MiddleClass</span></a> to be rich.</p><p>- <a href="https://sfba.social/tags/JohnKennethGalbraith" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>JohnKennethGalbraith</span></a></p>