Unemployed men, living in huts constructed from random materials. These huts were located in a downtown alley in Manhattan.

Stock Market Crash of | Federal Reserve History

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For why should this sudden hysteria, this utter lack of confidence, spread like wild-fire into every important financial center at a time when the country as a whole is enjoying at least a normal prosperity?

The explanation lies, of course, in the speculative mania that has so long dominated the thinking of the financial community and in that time has jockeyed the prices of certain securities up to extravagant levels.

This speculative spirit has long assumed that nothing could ever interrupt the greatest bull market on record…. It is a costly process, however, for the thousands, wise or unwise, who have had their accounts wiped out. Get The Almanac every day or every week by signing up to the e-mail newsletter.

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