Tuesday, September 23, 2008

Cloudy Crystal Ball - 1929 Edition

From the Las Vegas Daily Optic, October 24, 1929 (subscription only):
The disaster today on Wall Street will have a most salutary effect. It will wipe out the petty gambler, who hoped to become suddenly rich by marginal trading. It should place Wall Street investments on a basis which will check the flood of money from the country banks to New York and restore the stable market for public bonds and other securities necessary for industrial development in the interior of the country.

Many a home is crushed by the collapse of the market today and the happiness of thousands will vanish with the realization of financial misfortune, but the general good is well served.

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