UPDATE: In 1929, Yale professor Irving Fisher said: "Stocks have reached what looks like a permanently high plateau."
The modern day equivalent has to be this ridiculous book: Dow 30,000 by 2008!: Why It's Different This Time
UPDATE II: Major stock market indexes fall to 1997 levels
NEW YORK – Wall Street has turned the clock back to 1997. Investors unable to extinguish their worries about a recession that has no end in sight dumped stocks again Monday. The Dow Jones industrial average tumbled 251 points to its lowest close since Oct. 28, 1997, while the Standard & Poor's 500 index logged its lowest finish since April 11, 1997.
All the major indexes slid more than 3 percent. The Dow is just over 100 points from 7,000. "People left and right are throwing in the towel," said Keith Springer, president of Capital Financial Advisory Services.
Investors pounded most financial stocks even as government agencies led by the Treasury Department said they would launch a revamped bank rescue program this week. The plan includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.
What a great book. That might become a collectors item.
ReplyDeleteYeah, seriously. What a classic!
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