Then and Now

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Compare these recent Headlines with the ones below:

UPPER-MIDDLE CLASS FUELING BOOM IN TURN-OF-THE CENTURY STYLE MANSIONS

Realtor says "They think they are railroad tycoons"

ECONOMIST PROJECTS GROWTH IN 2000

Yardeni reverses outlook, says he was wrong about effect of Y2K

ANALYSTS PREDICT DOW AT 20,000 - 30,000

No end to stock buying frenzy in sight

LONG TERM EFFECT OF Y2K ON BUSINESS STILL UNCERTAIN

Most problems will not become apparent until the first few weeks of 2000

IMF BAILOUT TO PREVENT INSOLVENCY

List of nations in risk of bankruptcy grows

MARKET "UNDERVALUED" ANALYST CLAIMS

New paradigms in investing and valuation lie ahead

US NOW LARGEST DEBTOR NATION

National Debt at 5 trillion and growing

===============

Wednesday, July 3, 1929, Page 31, Col. 5

SEES STOCK RISE JUSTIFIED

Moody's Says Returns Are In Line With Industrial Activity

Friday, September 6, 1929, Page 1, Col. 7

STOCK PRICES BREAK ON DARK PROPHECY

Drop In Hectic Last Hour As Babson's Prediction Of A Big Slump Is Printed

Page 12, Col. 2

BABSON PREDICTS 'CRASH' IN STOCKS

Says Wise Investors Will Pay Up Loans And Avoid Marging [sic] Trading

FISHER VIEW IS OPPOSITE

Declares No Big Recession In Market Is Due, Because Inventions Are Adding To Health

Wednesday, October 2, 1929, Page 5, Col. 1

HAZLEWOOD WARNS BANKERS ON CREDITS

He Tells Convention Tendency is to "Pass the Buck" On Market Loans to Reserve Board CALLS THEM RESPONSIBLE Not Reserve System's Duty to Assume Burden, Says President at San Francisco Meeting CONFIDENCE IS UNSHAKEN But He Declares That Some Institutions Are Overloaded At The Present Time

(Quote from this article)

Sunday, October 13, 1929, II, Page 7, Col. 2

STOCK PRICES WILL STAY AT HIGH LEVEL FOR YEARS TO COME, SAYS OHIO ECONOMIST

Wednesday, October 16, 1929, Page 8, Col. 4

FISHER SEES STOCKS PERMANENTLY HIGH

Yale Economist Tells Purchasing Agents Increased Earnings Justify Rise SAYS TRUSTS AID SALES

Page 41, Col. 1

AYRES SEES MARKET AS 'CREEPING BEAR'

Fall of Prices Began Months Ago, He Says, but Was Hidden by Rising Averages DECLINE IN AUTUMN USUAL Recession This Season About 14 Per Cent, Against Normal Drop of 9, He Reports

Page 41, Col. 4

MITCHELL ASSERTS STOCKS ARE SOUND

Banker, Sailing From Europe, Says He Sees No Signs of Wall Street Slump

Tuesday, October 22, 1929, Page 24, Col. 1

FISHER SAYS PRICES OF STOCKS ARE LOW

Qoutations Have Not Caught Up With Real Values As Yet, He Declares SEES NO CAUSE FOR SLUMP Economist Tells Credit Men that Market Has Not Been Inflated, But Merely Readjusted

(Quotes from this article)

Wednesday, October 23, 1929, Page 1, Col. 4

STOCKS GAIN SHARPLY BUT SLIP NEAR CLOSE

Vigorous Recovery Marks Most of Day and Many Issues Show Net Advances MARKET GLOOM LESSENED Banking Support, Ease of Money and Mitchell's Optimistic Statement Help Rally



-- Historian (@ .), January 07, 2000

Answers

October 30, 1929

Stocks Collapse in 16,410,030-Share Day, but Rally at Close Cheers Brokers; Bankers Optimistic, to Continue Aid

By THE NEW YORK TIMES

Stock prices virtually collapsed yesterday, swept downward with gigantic losses in the most disastrous trading day in the stock market's history. Billions of dollars in open market values were wiped out as prices crumbled under the pressure of liquidation of securities which had to be sold at any price.

There was an impressive rally just at the close, which brought many leading stocks back from 4 to 14 points from their lowest points of the day.

[rest of story snipped - too depressing for Polly eyes!]

-- John Whitley (jwhitley@inforamp.net), January 07, 2000.


Mr & Mrs Polly, meet the first Plunge Protection Team and the 1929 Polly population! Hidden herein is a lesson...]

October 30, 1929

Leaders See Fear Waning

By THE NEW YORK TIMES

Resources of the banking group which was organized last Thursday to stabilize conditions in the stock market were utilized yesterday to break the force of the terrific flood of selling which accompanied the biggest day, from the point of view of volume, ever experienced on the New York Stock Exchange.

Despite the drastic decline, sentiment in Wall Street last night was more cheerful than it has been on any day since the torrent of selling got under way. Periodic "lifting spells" which developed between intervals of extreme weakness were cited by bankers at the close of the market, as testifying to the presence of investment buying. The public is in some measure regaining its senses and the unreasoning fear which has prompted the sacrifice of securities for any price they would bring is at length subsiding.

[rest of depressing account snipped to prevent desperate Pollies from harming themselves]

-- John Whitley (jwhitley@inforamp.net), January 07, 2000.


Italics off.

-- GoodPolly (ImAlmost@ConversionToDoomer.com), January 07, 2000.

John:

Yes, some children think reality will change if they wish real real hard. But what a strange thing to wish for!

-- Flint (flintc@mindspring.com), January 07, 2000.


I agree with you, Flint. The propensity that people display for believing in bubbles and in worldwide instantaneous miracles of remediation is nothing short of astonishing. You are so right - wishing it were so won't make it so! Well put :)!

-- John Whitley (jwhitley@inforamp.net), January 07, 2000.


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