A lesson learned from 1929, by Andrew Sorkin
A stock market that seems too good to be true, eventually proves to be so. I have long known that the American stock market and its fortunes often has only the loosest connection to the lives of ordinary people, but I don't think I have ever felt as disconnected from it as I have over the past few years. According to the stock market, the American economy is invincible and the future has never been brighter--its overall value has gone up somewhere in the area of 400% over the past 15 years or so. That assessment might come as news to a vast majority of Americans, most of whom are decidedly pessimistic about the future of the economy; NO ONE I talk to amongst my friend base feels like they're doing spectacularly well and they have no concerns about anything, and most of the people in my circle would definitely not count as "poor" in the technical sense of the word. That made reading Andrew Sorkin's new study of 1929 and the start of the Great Depression to b...