@carnage4life the beginning of the #GreatCrash of 1929 looked like this.
"It is another feature of the #speculative mood that, as time passes, the tendency to look beyond the simple fact of increasing values to the reasons on which it depends greatly diminishes. And there is no reason why anyone should do so as long as the supply of people who buy with the expectation of selling at a profit continues to be augmented at a sufficiently rapid rate to keep prices rising.
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As the #speculation spread northward, an enterprising Bostonian, Mr. Charles #Ponzi, developed a subdivision "near Jacksonville." It was approximately sixty- five miles west of the city.
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In the autumn of 1926, two hurricanes showed, in the words of Frederick Lewis Allen, "what a Soothing Tropic Wind could do when it got a running start from the West Indies."
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The #Florida #boom was the first indication of the mood of the twenties and the conviction that God intended the American #MiddleClass to be rich.
