Some years, like some poets and politicians and some lovely ladies, are singled out for fame. So economist John Kenneth Galbraith told us. The year 1929 was clearly such a year. A collapse of Wall Street, anticipating a contraction as virulent as the Great Depression, is a highly likely scenario. This article aims not at convincing but at warning.
History teaches, however, that words of warning in a climate of euphoria fall largely on deaf ears.
This is how it has been and how it shall be. The majority find a number of reasons to discard arguments based on the lessons of the past. History is, however, implacable with those who ignore its lessons. All stock market crashes are unforeseen for most people, especially economists. This is the first lesson of history.