History repeated itself from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The events that transpired in the years leading up to the crash of 1929 were not entirely unique or unprecedented in the annals of financial history. In fact, they bore a striking resemblance to the speculative manias and financial excesses that had occurred in previous decades and centuries. This phenomenon of history repeating itself is a common theme in the study of financial crises and economic downturns. The parallels between past speculative bubbles and the events leading up to the crash of 1929 are unmistakable. Like many previous bubbles, the mania of the 1920s was fueled by a combination of easy credit, rampant speculation, and a general sense of euphoria and optimism among investors. Investors were lured into the market by the promise of quick and easy profits, and many were willing to overlook warning signs and red flags in their pursuit of wealth. The crash of 1929, like many previous financial crises, was characterized by a sudden and dramatic collapse in asset prices. As the bubble burst, investors scrambled to liquidate their holdings, causing a cascade of selling ...
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