The assets back of these notes were, it need hardly be said, minuscule and evanescent. Leverage once again. - John Kenneth Galbraith

specialists. In all speculative episodes there is always an element of pride in discovering what is seemingly new and greatly rewarding in the way of financial instrument or investment opportunity. The individual or institution that does so is thought to be wonderfully ahead of the mob.

Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action; then we move from the remedy so available or desired back to a cause to which that remedy is relevant.

Increasing values again brought increasing values. As with the canals and turnpikes, it was transportation, this time the railroads, that was the focus of the speculation. Here the horizons seemed truly without limit. Who could lose on what was so obviously needed?