The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and … - John Kenneth Galbraith

The Reichman brothers, with Robert Campeau the Canadian gift to financial excess, are indubitably broke with depressive effect on the banks that were captured by their euphoric mood.

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?

Let the following be one of the unfailing rules by which the individual investor and, needless to say, the pension and other institutional-fund manager are guided: there is the possibility, even the likelihood, of self-approving and extravagantly error-prone behavior on the part of those closely associated with money. Let that also be the continuing lesson of this essay.