"If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to "trickle down" economics)." - John Kenneth Galbraith

The more obvious features of the speculative episode are manifestly clear to anyone open to understanding. Some artifact or some development, seemingly new and desirable — tulips in Holland, gold in Louisiana, real estate in Florida, the superb economic designs of Ronald Reagan — captures the financial mind or perhaps, more accurately, what so passes. The price of the object of speculation goes up. Securities,

There can be few fields of human endeavor in which history counts for so little as in the world of finance.

The recurrent and sadly erroneous belief that effortless enrichment is an entitlement associated with what is thought to be exceptional financial perspicacity and wisdom is not something that yields to legislative remedy.