posted by mark
on Tue, 12/24/2019 - 14:08
"When the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliant discovery in the financial and larger economic world. There can be few fields of economic endeavor in which history counts so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present."
-John Kenneth Galbraith, A Short History of Financial Euphoria
