Posts Tagged ‘Speculation’

Why Not a Law to Board Up Wall Street

January 5, 2012


— John T. Flynn, in the American Magazine.

On Monday I bought share on share.
On Tuesday I was a millionaire;
On Wednesday I took a grand abode;
On Thursday in my carriage road;
On Friday went to the opera ball;
On Saturday came to the pauper’s hall.

Now, when do you suppose that was written? Save for a little quaintness in the language, it might have been turned out last March. As a matter of fact, it was written 200 years ago. From which we may see that the contagious disease, called speculation is not by any means a modern infection.

When that bit of verse was penned, the notorious Mississippi bubble had broken in France and the frenzied stock buyers were rushing madly into a little lane in Paris called Quincampoix street, where the stock sharpers carried on their trade in the open air. The municipal authorities, in order to check this crazed speculation, boarded up the street to keep the foolish victims out.

Decatur Herald (Decatur, Illinois) Oct 3, 1929