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Money. "In all of the panics there were recognizable constants. First
came an expansion in business activity. This usually centered on some dominant form of
investment . . . Then, as time passed, expansion gave way to speculation . . . The banks, needless to say, provided the money that financed the
speculation that in each case preceded the crash."1a
JEFFERSON
"Could it all be better? The
answer is yes.
Proof begins with the people who manage money. If
anything is evident from this history, it is that the task
attracts a very low level of talent . . . Inadequacy
is protected further . . . by the fact that failure is not always
at cost to those responsible."1b
SCHUMPETER
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