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In 1929 there were good, or at least strategic, reasons for this view, and it is easy to understand why it has become high doctrine. In Wall Street, as elsewhere in 1929, few people wanted a bad depression. In Wall Street, as elsewhere, there is deep faith in the power of incantation. When market fell many Wall Street citizens immediately sensed the real danger, which was that income and employment - prosperity in general - would be advised affected. This had to be prevented. Preventive incantation required that as many important people as possible repeat as firmly as they could that it would not happen. This they did. They explained how the stock market was merely the froth and that the real substance of economic life rested in production, employment, and spending, all of which would remain unaffected. No one knew for sure that this was so. As an instrument of economic policy, incantation does not permit of minor doubts or scruples.
John Kenneth Galbraith. The Great Crash 1929.
John Kenneth Galbraith. The Great Crash 1929.