OASIS FORUM Post by the Golden Rule. GoldTent Oasis is not responsible for content or accuracy of posts. DYODD.

In 2000 just prior to the dotcom bust I was working in the brokerage industry. The company hired a chef for each floor to make gourmet lunch for the workers.

Posted by Richard640 @ 13:02 on August 9, 2017  
On every side one heard the new wisdom sagely expressed: “Prosperity due for a decline? Why, man, we’ve scarcely started!” “Be a bull on America.” “Never sell the United States short.” “I tell you, some of these prices will look ridiculously low in another year or two.” “Just watch that stock-it’s going to five hundred.” “The possibilities of that company are unlimited.” “Never give up your position in a good stock.” Everybody heard how many millions a man would have made if he had bought a hundred shares of General Motors in 1919 and held on. Everybody was reminded at some time or another that George F: Baker never sold anything. As for the menace of speculation, one was glibly assured that-as Ex-Governor Stokes of New Jersey had proclaimed in an eloquent speech-Columbus, Washington, Franklin, and Edison had all been speculators. “The way to wealth,” wrote John J. Raskob in an article in the Ladies’ Home Journal alluringly entitled “Everybody Ought to Be Rich,” “is to get into the profit end of wealth production in this country,” and he pointed out that if one saved but fifteen dollars a month and invested it in good common stocks, allowing the dividends and rights to accumulate, at the end of twenty years one would have at least eighty thousand dollars and an income from investments of at least four hundred dollars a month. It was all so easy. The gateway to fortune stood wide open.

 

One thing more: as you look at the high prices recorded on September 3, 1929, remember that on that day few people imagined that the peak had actually been reached. The enormous majority fully expected the Big Bull Market to go on and on.
Golden Phoenix  Aug 8, 2017 3:30 PM
In 2000 just prior to the dotcom bust I was working in the brokerage industry. The company hired a chef for each floor to make gourmet lunch for the workers. They were paying up to quadruple overtime. And for some young people for whom it was their first job it wasn’t enough. They hired an especially bright 17 year old who had graduated high school a year early. Within three months he’d bought a Cadillac Escalade and installed a flat panel tv and a full size gaming system in it. Keep in mind this was the year 2000. All on credit of course. Everybody was convinced they were just getting what (or less than) they were entitled to and it would never end. That’s exactly when it does. The time to worry is when everyone is making money. When the banker instructs you to just lie on your loan to buy a house. When the postman quits a year before vesting his pension to become a real estate agent because houses do nothing but go up.
Is crypto at this stage? Probably not. When I try to talk to people in daily life about it I’ve yet to find anyone in my circles who know what I’m talking about. Then again my current area is almost rural. It could be different in a thriving metropolis. From what I can see it’s still very early in the adoption cycle.
 

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.