H/T Joe Koster
Fireside Chat No. 7 - December 14, 2009 - Length: 28:56
MP3 file - Transcript (PDF)
Having read daily summaries for the last seven months of the feature stories in the Wall Street Journal for the corresponding day in 1930, two conclusions jump off the pages: First, for every pound of wheat there were 10 pounds of chaff and, second, the focus was so much on the short term and so deeply influenced by the herd instinct that virtually no one saw (nor did the market discount) the onrushing Depression tsunami until it overwhelmed them.