Deja Vu

Robert L. Heilbroner, in his text, “The Worldly Philosophers,” describes the years preceding the Great Depresion:

…the average American had used his prosperity in a suicidal way: he had mortgaged himself up to his neck, had extended his resources dangerously under the temptation of installment buying, and then had ensured his fate by eagerly buying fantastic quantities of stock-some 300 million shares, it is estimated- not outright, but on margin, that is, on borrowed money.

Sound familiar?

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