Apparently, people were more economically savvy in 1875 than they are today. We've seen two economic bubbles over the span of a decade and neither were identified as such until it was too late. People never learn.Kudos to the Housing Panic blog for the pic.
13 comments:
Bubbles are a cyclical phenomena driven by the innate and fundamental need to get rich quick and easy, which persists throughout the generations and always will. Investing in casino stock is probably the safest bet out there. So history repeating itself is unsurprising.
What is stupid about this housing bubble is that it happened RIGHT AFTER the tech bubble. And hardly anybody suspected a thing. I tried to explain to people that what is going on in housing parallels what happened in dot.coms, and either I got blank stares, or the usual: "housing prices always go up."
Now that IS a point where future generations can look back at us and laugh. Repeating a mistake right after another is a true measure of stupidity.
Repeating a mistake right after another is a true measure of stupidity.
"Fool me once, shame on you. Fool me twice, shame on me".
That should be the motto of our current generations. Maybe the kiddies who are buying so much RE crap at such ridiculous prices at such a young age should have paid more attention in history class.
fool me once shame on you, fool me twice shame on me
thanks for the hat tip. damn, that's my favorite all time picture - timeless
Keith - housingpanic
marinite me and you just posted the exact same idea at the exact same time
amazing
spooky!
Great minds think alike? Ahahaha. Maybe not. Synchronicity.
What is (so stupid) about this housing bubble is that it happened RIGHT AFTER the tech bubble...I tried to explain to people that what is going on in housing parallels what happened in dot.coms
No kidding! Myself and others saw the meltdown firsthand. After my business went down the tubes, I learned, but quite a few simply threw all their hopes on the next "sure thing." My conclusion is: those people didn't understand why the tech sector crashed, so they became easy patsies for the next scam. Mind you, these are college-educated people--go figure.
I love the Currier & Ives pic. It's still relevant.
I'm drawn to the demonic figure blowing a bubble in the lower left corner of the picture. Does anyone know if that is supposed to be a devil or something else? It looks kinda like maybe it is an American indian or something (has a feather sticking out of it's odd cap) but if so I cannot make the connection work in my mind based on what (little) I know from that time.
I think the little demon bears a striking resemblance to Alan Greenspan.
The sheeple who chase bubbles are stupid and ought to bear the consequences of their stupidity, but the institution that makes all of this possible is at best extremely stupid, or at worst, evil.
Does anyone know if that is supposed to be a devil or something else?
I'll venture a guess it's a devil of sorts in a Joker's cap, blowing bubbles from his underworld cave. (the "Devil" was a far more common theme in 18-19 C. illustrations,and not strictly religious contexts, but as one who stirs up trouble.)
I was also reminded of this relevant book.
I'll venture a guess it's a devil of sorts in a Joker's cap...
That devil's "cap" reminds me of a bishop's mitre.
Wow! Were people more savvy? Seems like most people never learn ("the more things change..."). I love the choice bubbles blown by the devil himself:
"Something for Nothing"
"Bogus Schemes"
"The Credit System"
"Fancy Stocks"
"Speculation"
"The Gold[Internet/Real Estate/Fill in the blank] Bubble"
HELLOOO 21st century!
It's the Piper!
Not that smart back then, actually because the bubble had already burst. 1870 was a huge bubble crash after the easy money created by the Union during the civil war. This cartoon is the same as the "everyone knew already" stories that we saw in 2003 after the Internet bust.
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