This is from our “must post file” and comes to us from the Economix blog via David Jones! Thanks DHJ!
I took that photo at the Museum of the City of New York, at its exhibit on the history of New York’s banks. The quotation sure sounds a lot like some of the prose used to describe the excesses of the recent credit bubble. (Except maybe the “over ploughing” bit, now that we’re no longer an agrarian economy.)
Such similarities are no accident, given that The New York Herald ran that stark assessment during the Panic of 1837, which was also a result of a major real estate bubble and banking crisis.
Past is prologue as human nature (greed) and emotions (fear) never change!
(click here if picture is not observable)