Our society will always remain an unstable and explosive compound as long as political power is vested in the masses and economic power in the classes. In the end one of these powers will rule. Either the plutocracy will buy up the democracy, or the democracy will vote away the plutocracy.

For the immediate future, at least, the outlook (stocks) is bright.

How much there is I want to do! I always feel that I haven't time to accomplish what I wish. I want to read much. I wanted to write a great deal. I want to make money.

The nation is marching along a permanently high plateau of prosperity

FISHER SEES STOCKS PERMANENTLY HIGH

The public psychology of going into debt for gain passes through several more or less distinct phases: (a) the lure of big prospective dividends or gains in income in the remote future; (b) the hope of selling at a profit, and realizing a capital gain in the immediate future; (c) the vogue of reckless promotions, taking advantage of the habituation of the public to great expectations; (d) the development of downright fraud, imposing on a public which had grown credulous and gullible.

There may be a recession in stock prices, but not anything in the nature of a crash.