Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang.

Men will look back in amusement at the pretence that once caused people to refer to General Dynamics and North American Aviation and AT&T as private business.

The inborn instability of capitalism has been part of the history of the system for several hundred years.

Decision has greater virtue and force if taken after there has been eloquent dissent.

Few people at the beginning of the nineteenth century needed an adman to tell them what they wanted.

In the affluent society, no useful distinction can be made between luxuries and necessities.

Every corner of the public psyche is canvassed by some of the most talented citizens to see if the desire for some merchandisable product can be cultivated.