What is not recalled is that people then, too, were confident about many of the same things that seem so reassuring It turned out that such confidence was not well placed. For confidence in Mr. 1“While bubbles that burst are scarcely benign, the consequences need not be catastrophic for the economy, said Alan Greenspan, the chairman of the Federal Reserve Board, in congressional testimony this summer.

He seemed confident that he could prevent similar errors if there were another crash, and recalled how the economy had not been devastated by the crash. 1“While bubbles that burst are scarcely benign, the consequences need not be catastrophic for the economy, said Alan Greenspan, the chairman of the Federal Reserve Board, in congressional testimony this summer.

Greenspan has helped to reduce concerns about the possibility of

For confidence in Mr. It was not the crash, but “ensuing failures of policy that led to the Great Depression, he said. “We shall hear considerably less in the future of those newly invented conceptions of finance which revised the principles of political economy with view solely to fitting the stock markets vagaries. But after blasting the speculators, The Times took much more sanguine view of the economys future.

For confidence in Mr. 1, 1929View the Front Page 113kStocks Collapse in 16,410,030Share Day, but Rally at Close Cheers Brokers Bankers Optimistic, to Continue Aid Reserve Board Finds Action Unnecessary Crowds at Tickers See Fortunes Wane Leaders See Fear Waning Phone, Radio, Cable All Records Brokers Believe Bottom Is Reached Comment of Press on Crash in Stocks Women Traders Going Back to Bridge Games Say They Are Through With Stocks Forever Greenspan has helped to reduce concerns about the possibility of crash, and thereby probably helped to push stock prices higher.

He seemed confident that he could prevent similar errors if there were another crash, and recalled how the economy had not been devastated by the crash. But after blasting the speculators, The Times took much more sanguine view of the economys future. Whether or not the current confidence in the Fed is justified will be known only after similar crisis arrives, if one does.