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common feature of all these earlier troubles [1907 and
1914] was that having happened they were over. The worst was reasonably
recognizable as such. The singular feature of the great crash of
1929 was that
the worst continued to worsen. What looked one day like the end proved
on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few as possible escaped the common misfortune. . . . The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable. ----John Kenneth Galbraith, The Great Crash of 1929
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