Most people are poor, not because they are lacking but is because they are wasting. They spend their money on the things they don’t need. They never see the use of the things they already own and at their disposal.

The crash did not cause the Depression: that was part of a far broader malaise. What it did was expose the weaknesses that underpinned the confidence and optimism of the 1920s – poor distribution of income, a weak banking structure and insufficient regulations, the economy’s dependence on new consumer goods, the over-extension of industry and the Government’s blind belief that promoting business interests would make America uniformly prosperous.

The stock market is almost magical because it always leads the economy. It goes down long before the economy drops and then heads higher long before the economy rebounds. It always has.

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