Chapter 16. Stock Market Bubbles
1. For example, the correlation between the Michigan Consumer Sentiment Index and the Cyclically
Adjusted Price Earnings (CAPE) Ratio for the Standard & Poor’s 500 Stock Price Index from January 1978
to November 2018 is 0.57. The correlation between the CAPE ratio and real home prices over the same
interval is 0.42.
2. “Movie Ticker Blamed for Wild Trading in Stocks,” Austin Statesman, May 24, 1928, p. 3.
3. Kempton, 1998 [1955], prelude, location 153.
4. Alexander Dana Noyes, Globe (Toronto), October 22, p. 8, 1928, quoting “Financial Markets,” New
York Times, October 22, 1928, p. 36.
5. Rappoport and White, 1994.
6. Robert Shiller, “Lessons from the October 1987 Market Plunge,” New York Times, October 22, 2017,
p. BU3, https://www.nytimes.com/2017/10/19/business/stock-market-crash-1987.html.
7. Galbraith, 1955. He contradicted others’ claims: “Rise in Suicide Rate Laid to Depression: National
Survey Shows 20.5 of 100,000 People Took Their Lives in 1931—Highest Figure since 1915,” New York
Times, June 23, 1939, p. 24. Webb et al. (2002) show a modest positive correlation between unemployment
for the past year and suicide, especially for white men.
8. Johnson and Tversky, 1983.
9. “When Youth and Beauty Go—What Then?” Louisville Courier-Journal, January 19, 1930, p. 87.
10. Terkel, 1970, p. 67.
11. Terkel, 1970, p. 376.
12. Terkel 1970, p. 164.
13. Kempton, 1998 [1955], prelude, location 118.
14. Jody Chudley, “JFK’s Father Used a Simple Trick to Spot Market Bubbles—and You Can Too,”
Business Insider, October 12, 2017, http://www.businessinsider.com/how-to-spot-stock-market-bubbles-
2017-10.
15. Baruch, 1957.
16. “Conservatives Begin to Realize Value of War Specialty Stocks,” Minneapolis Morning Tribune, July
26, 1915, p. 15.

Chapter 17. Boycotts, Profiteers, and Evil Business
1. Charles C. Boycott, “The State of Ireland,” Times (London), October 18, 1880, 6.
2. Wolman, 1916, p. 24.
3. Wolman, 1916, p. 34.
4. “Who Is a Profiteer, and What Shall Be Done with Him?” New York Tribune, June 16, 1918, p. D3.
5. http://avalon.law.yale.edu/20th_century/harding.asp.
6. “General Drop in Prices Forecast: Bankers and Traders Expect a Material Reduction in Practically All
Lines—Say Era of Extravagance Has Passed,” Christian Science Monitor, September 25, 1920, p. 4.
7. “Women Fight High Prices,” Globe, September 4, 1920, p. 6.
8. US Bureau of Labor Statistics, Monthly Labor Review, September 2014, https://www.bls.gov/opub
/mlr/2014/article/the-first-hundred-years-of-the-consumer-price-index.htm.
9. “Sees High Prices for Several Years,” Boston Daily Globe, January 5, 1920, p. 13.
10. Atkeson and Kehoe (2004) argue with one hundred years’ data from seventeen countries on five-year
inflation rates and five-year economic growth rates. They believe that there is no significant association
between the two if one excludes the Great Depression, 1929–34.
11. “Attacks Profiteers in Immorality,” Boston Daily Globe, May 5, 1919, p. 2.
12. Mortimer Fishel, “Lawyers Who Feed on Soldiers’ Kin,” New York Times, August 11, 1918, p. 41.
13. Henry Hazlitt, “Profiteers as Public Benefactors,” New York Times, March 21, 1920, p. xxx10.
14. Fisher, 1928, p. 7.
15. “Federal Judge Whacks Profiteers Hard Blow,” Los Angeles Times, June 3, 1920, p. 11.
16. Jacob H. Hollander, Ph.D., “How Inflation Touches Every Man’s Pocketbook,” New York Times,
May 2, 1920, p. XX1.
17. “Letters from the People: Excess Profits Tax, M. Hartley a Veteran of the Uncivil War,” St. Louis
Post-Dispatch, December 29, 1920, p. 28.
18. “Profiteers Are Incubators for ‘Reds’—Capper,” Chicago Daily Tribune, January 25, 1920, p. A9.
19. “No Time for Pessimism,” Baltimore Sun, December 17, 1920, p. 8.
20. “Prices Will Never Reach 1914 Level,” Globe and Mail, August 27, 1920, p. 7.
21. “Trade Revival Coming, Hoover Tells Business,” New York Tribune, April 29, 1921, p. 9.
22. “Disjointed Prices,” Nashville Tennessean, September 26, 1921, p. 4.
23. “Summer Jewelry Is Conspicuous,” St. Louis Post-Dispatch, July 23, 1921, p. 13.
24. “Children Nowadays Are Spending Money as If It Grew on Bushes,” Boston Daily Globe, October
23, 1921, p. E6.
25. Mitchell, 1985.
26. Samuel Crowther, “Fixing Wages,” Philadelphia Inquirer, June 8, 1936, p. 7.
27. Cole and Ohanian, 2004.
28. “Favorable Conditions in Industry Cited,” Detroit Free Press, October 29, 1929, p. 25.
29. Claude A. Jagger, “Large Holiday Retail Sales Add Impetus to Business,” Atlanta Constitution,
December 23, 1929, p. 15.
30. “If Deflation ‘Runs Its Course,’ ” Christian Science Monitor, April 22, 1932, p. 16.
31. Catherine Hackett, “Why We Women Won’t Buy,” Forum and Century, December 1932.
32. “Jersey Clubwomen Urged to Arouse Public Opinion in Favor of Spending,” New York Herald
Tribune, February 7, 1932, p. E11.
33. “What Is a Bargain?” Jewish Advocate, October 4, 1932. p. 3.
34. “Buy-Now Campaign Started in Capital,” Washington Post, October 25, 1930, p. 7.
35. “The Buy Now Campaign,” Hartford Courant, October 16, 1933, p. 8.
36. Arthur Brisbane, “Buy in August Campaign Will Help City Merchants,” Austin Statesman, August 2,
1933, p. 4.

37. “Angry Americans Lead Charge on Big Energy Bills,” Boston Globe, March 9, 1975, p. 2.
38. Richard L. Strout, “Fighting Back at Inflation: Will Nixon Be Able to Put Out Flames?” Christian
Science Monitor, July 11, 1974, p. 1.
39. Lawrence Van Gelder, “Some Prices Cut by Meat Boycott,” New York Times, April 6, 1973, p. 1.
40. “A Boycott Fizzle—Little There to Boycott,” Atlanta Constitution, August 8, 1973, p. 26E.
41. “High Meat Prices: Housewives to Mobilize Again,” Los Angeles Times, January 20, 1974, sf_a1;
“Nationwide Meat, Grain Boycott Launched by Consumer Group,” Los Angeles Times, January 24, 1974, p.
A1.