The Great American Land Bubble
In keeping with my happy-go-lucky up-with-people spirit, I'm reading A.M. Sakolski's 1932 classic, The Great American Land Bubble.
Plus ca change and all that.
It's an engaging if depressing read, and sometimes bets that looked busts in 1932 turned out to be quite prescient. Yet the central lesson about our proclivity for empty speculative land investments is remains at least a little relevant, no?
A few choice quotes:
America, from its inception, was a speculation. . . .
Much of this soil has again become the resourceless property of the state authorities, since the private owners have been surrendering them one after another . . . .
Such is the story of the . . . latest phase in a long series of cycles of land gambling and town jobbing, which has marked American business annals almost from the time of Columbus to the present day.
The final outcome is still in the lap of the gods!
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