• Thought of the Day

    Thought of the Day

    2000: Well, whiles I am a beggar, I will rail$ And say there is no sin but to be rich;$ And being rich, my virtue then shall be$ To say there is no vice but beggary.$

    –Shakespeare, King John, II, i, 593-596.

Today in Financial History

1994: Software programmer Marc Andreesen, then 22 years old, and venture capitalist Jim Clark, the co-founder of Silicon Graphics Inc., found Mosaic Communications Corp. to commercialize the Internet browser. The company later changes its name to Netscape.

1792: In one of the earliest narratives of a U.S. stock market crash, Mrs. Henrietta M. Colden, a leading New York investor, writes to her friend John Laurance: "the most opulent men in this City are wholly ruined?. The whole fabric of speculation has been so connected that a general failure is supposed to be the inevitable issue amongst the dealers in stocks?. The depravity of the human mind has been exhibited in its worst stage, the Speculators are daily boxing in the Streets, Cursing and abusing each each other like pick pockets, & trying every fraud to prey on each others distresses." Some things never change.

Richard Sylla, "William Duer and the Stock Market Crash of 1792," Friends of Financial History, No. 46 (1992), pp. 26-29.