1929: Yale professor Irving Fisher, one of the nation's foremost economists, states in the New York Herald Tribune, The breaks of the past few days have driven stocks down to hard rock. I believe that we will have a ragged market for a few weeks and then the beginning of a mild bull movement that will gain momentum next year." Prof. Fisher is half-right: The market is "ragged losing a quarter of its value by the end of the year. Then it stays ragged for years on end.

Edward Angly, Oh Yeah? (Fraser Publishing Co., Burlington, VT, 1992 ed.), p. 39;Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated