Being a daily summary based upon my reading of the Wall Street Journal from the corresponding day in 1930.
An interesting site: http://newsfrom1930.blogspot.com/2009/07/wednesday-july-9-1930-dow-21908-075-03.html
QuoteWashington Irving's book “The Great Mississipi Bubble†republished by Random House. "The story was written about a hundred years ago and the actual event occurred more than two hundred years ago, but the narrative ... will interest many who witnessed the recent debacle of stock prices." A couple of quotes from the book: The boom - "Every now and then the world is visited by one of those delusive seasons when the 'credit system,' as it is called, expands to full luxuriance; the broad way to certain and sudden wealth lies plain and open ... "; The bust - "a panic succeeds, and the whole superstructure built upon credit and reared by speculation crumbles to the ground, leaving scarce a wreck behind."
To paraphrase...
"Those ignorant of history are doomed to repeat it."
Fascinating find!
We are in the process of repeating most of the mistakes made in the past 10-15 years by Japan, i.e. stimulus that doesn't stimulate and propping up failing businesses and industries turning them into "zombie" businesses.