(OT) Tulips in Holland

[Millie Webb]

Funny you should bring up that "bubble" in 1636 Holland story.  I just
included that in a paper we distributed to some clients on a Credit Union
member list at work.  Apparently, that whole thing lasted less than one
month, and authorities let people who got caught up in it off the hook for
only 3.5 percent of the contract price.  That's apparently where the legend
of a "disastrous price decline" comes from, referred to as "tulip mania" in
economics circles. The book referred to is Peter Garber's "Famous First
Bubbles".  Just thought you'd like to know, if you didn't already.

----- Original Message -----
From: <Bapopik at AOL.COM>
To: <ADS-L at LISTSERV.UGA.EDU>
Sent: Friday, July 26, 2002 10:23 PM
Subject: Machinima


....
> EDITORS?  WE DON'T NEED NO STINKING EDITORS!
> or
> DOES ANYBODY READ THIS STUFF?
>
>    From the WALL STREET JOURNAL EUROPE, July 26-28, 2002, pg. M1, col. 3:
>
>    Mr. Kindelberger, a retired economist, wrote hte 1978 economics classic
> "Manias, Panics, and Crashes: A History of Financial Crises."  The book,
> required reading for many Wall Street trainees and students of economic
> history, documents four centuries of boom-and-bust cycles.  It ranges from
a
> fleeting bubble in the market for Dutch tulips in 1636, to rampant
> speculation and subsequent collapse in railoroad shares in 1847 and 1857,
to
> the Depression in the 1930s, to the rise and fall of Japan's property
market
> in the late 1980s and early 1990s.
>
> (A 1978 book foretold of Japan's property market in the early 1990s?...A
> paragraph later, we are told that there was a 1996 edition--ed.)