Academic

HAPPY HAPPY JOY JOY: Prechter: The Last Time The Market Looked Like This Was Right Before The ?87 C?

By Glenn Reynolds

HAPPY HAPPY JOY JOY: Prechter: The Last Time The Market Looked Like This Was Right Before The ‘87 Crash.

Related: Fortune: Is this finally the economic collapse? The contrarian view, of course, is that once we start seeing these headlines, things are about to turn up. We’ll see. But there’s this:

Lest our doom and gloom seem built entirely on technical measurements, what they boil down to is actually quite simple — an idea about our country which dates back to 1835. Alexis De Tocqueville, author of Democracy in America, which was published that year, seemed to warn of this day when he wrote: “The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”

Ugh. Yeah.

UPDATE: Various readers point out that the Tocqueville quote, while common, is misattributed.

Full post as published by Instapundit.com on August 12, 2010 (boomark / email).