While you're waiting for me to put together today's post, here's the second news clipping I had.
Congressman Frank Oliver: Is it not a fact that the collapse in the prices and disappointment of the people is teh main reason why they are blaming everything on the stock exchange?
NYSE President Whitney: Very likely, but that is a mere conjecture of my part.
Congressman Frank Oliver: But the stock exchange has no agency and does not purport to have any to evaluate stocks.
NYSE President Whitney: None whatsoever.
Congressman Frank Oliver: When [stocks] collapsed from the high to the low, the public started to blame "the shorts" for that. Is that not a fact?
NYSE President Whitney: I think from a hindsight point of view, they blamed the shorts.
Congressman Frank Oliver: They blamed the shorts, whereas, as a matter of fact, if the prices were inflated, they should have blamed the "longs" for having inflated them?
NYSE President Whitney: And themselves.
Congressman Frank Oliver: But instead of being logical about it, and blaming those who inflated prices, they blamed those who might have deflated them had they the power at that time – that is, the "shorts"?
NYSE President Whitney: Yes.
The date of this House Judiciary hearing? February 24, 1932. Markets change all the time. People never do. That's why technical analysis works.
