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Originally published in 1841, this is a serious but frequently hilarious study of mass madness, crowd behavior, and human folly.
Posted February 23, 2009
This short version of Charles MacKay's book, Estraordinary Popular Delusions and the Madness of Crowds, which was first publilshed in 1841, should be on the reading list for anyone looking to make a fast buck, in the stock market or elsewhere. Change the names, places and time frame, and you would swear that it was just written. Amazing!!
Popular delusions affect many investors - just ask Madoff, and other swindlers. The urge to "get rich quick" is mostly delussional. Once in ten thousand investments does one "hit the jackpot". The "Hula-hoop" back in the 50's is a classical example of hitting it big.
President Obama should take the time to read this, but then again, he may not be invested in the market, or anywhere else. Americans are easily swayed by the "Rainmaker". This book, if read and compared to today's current affairs in the United States, and around the world, will reveal that human beings are gullable, as well as greedy, otherwise, they would be more cautious with whom they place their trust with their hard earned funds.
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