Stock market crash

I don't expect the next few years to be on a par with 2008.

That was an exceptional financial crisis, something I would describe as a generational event like the Wall Street crash of 1929.

But I do believe there will be opportunities for people prepared to take a different view of particular properties.

You don't need another global banking crisis for an owner to want to sell.

I did not read Too Big to Fail, although I am certainly interested in reading it.

But when he wrote Too Big to Fail, he then started thinking about parallels of other great financial crashes in this country, and none was bigger than the Wall Street crash of 1929 and the subsequent depression.

And this book was really interesting.

There were a lot of things that I didn't know.

I definitely had sort of an overview idea of the Wall Street crash of just like the day it crashed and then everyone jumped out the windows.

This is literally like the vision that I have because that's just what's been painted.

Everyone jumped out the windows and then no one had any money for so many years.

The Great Depression was caused by X or it was caused by Y. It's complicated.

Many people tell you that the Great Depression started with the stock market crash in October 1929, but a that isn't true, and b it leads people to mistake correlation with cause.

What we think of as the Great Depression did begin after the stock market crash, but not because of it.

Like as we saw last week, the underlying economic conditions in the U.S. before the stock market crash weren't all moonshine and rainbows.

The 1920s featured large-scale domestic consumption of relatively new consumer products, which was good for American industry.

But much of this consumption was fueled by credit and installment buying, which, as it turned out, was totally unsustainable.

wonder if we would ever find ourselves in that position again.

Oh right, we did in 2008.