Oct 2, 2026 · 21 min · 10 segments
In this 173rd episode of the *On Investors' Minds* podcast, we present a conversation between David Kelly, Chief Global Strategist, and Katie Korngiebel, Research Analyst, both from the Market…
Katie KorngiebelGuest
Tai HuiHost
But again, like it was a very believable, plausible story that the market was going up when everybody was surrounded by all these fancy new glittering technologies.
And I think the other thing that made it believable is public officials weren't necessarily saying like, hey, we might have gotten a little over our skis here.
And so it was, you know, the smartest people in the room, politicians, businessmen, bankers reinforcing this public narrative.
Can you talk to us a little about the state of institutions at the time? And, you know, maybe they recognize it was a bubble, but why was it so hard to intervene?
I mean, first of all, the political class in Washington, of course, wanted to promote this under Coolidge and then under Hoover.
They wanted to, you know, if the stock market was doing great, that was a sign the economy was doing great.
So why on earth would you call an end to the party? Even if you thought there was an excess or a problem, nobody's going to thank the person who basically takes away the punch bowl and calls the party to come to a crashing end.
At some stage, they realized it was going to come to a painful end, and so they didn't really want to do very much about it.
They didn't have the tools to really do anything about it without a lot of effort.
There are a lot of things that we take for granted today that just weren't there.
And of course, that meant if the stock market went up, I could make a fortune very quickly.
But if the stock market went down, I had very little to protect me and the margin calls would come out quite quickly.
But again, like it was a very believable, plausible story that the market was going up when everybody was surrounded by all these fancy new glittering technologies.
And I think the other thing that made it believable is public officials weren't necessarily saying like, hey, we might have gotten a little over our skis here.
And so it was, you know, the smartest people in the room, politicians, businessmen, bankers reinforcing this public narrative.
Can you talk to us a little about the state of institutions at the time? And, you know, maybe they recognize it was a bubble, but why was it so hard to intervene?
I mean, first of all, the political class in Washington, of course, wanted to promote this under Coolidge and then under Hoover.
They wanted to, you know, if the stock market was doing great, that was a sign the economy was doing great.
So why on earth would you call an end to the party? Even if you thought there was an excess or a problem, nobody's going to thank the person who basically takes away the punch bowl and calls the party to come to a crashing end.
At some stage, they realized it was going to come to a painful end, and so they didn't really want to do very much about it.
They didn't have the tools to really do anything about it without a lot of effort.
There are a lot of things that we take for granted today that just weren't there.
And of course, that meant if the stock market went up, I could make a fortune very quickly.
But if the stock market went down, I had very little to protect me and the margin calls would come out quite quickly.
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