Students of business know that there are many kinds of business cycles. Some run their course quite quickly, others take several years for their completion.
The summer and fall of 1924 marked the transition from the first stage of easy money and dullness to the second stage of easy money, active stock-market speculation, stationary or declining bond prices and reviving industry. The sequence of these phases of the business cycle are familiar to all; the question thus is one of their velocity and probable duration. Moreover, no two business cycles have ever been...
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