The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revivial, but finally giving up in the final collapse.

— Charles P. Kindleberger

The most off-limits Charles P. Kindleberger quotes that will inspire your inner self

Much of the profession is empirically bankrupt because it is no longer taught economic history.

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The first derivative is the last refuge of a scoundrel.

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The propensity to swindle grows parallel with the propensity to speculate during a boom the implosion of an asset price bubble always leads to the discovery of frauds and swindles

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Money is a public good; as such, it lends itself to private exploitation.

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There is nothing so disturbing to one's well-being and judgment as to see a friend get rich

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