Excerpt from Investment and Speculation
"People will endeavor to forecast the future and make agreements according to their prophecy. Speculation of this kind by competent men is the self-adjustment of society to the probable." - Judge Holmes in a U.S. Supreme Court Decision.
"A study of past disturbances leads to the conviction that no severe depression has occurred which was not preceded by loud warnings. These warnings ought not to pass unheeded and in order to recognize them promptly, it is necessary that accurate statistics be furnished. Much improvement has been accomplished in the last few years, though it is to be regretted that so much of our statistical information is fragmentary or inaccurate. Official and private publications furnish much valuable information. Other statistics, which are inadequate or lacking, and which would be of great value, are those pertaining to the employment of labor, capital invested in new enterprises, amounts expended in new construction, volume of production in the various kinds of manufactures, and statistics of state banks and savings institutions similar to those pertaining to national banks. After making due allowance for the insufficiency of statistics, it must be said that the failure to pay sufficient attention to those already available is equally to be regretted." - Senator Theodore E. Burton.
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