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Much has been written about panics and manias, much more than with the outstretched intellect we are able to follow or conceive; but one thing is certain, that at particular times a great deal of stupid people have a great deal of stupid money....  At intervals, from causes which are not to the present purpose known, the money of these people - the blind capital, as we call it, of the country - is particularly large and craving; it seeks for someone to devour it, and there is a "plethora"; it finds someone, and there is "speculation"; it is devoured, and there is "panic".

- Walter Bagehot, "Essay on Edward Gibbon",  1888

 

All things come to an end - even panics, after they have taken their toll from the gamblers and adventurers who produced them... men do not make panics deliberately for they are their unconscious agents.

- Charles Albert Collman, Our Mysterious Panics 1931

 

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