The Great Crash 1929 / 《1929年大崩盘》
170.《1929》的泡沫之夏：三个代表人物，和他们在当下周期的影子 adds a neighboring 1929-book branch through Andrew Ross Sorkin’s 《1929》. The episode distinguishes Sorkin’s character-driven archival account from macroeconomic causation debates, while noting that some criticism reads it as close to John Kenneth Galbraith’s speculation-and-greed tradition.
The Great Crash 1929 is John Kenneth Galbraith’s book referenced in 157.如何带走牛市的胜利果实？ for the idea of the bezzle. The source uses the book as historical vocabulary for a recurring market condition: during a boom, investors can believe unrealized or overstated wealth is already theirs until the downturn reveals the gap.
The book functions here as a bridge between historical crash analysis and Chinese bull-market behavior. 大卫翁 does not make a direct 1929 analogy; he uses the bezzle lens to warn that new stories, high valuations, and untested companies can create bezzle-like wealth illusions before any accounting or market correction exposes them.
Connections
- John Kenneth Galbraith - author.
- Bull Market Bezzle Trap / 牛市叙事欺诈, Speculative Bubble Psychology, and Retail Bull Market Psychology - concepts connected to the source’s use of the book.
- Paper Wealth Vs Cash Value and Investment Risk Management - practical investing branch that absorbs the lesson.