Mar

28

Morse, bonds, Clews

March 28, 2023 |

Charles W. Morse was instrumental in two panics. the first came during the civil war. he believed that the worthless greenback would lead to all industrials and railroads going thru the roof. when sec chase sold gold, the boom burst and Morse was execrated. the second Morse was the ice king panic.

there's trouble in market city. it's all because the bond prices are way below the cost for many banks and others. even the perfect father is beginning to suffer. there's one way out. for bonds to go way up. a good speculation.

one has been reading Fifty Years in Wall Street. the book is resonant with me because i could write a book 65 Years in Wall Street. that will have to wait until stocks go to a new high amid ag making fun of me. i can hear him now: "It took 18 months."

but the Clews book is amazing in that all the characters he talks about from the 19th century have their exact counterparts today. i will memorialize these shortly.

it's a little difficult for me because I was asked to write a preface for that book. and the frugal publisher didn't want to spend the $750 to get a copy of the book. they borrowed my book. and returned it unbound. its 700 pages, and in my current state i can't lift it.

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