“The American scene changed hugely in the 1920s. Modernity transformed everything from women’s clothing to the human imprint on the landscape. The car liberated rural America and began cluttering up the cities. The first tractors started a revolution on the farm.* Muscular American industry outinvented and outproduced all competitors around the world. Foreigners watched our movies and learned to play jazz. A sense of intoxication ran through Wall Street, prompting excessive risk-taking and wild speculation in any novelty, the participation of easily snookered, inexperienced investors buying stocks with borrowed money (“on margin”), unregulated investment pools that behaved like hedge funds do today, “bucket shops” that amounted to betting parlors, and a great deal of insider banking misconduct around financial markets that were hardly policed at all. After it all crashed in October 1929 the loss of confidence was epic. Decades later, scholars still puzzle over the cause of the Great Depression. It was a reality failure. The things that people believed in proved spectacularly unreliable, especially in the realm of money and other abstract paper extensions of it.”