"If you look back at the 1929 to 1933 episode, there were a lot of decisions made that, after the fact, people wished they had not made; there were a lot of jobs people quit that they wished they had hung on to; there were job offers that people turned down because they thought the wage offer was crappy. Then three months later they wished they had grabbed. Accountants who lost their accounting jobs passed over a cab-driver job, and now they're sitting on the street while their pal's driving a cab. So they wish they'd taken the cab-driver job. People are making this kind of mistake all the time. Anybody can look back over the '30s and think of decisions which would have made millions—purchasing particular stocks, all kinds of things. I don't see what's hard about this question of people making mistakes in the business cycle. From the individual point of view, it's obvious."
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Conversations with Economists
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