Kingman Brewster Jr. Quotes
The newspaper fits the reader's program while the listener must fit the broadcaster's program.
Brewster, Kingman. Quoted in The Book of Quotes, edited by Barbara Rowes, E.P. Dutton, 1979, p. 211.
See Fred W. Friendly for an almost as harsh an incitement: {611294}
An economic bubble occurs when the investing public with little logic and facts to support it actions exhibits great enthusiasm and overvalues some kind of asset with the logic that the price is going up and someone later will pay more than I just did—sometimes called the “greater fool theory”. Historically Fama claims that there were no bubbles until there were media to whip up the irrational enthusiasm necessary for a bubble to take place. Capitalist history is full of bubbles ranging from real estate, to tulips; from silver to dot com shares. The damage is always great to the people at the end who are stuck with the object of the bubble which few people want any more. In the period before the bubble, lots of people make money contributing to the demand for the object of the bubble.
Kingman Brewster Jr. was an American educator, president of Yale University, and diplomat.