Re: [Slate] Insane in the Brain:
Tue, 6 Apr 1999 06:08:02 EDT

<<"In 1928 the thinking of common-stock "investors" had become
from that of speculators; the only practical difference between them was that
the former may have paid cash for the same stocks that the latter carried on
thin margin." >>

I believe the FORMER carried on the margin - to the tune of 10% sometimes.
Defaulting on these margin calls led to what we now refer to as "a big
problem." The LATTER has learned something from the mistakes of their
forebears; margins are granted only to the worthy (solvent) and even then at
a conservative rate. Higher risks are not margined at all by some brokerages
or at a higher rate (90%) by others.

Bullish Geege