The excitement of the Roaring Twenties was still strong as the nation entered 1929. There were signs that the good times might be coming to an end, although no one envisioned they might end in a devastating crash. Wages had not gone up fast enough to cover the credit bills that everyone needed to pay off. Some people were cutting back on their spending. With goods that could not be sold, factories reduced production and laid off employees who then had no wages to spend. In a vicious cycle, the economy slowed. One banker told an investor, "Stocks look dangerously high to me.... Business is none too good. Of course if you buy the right stock you'll probably be all right in the long run and you may even make a profit. But if I were you I'd wait awhile and see what happens."

The Great Bull Market