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The first derivative is the last refuge of a scoundrel.
Charles P. Kindleberger
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Charles P. Kindleberger
Age: 92 †
Born: 1910
Born: October 12
Died: 2003
Died: July 7
Author
Economist
University Teacher
New York City
New York
Charles P. Kindleberger
Charles Kindleberger
Firsts
Derivative
First
Scoundrel
Derivatives
Scoundrels
Refuge
Economics
Lasts
Last
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There is nothing so disturbing to one's well-being and judgment as to see a friend get rich
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The period of financial distress is a gradual decline after the peak of a speculative bubble that precedes the final and massive panic and crash, driven by the insiders having exited but the sucker outsiders hanging on hoping for a revivial, but finally giving up in the final collapse.
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Money is a public good as such, it lends itself to private exploitation.
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