"If recession should threaten serious consequences for business (as is not indicated at present) there is little doubt that the Federal Reserve System would take steps to ease the money market and so check the movement."
--Harvard Economic Society, October 19, 1929
If the hubris and conceit was thick among the MS intelligentsia in 1929, it's even worse today. An eerie parallel is Bernanke, the ultimate Ivy Leaguer, taking over the Fed in a few weeks.
Most people have know idea we're about to go over the cliff in so many ways (monetary system, diminishing natural resources, debt, China ramping up, illegal immigration, etc.)
It's like 1938. See nothing. Hear nothing.