From this past January, a former "Big Executive" (as he puts it)
speaks of the "Good Old Days" and how they contrast with the current situation.
In these latter days, since the downfall, I know that there will be much talk of corruption and dishonesty. But I can testify that our trouble was not that. Rather, we were undone by our own extravagant folly, and our delusions of grandeur. The gods were waiting to destroy us, and first they infected us with a peculiar and virulent sort of madness.
Already, as I try to recall those times, I cannot quite shake off the feel that they were pages torn from the Arabian Nights. But they were not. The tinseled scenes through which I moved were real. The madcap events actually happened—not once, but every day. And at the moment nobody thought them in the least extraordinary. For that was the New Era. In it we felt ourselves the gods and the demigods. The old laws of economics were for mortals, but not for us. With us, anything was possible. The sky was the limit.
Looking back now, I see how naive were our godlike airs. Most of us were really simple folk, of humble origin. Going the circuit of our walnut desks, one would hardly have found a single executive who had not worked his way up from the ranks. They had begun in small towns as owners or operators of little companies. The companies had been bought up by Amalgamated International, and the owners annexed as super-executives. To maintain the power and glory of their new estate, they felt that it was their duty to carry on like Oriental princes.
The Crash had all the elements of both a Shakespearean tragedy, and a farce. The Bard would have seen the irony of the fate that befell so many who fell so far, often by their own design, as would have Mark Twain. Too late, it seems, did the honest businessmen of the day heed the warning signs of what was to come.