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In the bad old days, the market was a combination of the wild west and a P.T. Barnum inspired circus. Scams, deceits and overall anarchy ruled the day. To win in the market, a person had to either be lucky or criminal. Most honest folk, preferring the safety of interest-bearing bonds, turned askance when approached by a carpetbag-carrying salesman touting the latest elixir alongside the “next, greatest, railroad stock this side of the Union Pacific.” All this Tom-Foolery ended with a resounding crash on a Black Friday one ghoulish October.

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