The General Theory of Employment, Interest, and Money,
Chapter 12: The State of Long-Term Expectation, Paragraph V
by John Maynard Keynes
December, Friday the 13th, 1935
What does the average speculators and investors believes that the average opinion will be about Friday the 13th, 2012?
Answer: Although no speculator or investor is superstitious, it would bring bad luck, they believe that the average of speculator and investor is. Hence the Financial Market is superstitious.
Practical men, who believe themselves to be quite exempt from any intellectual influences, are the slaves of some defunct economist while mad men in authority are distilling the frenzy from some academic scribbler of a few years back. Those who did design the Mayan and Gregorian Calendars.
It is therefore likely that the irrational exuberance of the markets will be stopped dead by irrational beliefs.
Krash on Wall Street