Following up on yesterday's "The End of Cheap Commodities (or not)" which linked via FT Alphaville to GMO's Jeremy Grantham's dystopic view that we have seen a phase shift. Here's the contra argument.
...A March presentation form Stifel Nicolaus' Barry B. Bannister made the argument that commodities are at the peak of traditional, historical ranges. There hasn't been a paradigm busting shift just yet.......MORE
*The most respected economist in the world at the time, Professor Irving Fisher:
Sept. 4, 1929 statement "There may be a recession in stock prices, but not anything in the nature of a crash."
(the DJIA had peaked the day before at 381, it would bottom at 41 in 1932), or his more famous locution ""Stock prices have reached what looks like a permanently high plateau." on Oct. 21.
Black Thursday came three days later.