The wind-up of the present industrial cycle ran true to form and followed its predecessors most closely as regards fundamental factors. Just as heavy stock market liquidation occurred during the most prosperous years of 1907 and 1920 in the two preceding cycles, so the stock market crashed during the most prosperous year of 1929 in the present cycle.
Huebner, Solomon S. PhD, "The Security and Commodity Market Situation" (2016). Solomon S. Huebner Documents. 150.