“Civilization slipped into its second dark age on an unsurprising track of blood, but with a speed that could not have been foreseen by even the most pessimistic futurist. It was as if it had been waiting to go. On October 1, God was in His heaven, the stock market stood at 10,140, and most of the planes were on time (except for those landing and taking off in Chicago, and that was to be expected). Two weeks later the skies belonged to the birds again and the stock market was a memory. By Halloween, every major city from New York to Moscow stank to the empty heavens and the world as it had been was a memory.”

— Stephen King , book Cell

Preface
Cell (2006)

Adopted from Wikiquote. Last update June 3, 2021. History

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American author 1947

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“The U. S. stock market was now a class system, rooted in speed, of haves and have-nots. The haves paid for nanoseconds; the have-nots had no idea that a nanosecond had value. The haves enjoyed a perfect view of the market; the have-nots never saw the market at all. What had once been the world’s most public, most democratic, financial market had become, in spirit, something like a private viewing of a stolen work of art.”

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“We tend to think of the stock and bond markets as relatively recent historical phenomena, but, in fact, there have been credit markets since human civilization first took root in the Fertile Crescent.”

William J. Bernstein (1948) economist

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“But the stock market is not 1:1-it is not a zero sum game. So those deaf, dumb and blind economists can't find the capital flows.”

Andy Kessler (1958) American writer

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“The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

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“Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.”

Richard Arnold Epstein (1927) American physicist

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“Reg NMS was intended to create equality of opportunity in the U. S. stock market. Instead it institutionalized a more pernicious inequality. A small class of insiders with the resources to create speed were now allowed to preview the market and trade on what they had seen.”

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“After the preliminary shock [of the collapse of the stock market], the nations will meet together to discuss the means of coping with the future in ordered fashion. Those who have stood most emphatically behind the rule of market forces will find themselves outvoted in the dispensation which will pertain, and those advocating co-operation will gain the ascendancy. This will not happen overnight. The process will be gradual, but will not be long delayed.”

Benjamin Creme (1922–2016) artist, author, esotericist

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“One recent history of economic thought (Jürg Niehans’s A History of Economic Theory) devotes twenty-four pages to Samuelson’s ideas. Adam Smith only gets thirteen. Samuelson’s work on stock markets and the random walk takes up less than two of those twenty-four pages. He was “the last generalist in economics,” as he liked to say, and for him financial market studies were just a side project that he at times seemed deeply ambivalent about. His intervention was, however, crucial to the triumph of the random walk. Here was one of the most important economists of all time, and he didn’t think the relationship between coin flips and the stock market was a dinner-speech triviality.”

Justin Fox (1964) American journalist

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“Since in reality the stock market is inhabited by mere mortals, there is no way that the stock market can be efficient in the way that economists define the term.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 10, The Price Is Not Right, p. 216

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