And if anyone held onto their stocks through the '29 crisis they would not regain their pre-'29 value until late in 1954, 22 years later.

The volatility of the NYSE the last week or so seems to me to indicate a lack of real value in them and the lack of a basic confidence which would stabilize the prices. It just plain looks as if the wheels have come off and it's careening out of control, up and down, almost on it's own. A bit like the end of a hose which has been dropped.

It's clear the abrupt rise today doesn't reflect an increase in value. Nor is it an adjustment back toward real value after the precipitous declines. I think it just means the American economy is in very bad shape.

This gets scarier by the day.