Twice Flat Broke


Art Steinmetz


November 17, 2008

I came across a book at a flea market last year called “Cheer Up!,” published in 1933. It was written by Roger Babson, a noted investor of the day who predicted the 1929 crash and was Prohibition Party’s (which still exists -shudder! - ) candidate for President of the United States in 1940.

In between the covers of the book was a fascinating note:

“Twice flat broke!” Get it? Har! I think this note is a gag. There was never a U.S. senator named Ramsbottom. The book does give good perspective though. There is nothing new under the sun and the current financial crisis we find ourselves in is just like all the other blow-offs of speculative excess we’ve seen going back to the tulip bulb mania. This too will pass so cheer up!