"Stock prices have reached .. a permanently high plateau"

Here's a historical note from 1929:

* September 3, 1929: the Dow peaks at 381.17, after a somewhat shaky spring and a very bullish summer.
* September-early October: stocks decline mildly, but no panic yet.
* October 15: The leading US economist Irving Fisher famously proclaimed "The stock prices have reached what looks like a permanently high plateau".
* October 24-29: Black Thursday, Monday, Tuesday: the largest crash in the history of US markets.
* November 13: The Dow closes at 198.60 (-49%) from September top.