"Those who questioned the New Era gospel were ostracized as knaves or fools. The most persistent spoilsport was the economist Roger Babson, whose gloomy forecasts were mocked even as the economy stagnated in the sweltering summer of 1929. On Sept. 5, 1929, Babson reiterated his doomsday cry: 'Sooner or later a crash is coming, and it may be terrific.' This time, instead of yawning, the market sold off sharply in what was dubbed the 'Babson Break'—the first sign of market fragility. President Hoover turned to Thomas W. Lamont, the senior partner of J. P. Morgan & Co., for reassurance. Five days before Black Thursday, Lamont obliged him with this stunning bromide: 'The future appears brilliant.'"
Ron Chernow in The New York Times marks the eightieth anniversary of the 1929 stock market crash.
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