There is something special about the '20s. Historically the '20s have been a time of renewed optimism, a beginning of a new century, and most especially a time when financial speculation seems to hit a peak.

Yesterday we traced the most famous of all '20's speculative bubbles. What's most interesting of all of these is that they are essentially a financial phenomena. It is not, the production side of the economy that has been involved in these mania's, its the financial side. In fact in the case of Gregor MacGregor, much lie Bernie Madoff, there was no real product or service provided. It was pure swindle. And purely financial.

This list of Roaring '20s gives us an excellent perspective on what is happening in our own financial markets today.