Part 6/10:
Edwin LeFevre, a prominent financial writer, noted an extraordinary expansion in industries not just in America but abroad, citing the collective expectation of boundless opportunities amidst significant investment influx. Between 1897 and 1906, the GDP grew impressively, drawing parallels with an earlier era teetering on the verge of instability.
The Gathering Storm
Despite the booming environment, indicators of mounting risks were evident. The emergence of trust companies—akin to banks yet highly speculative and without regulatory oversight—left the financial system increasingly vulnerable. A persistent undercurrent of growing speculation masked the objectionable reality of excessive credit and a receding financial safety net.