In 1851, Charles Mackay wrote his 600-page tome, Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. In it, he describes 86 economic bubbles, like the tulip and the South Sea bubbles during the 17th and 18th centuries, both which burst and caused thousands to lose their fortunes through speculation. Mackay believed this economic phenomenon was evidence of a reckless obsession.
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