From The Great Crash of 1929 by JK Galbraith:
It would probably be unwise to expose the economy to the shock of another major speculative collapse. Some of the new reinforcements might buckle. Fissures might open at other new and perhaps unexpected places. Even the quick withdrawal from the economy of the spending that comes from stock market gains might be damaging. Any collapse would not be good for the public reputation of Wall Street.
Wall Street, in recent times, has become, as a learned phrase has it, "very public relations conscious". Since a speculative collapse can only follow a speculative boom, one might expect that Wall Street would lay a heavy hand on any resurgence of speculation.
The public would be warned sharply of the risks inherent in buying stocks on the rise. Those who persisted, nonetheless, would have no-one to blame but themselves. The position of the stock exchange, its members, the banks, and the financial community in general would be perfectly clear and as well protected in the event of a further collapse as sound public relations allow.
As noted, all this might logically be expected. It will not come to pass. This is not because the extent of self-preservation in Wall Street is poorly developed. On the contrary, it is probably normal and may be above. But financial capacity and political perspicacity are inversely correlated. Long-run salvation by men of business has never been highly regarded if it means disturbance of orderly life and convenience in the present. So inaction will be advocated in the present even though it means deep trouble in the future.
Here at least, equally with communism, lies the threat to capitalism. It is what causes men who know that things are going quite wrong to say that things are fundamentally sound.
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