You will find one day everyone enterprising, enthusiastic, vigorous, eager to buy, and eager to order: in a week or so you will find almost the whole society depressed, anxious, and wanting to sell.
Bagehot describes the cyclical nature of market enthusiasm and depression among society.
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More from Walter Bagehot
In early society, originality in life was forbidden and repressed by the fixed rule of life.
The power of free interchange of ideas being wanting, the ideas themselves were barren.
They have given what I may call a CONFIDENCE IN THE UNIVERSE.
Carlyle has taught the present generation many lessons, and one of these is that 'God-fearing' armies are the best armies.
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