Morgan Housel

Tremendous amount of anger, a lot of it rightful.

And then World War Two kind of brought everyone together with a shared sacrifice.

And in the 1950s, it was kind of like, no, we're not going to go back to what it was.

It was a brief era of togetherness.

Now, there's also a lot of overt racism and whatnot.

It was not perfect by any means.

But relative to what existed before or since, there was a sense of the pendulum had swung way too far.

And on its way to swinging in the other direction, it found a happy medium for a period of time.

I think that tends to be true.

And if there is any legitimacy to people having nostalgia for that era, I think it tends to be that.

This is the horseshoe theory that the extremes of either party actually like it's a horseshoe and they meet together at the end of kind of very similar policies.

And then sometimes it's Coke, Pepsi.

It's barely a different flavor.

In modern American history, there have been two distinct points where things got real bad and real nasty.

And I think in many ways, much worse and nastier than they are right now.

The 1930s and kind of the 1970s era, where a lot of people, you probably had during those eras, you had a third or more of the country waking up every morning saying,

to hell with this, this sucks.

I'm really upset about this.

1930s, everything collapses.

Interesting about the 1930s is that fascism was not the dirty word that it is today.