A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from November 07, 2012
“There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich”

Economic historian Charles P. Kindleberger (1910-2003) wrote in Manias, Panics and Crashes: A History of Financial Crises (1978 and subsequent editions):

“In my talks about financial crisis over the last decades, I have polished one line that always gets a nervous laugh: ‘There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.’”

Kindleberger’s one-line saying is often cited in the financial literature.


Wikipedia: Charles P. Kindleberger
Charles Poor “Charlie” Kindleberger (October 12, 1910 – July 7, 2003) was a historical economist and author of over 30 books. His 1978 book Manias, Panics, and Crashes, about speculative stock market bubbles, was reprinted in 2000 after the dot-com bubble. He is well known for hegemonic stability theory.

Google Books
Manias, Panics and Crashes:
A History of Financial Crises

By Charles Poor Kindleberger
New York, NY: Basic Books
1978
Pg. 15:
In my talks about financial crisis over the last decades, I have polished one line that always gets a nervous laugh: “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

Google Books
The 1930s and the 1980s: Parallels and Differences
By Charles Poor Kindleberger
Singapore: Asean Economic Research Unit, Institute of Southeast Asian Studies
1989
Pg. 2:
I have had great success in public talks with a line of thought of the following sort: there is nothing that upsets a man or woman so much as to see a friend get rich.

New York (NY) Times
Wall Street Is Looking More Like Tokyo
By FLOYD NORRIS
Published: February 16, 1997
(...)
As Charles P. Kindleberger notes in his classic financial history, ‘’Manias, Panics and Crashes,’’ a new edition of which has just been published by Wiley, ‘’There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.’’

Google Books
Comparative Political Economy:
A Retrospective

By Charles Poor Kindleberger
Cambridge, MA: The MIT Press
2000
Pg. 321:
In my talks about financial crisis over the last decade, I have polished one line that always gets a nervous laugh: “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

Google Books
The Panic of 1907:
Lessons Learned from the Market’s Perfect Storm

By Robert F. Bruner and Sean D. Carr
Hoboken, NJ: John Wiley & Sons, Inc.
2007
Pg. X:
Although he didn’t know it at the time, economic historian Charles Kindleberger truly had the nuclei accumbens in mind when he uttered his most famous bon mot: “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

Google Books
The Oxford Handbook of Capitalism
Edited by Dennis C. Mueller
New York, NY: Oxford University Press
2012
Pg. 409:
As the economic historian Charles Kindleberger has stated, “There is nothing so disturbing to one’s well-being and judgment as to see a friend get rich.”

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Wednesday, November 07, 2012 • Permalink