According to some contemporary observers, however, “pent-up demand” was only part of the story. During the brief but deep recession of 1949, the financial commentator Silvia Porter reflected on the attitudes that led to the 1929 crash: “We saw nothing wrong – in fact, we saw everything right – with the wild speculative boom and credit inflation that…culminated in the now almost unbelievable gambling orgy of 1929.”
对当时的一些观察者来看，“被压抑的需求”只是经济复苏的原因之一。1949年出现了短暂的经济萧条，在回顾1929年大萧条时期人们的表现时，当时的金融评论家塞尔威·波特说道：“那时候投机盛行，信贷膨胀，我们当时觉得一切都很正常，大家都沉浸在一时的狂欢盛宴之中，没有人意识到危险的到来。”