In keeping with yesterday’s video, I bring you the Stock Market Crash of 1929
6 short parts, all of them worth it, with a focus on several people who caught the stock market bug as told by their families.
……A time when Wall Street became Main Street and the little people were lured into investing in stocks. Manipulation of stock prices by wealthy Wall Street investors, a casual feeling among the Unknowing that the market wasn’t a risk any longer. Financial journals, such as the Wall Street Journal and NY Times would help out with glowing, exciting “news” for companies. You couldn’t lose!. The prices of a particuler stock would then rise thanks to the smaller investors and, when the stock hit a certain price, the big boys sold and the stock dropped. Wall Street bought up their politicians at all levels and put them in place. If anybody questioned what was going on or the market “Boom,” they were accused of being UnAmerican. The only guy who got away with telling the world what was really going on was………was Al Capone. He said, “Those guys are crooked!”. Federal Reserve was well aware of what was going on but refused to regulate. Then things started to crumble and companies tried to cover the value of their stocks by borrowing more money. Artificial rallies were conjured up. All the elements were visibly in place. And America was being kept busy with disturbing news and fascinating stories from around the world—and everybody forgot about the market. Everything was fine! Easy credit was readily available to everybody. Many people borrowed money just to invest in….you guessed it……….stocks! The average person now had hope for easy money, that home, the good retirement. People began investing in Florida land, a boom that meant you “Couldn’t lose!” A popular love song of the day was, “I’m In The Market For You”. And the market just kept going Up and Up and Up. Now, “Everyone could be rich!” and “The Dow Jones Could Climb Up To Heaven!”
………….. Meanwhile, large “swaths” of so far ‘unseen’ Americans were becoming very very poor.
Recognize anything here? Just asking! Oh, dear Uppityites! Do not miss this series and see how some things never change and how the only thing we have learned from history is how to repeat it exactly!