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The Dow Jones Industrial Average closed at 381.17 points on Sept. 3, 1929. It This is part two of a deep look at the Roaring '20s and the Crash of 1929 -- click here to start with part one.
The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N. "The Stock Market Boom and Crash of 1929 Revisited". The Journal of Economic Perspectives Vol. 4, No. 2 (Spring, 1990), pp. 67–83, evaluates different theories JSTOR 1942891
The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
However, the mini-crash was averted two days later when National City Bank pumped $25 million in credit into the stock market. Summer: Consumer spending and industrial production begin to stagnate. The Federal Reserve continues with its plan to raise interest rates from 4% in mid-1928 to 6% by mid-1929 in an attempt to combat speculative behavior.
Recently, several market analysts have argued that the Dow Jones Industrials is setting itself up for a repeat of the Crash of 1929, the plunge.
The demand-driven theories argue that the financial crisis following the 1929 crash led to a sudden and persistent reduction in consumption and investment spending, causing the depression that followed. [2] Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets.
Charles Edwin Mitchell (October 6, 1877 – December 14, 1955) was an American banker whose incautious securities policies facilitated the speculation which led to the Crash of 1929. First National City Bank's (now Citibank) controversial activities under his leadership were a major contributing factor in the passage of the Glass-Steagall Act.
One of Wall Street’s most bearish skeptics told Business Insider last month that he thinks the “worst market crash since 1929” is coming. Mark Spitznagel, chief investment officer of ...