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Wall Street Crash of 1929

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(Redirected from October 29, 1929)
Not to be confused with Blackout Tuesday.
"Black Tuesday" and "Wall Street Crash" redirect here. For other uses, see Black Tuesday (disambiguation) and Wall Street Crash (disambiguation).

Crowd gathering on Wall Street after the 1929 crash

The Wall Street Crash of 1929, also known as the Great Crash, Crash of '29, or Black Tuesday,[1] was a major American stock market crash that occurred in the autumn of 1929. It began in September, when share prices on the New York Stock Exchange (NYSE) collapsed, and ended in mid-November. The pivotal role of the 1920s' high-flying bull market and the subsequent catastrophic collapse of the NYSE in late 1929 is often highlighted in explanations of the causes of the worldwide Great Depression.

It was the most devastating stock market crash in the history of the United States when taking into consideration the full extent and duration of its aftereffects.[2] The Great Crash is mostly associated with October 24, 1929, called Black Thursday, the day of the largest sell-off of shares in U.S. history,[3][4] and October 29, 1929, called Black Tuesday, when investors traded some 16 million shares on the New York Stock Exchange in a single day.[5] The crash, which followed the London Stock Exchange's crash of September, signaled the beginning of the Great Depression.

Background

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The Dow Jones Industrial Average, 1928–1930

The "Roaring Twenties", the decade following World War I that led to the crash,[6] 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.[7]

Scholars believe that declines in the money supply caused by Federal Reserve decisions had a severely contractionary effect on output.[8] Despite the inherent risk of speculation, it was widely believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation.[9] Two days later, banker Charles E. Mitchell announced that his company, the National City Bank, would provide $25 million in credit to stop the market's slide.[9] Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent.[9] However, the American economy showed ominous signs of trouble.[9] Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit.[9]

Despite all the economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June, and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929.[9] Shortly before the crash, economist Irving Fisher famously proclaimed "Stock prices have reached what looks like a permanently high plateau".[10] The optimism and the financial gains of the great bull market were shaken after a well-publicized September 8 prediction from financial expert Roger Babson that "a crash is coming, and it may be terrific".[11][12] The initial September decline was thus called the "Babson Break" in the press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity.[citation needed]

On September 20, 1929, top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery, leading to the suspension of his companies. This may have weakened the confidence of Americans in their own companies,[13] although it had minimal impact on the London Stock Exchange. In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery.[citation needed]

Crash

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Overall Price Index [clarification needed] on Wall Street from just before the crash in 1929 to 1932 when the price bottomed out

Selling intensified in mid-October. On October 24, "Black Thursday", the market lost 11% of its value at the opening bell on very heavy trading.[14] The huge volume meant that the report of prices on the ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for.[15] Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.[16] The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York.[17] They chose Richard Whitney, vice president of the Exchange, to act on their behalf.[citation needed]

With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $205 per share, a price well above the current market.[18] As traders watched, Whitney then placed similar bids on other "blue chip" stocks. The tactic was similar to one that had ended the Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day.[citation needed]

The trading floor of the New York Stock Exchange Building in 1930, six months after the Crash of 1929

On October 28, "Black Monday",[19] more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%.[14]

On October 29, 1929, "Black Tuesday" hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Around $14 billion of stock value was lost, wiping out thousands of investors. The panic selling reached its peak with some stocks having no buyers at any price.[20] The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 68.90 points, or 23.05% in two days.[21][22][23][24]

On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m.[citation needed]

Dow Jones Industrial Average on Black Monday and Black Tuesday[25]
Date Change % Change Close
October 28, 1929 −38.33 −12.82 260.64
October 29, 1929 −30.57 −11.73 230.07

After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with the Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak (bear market rally) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for the index in less than three years.[26][27]

Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to its peak close of September 3, 1929, for 25 years, until November 23, 1954.[28][29][30]

Aftermath

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In 1932, the Pecora Commission was established by the U.S. Senate to study the causes of the crash.[31] The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities.[32]

Afterwards, stock markets around the world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday, October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929, was larger than that of October 19, 1987, and remains the worst two-day decline as of June 26, 2024).[33]

Analysis

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The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in the first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains.[34] Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. Many people were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks that they were buying. Over $8.5 billion was out on loan,[35] more than the entire amount of currency circulating in the United States at the time.[36][37]

The rising share prices encouraged more people to invest on the hope that share prices would rise further. Speculation thus fueled further rises and created an economic bubble. Because of margin buying, investors stood to lose large sums of money if the market turned down or even if it failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929,[38] clearly above historical norms.[39] According to the economist John Kenneth Galbraith, the exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs's "Blue Ridge trust" and "Shenandoah Trust", which crashed in 1929 as well, resulting in losses to banks of $475 billion in 2010 dollars ($663.68 billion in 2023).[40]

The British economist Sir George Paish predicted the May slump.

Good harvests had built up a mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. The oversupply caused such a drop in wheat prices that the net incomes of farmers from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets,[citation needed] and the slump in Wall Street that had been predicted for May by Sir George Paish arrived on time. In June 1929, the position was saved by a severe drought in the Dakotas and the Canadian West, as well as unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $1.49 in July. When it was seen that figure would make American farmers get more for their crop that year than in 1928, stocks went up again.[41]

In August, the wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags" (amateur speculators) and investors. Congress voted for a $100 million relief package for the farmers on the hope of stabilizing wheat prices, but by October, the price had fallen to $1.31 per bushel.[42]

Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, and it started to falter after Roger Babson issued his prescient "market crash" forecast. By the end of September, the market had dropped 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days. Panic selling of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday").[43]

The president of the Chase National Bank, Albert H. Wiggin, said at the time:

We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying.[44][45]

Effects

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United States

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Further information: Causes of the Great Depression
Crowd at New York's American Union Bank during a bank run early in the Great Depression

Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century.[46] The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade.[47] The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan.[48]

The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until the present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed.[49] Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market.[50]

In 1930, 1,352 banks held more than $853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $1.7 billion in deposits. Many businesses failed (28,285 failures and a daily rate of 133 in 1931).[citation needed]

The 1929 crash brought the Roaring Twenties to a halt.[51] As tentatively expressed by economic historian Charles P. Kindleberger, in 1929, there was no lender of last resort effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises.[48] The crash instigated widespread and long-lasting consequences for the United States. Historians still debate whether the 1929 crash sparked the Great Depression[52] or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less weight in causing it.[citation needed]

Unemployed men march in Toronto.

However, the psychological effects of the crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regard to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of the money supply, and other economically depressing events.[53]

The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated the Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying.[52]

The failure set off a worldwide run on US gold deposits (i.e., the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the uptick rule,[54] which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid.[55]

Europe

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The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange, the world noticed immediately. Although financial leaders in the United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe.[56]

In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within the UK, protests often focused on the so-called means test, which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the means test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to the violation of public order.[56]

Academic debate

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There is a debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash,[57] nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression.[58]

However, The Economist also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that the position of the banks was the key to the situation, but what was going to happen could not have been foreseen.[58]

Milton Friedman and Anna Schwartz's A Monetary History of the United States, argues that what made the "great contraction" so severe was not the downturn in the business cycle, protectionism, or the 1929 stock market crash in themselves but the collapse of the banking system during three waves of panics from 1930 to 1933.[59]

See also

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References

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  1. ^ William E. Leuchtenburg; William Edward Leuchtenburg (June 2008). Herbert Hoover (The American Presidents). Internet Archive. Henry Holt & Co. ISBN 978-0-8050-6958-7.
  2. ^ Bone, James. "The beginner's guide to stock markets". The Times. London. Archived from the original on May 25, 2010. Retrieved January 29, 2012. The most savage bear market of all time was the Wall Street Crash of 1929–1932, in which share prices fell by 89 percent.
  3. ^ "The Stock Market Crash of 1929". Money-Zine. Retrieved March 18, 2015.
  4. ^ • "Worst Stock Crash Stemmed by Banks; 12,894,650 Share Day Swaps Market", The New York Times, Friday, October 25, 1929. Retrieved November 27, 2020.
       • Shachtman, Tom. (1979). The Day America Crashed: A Narrative Account of the Great Stock Market Crash of October 24, 1929. Description. New York: G.P. Putnam. Retrieved November 27, 2020
  5. ^ Wanniski, Jude (1978). The Way the World Works. Gateway Editions. ISBN 0895263440.[page needed]
  6. ^ "America gets depressed by thoughts of 1929 revisited" The Sunday Times
  7. ^ Dan Bryan. "The Great (Farm) Depression of the 1920s". American History USA. Archived from the original on November 5, 2013. Retrieved November 10, 2013.
  8. ^ "Great Depression - Causes of the Great Depression | Britannica".
  9. ^ a b c d e f "Timeline: A selected Wall Street chronology". PBS. Archived from the original on September 23, 2008. Retrieved September 30, 2008.
  10. ^ Teach, Edward (May 1, 2007). "The Bright Side of Bubbles". CFO. Archived from the original on September 22, 2008. Retrieved October 1, 2008.
  11. ^ Galbraith, John Kenneth (1997). The Great Crash, 1929. Houghton Mifflin Harcourt. p. 84. ISBN 0395859999.
  12. ^ "Babson Predicts Crash in Stocks Sooner or Later". The Owensboro Messenger (Owensboro, Kentucky). September 8, 1929. p. 2. "I repeat what I said at this time last year, and the year before, that sooner or later a crash is coming which will take the leading stocks and cause a decline of from sixty to eighty points in the Dow-Jones Barometer. Fair weather cannot always continue. The economic cycle is in progress today, as it was in the past. The Federal Reserve System has put the banks in a strong position, but it has not changed human nature. More people are borrowing and speculating today than ever in our history. Wise are those investors who now get out of debt and reef their sails. This does not mean selling all you have but it does mean paying up your loans and avoiding margin speculation."
  13. ^ Harold Bierman Jr. (1998). The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era?. Greenwood Publishing Group. pp. 19–29. ISBN 978-0313306297.
  14. ^ a b Post, Special to Financial (October 24, 2011). "The Great Crash of 1929, some key dates". Financial Post. Retrieved July 22, 2020.
  15. ^ "Rally Follows Record Crash; Ticker 2 Hrs. Late". Times Union (Brooklyn, New York). October 24, 1929. p. 11.
  16. ^ Robert Goldston, The Great Depression, pp. 39–40
  17. ^ "Lamont Says Banks See No Cause For Alarm As Stock Crash Is Only Technical Break". Times Union (Brooklyn, New York). October 24, 1929. p. 1.
  18. ^ "Brief Review Transactions On Exchange". Associated Press. The Ithaca Journal (Ithaca, New York). October 25, 1929. p. 14.
  19. ^ "The Panic of 2008? What Do We Name the Crisis?" The Wall Street Journal. September 16, 2008.
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  21. ^ "Timeline". NYSE Euronext. NYSE. Archived from the original on June 11, 2010. Retrieved October 1, 2008.
  22. ^ Weeks, Linton (September 17, 2008). "History's Advice During A Panic? Don't Panic". NPR. Retrieved October 1, 2008.
  23. ^ "The Crash of 1929". PBS. Archived from the original on September 23, 2008. Retrieved October 1, 2008.
  24. ^ Salsman, Richard M. "The Cause and Consequences of the Great Depression, Part 1: What Made the Roaring '20s Roar", The Intellectual Activist, ISSN 0730-2355, June 2004, p. 16.
  25. ^ "Dow Jones Industrial Average All-Time Largest One Day Gains and Losses". The Wall Street Journal. Retrieved May 11, 2011.
  26. ^ According to the Federal Reserve Bank of St. Louis Economic Data website, based on a monthly time series 1929 September – 1932 June, the Dow Jones Industrial Average lost 87.1% while the Cowles Commission and S&P's all stock index lost 85.0%: "Dow-Jones Industrial Stock Price Index for United States". Federal Reserve Economic Data. Federal Reserve Bank of St. Louis. May 1933.
  27. ^ "Index of All Common Stock Prices, Cowles Commission and Standard and Poor's Corporation for United States". Federal Reserve Economic Data. Federal Reserve Bank of St. Louis. May 1933.
  28. ^ "DJIA 1929 to Present", Yahoo! Finance
  29. ^ "U.S. Industrial Stocks Pass 1929 Peak", The Times, November 24, 1954, p. 12.
  30. ^ Perrin, Olivier (July 23, 2011). "Les grands chocs du XXE siècle (3) – En 1929, six jours de panique à Wall Street annoncent le pire, à venir" [The Major Shocks of the 20th Century (3) – In 1929, six days of panic on Wall Street announce the worst, to come]. Le Temps (in French). No. 3. Geneva. ISSN 1423-3967. OCLC 38739976. Archived from the original on February 25, 2019. Retrieved February 25, 2019.
  31. ^ King, Gilbert. "The Man Who Busted the 'Banksters'". Smithsonian. Retrieved May 10, 2019.
  32. ^ Reed, Eric (April 18, 2019). "What Is The Glass-Steagall Act?". TheStreet. Retrieved May 10, 2019.
  33. ^ "The End of Optimism? The Great Depression in Europe". Digital History Reader. Retrieved January 10, 2019.
  34. ^ Shann, Edward (November 1, 1929). "Broad Facts of, USA Crisis". The Daily News. Perth, Western Australia. p. 6 (Edition: Home Final Edition). Retrieved November 22, 2012 – via National Library of Australia.
  35. ^ Lambert, Richard (July 19, 2008). "Crashes, Bangs & Wallops". Financial Times. Archived from the original on October 3, 2008. Retrieved September 30, 2008. At the turn of the 20th-century stock market speculation was restricted to professionals, but the 1920s saw millions of 'ordinary Americans' investing in the New York Stock Exchange. By August 1929, brokers had lent small investors more than two-thirds of the face value of the stocks they were buying on margin – more than $8.5bn was out on loan.
  36. ^ New York: A Documentary Film Archived February 20, 2011, at the Wayback Machine PBS
  37. ^ Kemmerer, Edwin Walter (1932). Facing the facts: an economic diagnosis. Books for Libraries Press. ISBN 9780836901276. Retrieved September 30, 2008.
  38. ^ Shiller, Robert (March 17, 2005). "Irrational Exuberance, Second Edition". Princeton University Press. Archived from the original on January 1, 2007. Retrieved February 3, 2007.
  39. ^ Doug Short (April 3, 2013). "The Stock Market's Valuation Rarely Gets This High". Business Insider.
  40. ^ Galbraith, John Kenneth (1954). "In Goldman Sachs We Trust". The Great Crash, 1929. Boston: Houghton Mifflin. ISBN 0-395-85999-9., cited in Taibbi, Matt (April 5, 2010). "The great American bubble machine". Rolling Stone. Retrieved November 3, 2017.
  41. ^ DiNunzio, Mario R. (July 23, 2014). The Great Depression and New Deal: Documents Decoded. ABC-CLIO. ISBN 978-1-61069-535-0.
  42. ^ "Grain Plunges". The Courier-Mail. Brisbane, Qld: National Library of Australia. October 26, 1929. p. 19. Retrieved November 22, 2012.
  43. ^ "Wild Selling. New York Panic". The Sydney Morning Herald. Sydney, NSW: National Library of Australia. October 26, 1929. p. 17. Retrieved November 22, 2012.
  44. ^ "Second Crash". The Sydney Morning Herald. Sydney, NSW: National Library of Australia. October 30, 1929. p. 17. Retrieved November 20, 2012.
  45. ^ Anderson, John P. (June 7, 2018). Insider trading law, ethics, and reform. Cambridge University Press. p. 26. ISBN 9781316603406. OCLC 1048586916.
  46. ^ "Paulson affirms Bush assessment", The Washington Times
  47. ^ Scardino, Albert (October 21, 1987). "The Market Turmoil: Past lessons, present advice; Did '29 Crash Spark The Depression?". The New York Times.
  48. ^ a b "Crashes, Bangs & Wallops" Financial Times
  49. ^ Jameson, Angela (August 10, 2005),"Pyramid structures brought down by Wall Street Crash" The Times, Retrieved March 17, 2010
  50. ^ "Death of the Brokerage: The Future of Wall Street" National Public Radio
  51. ^ "Kaboom!...and bust. The crash of 2008" The Times
  52. ^ a b "The Market Turmoil: Past lessons, present advice; Did '29 Crash Spark The Depression?" The New York Times
  53. ^ The Great Depression. Britannica Educational Publishing. 2012. ISBN 978-1615308972.
  54. ^ "Practice has plenty of historical precedents" Financial Times
  55. ^ "Funds want 'uptick' rule back" Financial Times
  56. ^ a b "Digital History Reader – European History – Module 04: The End of Optimism? The Great Depression in Europe". Virginia Tech. Retrieved November 4, 2016.
  57. ^ "Economics focus: The Great Depression", The Economist (September 17, 1998)
  58. ^ a b "Reactions of the Wall Street slump", The Economist (November 23, 1929)
  59. ^ "Panic control" The Washington Times

Further reading

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