The Stock Market Crash of 1929

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"During the 1920s, the stock market became the focus of popular interest. Along with Prohibition and baseball, it was the subject of conversation at private meetings throughout the nation. To many, it seemed a perfect reflection of a new industrial America--especially to investors who spent much of their spare time following the market and who were able to buy stock on margin, or credit, for as little as 10 percent in cash. About one-third of the nation's more than three million stockholders were playing the market on margin, and people at dinner parties kept telling stories about average working class people who had kept a close watch on the market, bought on margin, and became millionaires (Friedrich 54).


To others in the country, the stock market was a symbol of the dangerous frivolity of the time. Neither was true. Instead..."

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