1929 Stock Market Crash
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In this article, the writer first describes the financial environment in the United States before the 1929 stock market crash occurred. The writer notes that for years the market was driven by public speculation. The writer points out that public leaders and role models played a major part in many of the public's beliefs. The public was fed lies and told stories that nobody could predict and were only backed by speculation. The writer explains that banks and many rich entrepreneurs inflated the market. The writer maintains that many times the market could have crashed before 1929, but speculation and trust in the economy did not let that happen. The writer concludes that speculation is often the aid to failure, where the best example was seen from 1925 to 1929. This paper uses mla style footnotes but does not include a bibliography page.
From the Paper:"For years the market was driven by public speculation. Public leaders and role models played a major part in many of the public's beliefs. They were fed lies and told stories that nobody could predict and were only backed by speculation. Banks and many rich entrepreneurs inflated the market. Many times the market could have crashed before 1929, but speculation and trust in the economy did not let that happen. Many were at a loss for what happened and were left with nothing. Sorrow and depression filled the streets throughout the country, especially New York City. It was not until many years later that the market recovered enough to pull investors in. What brought so many people the "American Dream" of becoming rich without physical activity, led to the eventual downfall of an economy which would drive the nation for years to come."
Sample of Sources Used:
- "The Great Crash: 1929", John Kenneth Galbraith, First Published 1955
- Understanding the New York Stock Exchange, 3rd ed/ (New York: Stock Exchange, April 1954)
- Lombard Street, 1922 ed. (London: John Murray, 1922)
- Thomas Wilson, Fluctuations in Income and Employment
- Morality Statistics, 1929 (Washington: Department of Commerce, Bureau of the census)
Cite this Research Paper:
1929 Stock Market Crash (2007, December 14) Retrieved September 25, 2022, from https://www.academon.com/research-paper/1929-stock-market-crash-100078/
"1929 Stock Market Crash" 14 December 2007. Web. 25 September. 2022. <https://www.academon.com/research-paper/1929-stock-market-crash-100078/>