Tuesday, September 16, 2008

1929 Stock Market Crash Chart

Mister, we could use a man like Herbert Hoover again...


On October 25, 1929, a day after what is now known as Black Thursday, Hoover declared, "The fundamental business of the country, that is the production and distribution of commodities, is on a sound and prosperous basis."

Stock Market Crash Chart 1929

Wall Street in crisis (2008): 'This rivals 1929'

"The Fundamentals Are Strong"


neb said...

The fundamentals ARE strong.

What he doesn't mention is that the fundamentals of this country, for over a hundred years, have been the ruling class raking in all the profits while the rest of us shoulder the burden of their screwups. Most recently to the tune of $85 Billion. Who knew the government had that much money under their mattress?

ZS said...

As usual, you're right, Neb. Andrew Carnegie and Henry Frick days are as current as ever.

Anonymous said...

About the problems, Democratic president Roosevelt got us in to this trend...

By 1935 the Nation had achieved some measure of recovery, but businessmen and bankers were turning more and more against Roosevelt's New Deal program. They feared his experiments, were appalled because he had taken the Nation off the gold standard and allowed deficits in the budget, and disliked the concessions to labor. Roosevelt responded with a new program of reform: Social Security, heavier taxes on the wealthy, new controls over banks and public utilities, and an enormous work relief program for the unemployed.
In 1936 he was re-elected by a top-heavy margin. Feeling he was armed with a popular mandate, he sought legislation to enlarge the Supreme Court, which had been invalidating key New Deal measures. Roosevelt lost the Supreme Court battle, but a revolution in constitutional law took place. Thereafter the Government could legally regulate the economy.