Today 90 years ago - Black Thursday, start of the Wall Street Crash 1929

Enceladus

Legend
Today marks the 90th anniversary of the beginning of the Wall Street Crash of 1929 (also the Stock Market Crash of 1929 or the Great Crash), the biggest stock market crash in history.
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FDR to the rescue! Great article, that first one in your spoiler link. Thanks.

They say such a profound crash couldn’t happen in our times; that there are too many safeguards now that weren’t in place back then. I sure hope that’s true. Sometimes, it’s just scary!
 

r2473

G.O.A.T.
FDR to the rescue! Great article, that first one in your spoiler link. Thanks.

They say such a profound crash couldn’t happen in our times; that there are too many safeguards now that weren’t in place back then. I sure hope that’s true. Sometimes, it’s just scary!
The financial crisis in 2008 was MUCH more serious. “They” saved the system, but look at the cost. Still, the alternative was FAR worse.

The world was on the precipice of financial Armageddon. If you read accounts of what happened, it was SCARY!!
 

dgold44

G.O.A.T.
Today marks the 90th anniversary of the beginning of the Wall Street Crash of 1929 (also the Stock Market Crash of 1929 or the Great Crash), the biggest stock market crash in history.
14e5b87150f435c996279f035a12c2a9.jpg

People-steps-building-stock-market-crash-New-Thursday-October-24-1929.jpg

black-thursday-and-black-tuesday-3-638.jpg



So many factors were into play but the 20s were one of the best decades in US history from wealth and entrepreneurship to huge discoveries in science
 

T1000

Legend
FDR to the rescue! Great article, that first one in your spoiler link. Thanks.

They say such a profound crash couldn’t happen in our times; that there are too many safeguards now that weren’t in place back then. I sure hope that’s true. Sometimes, it’s just scary!

FDR had nothing to do with getting us out of the Great Depression. His policies actually did the opposite
 
The financial crisis in 2008 was MUCH more serious. “They” saved the system, but look at the cost. Still, the alternative was FAR worse.

The world was on the precipice of financial Armageddon. If you read accounts of what happened, it was SCARY!!
Indeed I know it was a very serious crisis then. I mostly know that big banks were doing a whole lot of risky lending at that time. (Have to wonder if they aren’t still doing so.) I’d like to read about it, actually. I based my statement mainly on what I’ve heard through the years and the fact that people were actually throwing themselves out of windows! And the long lines of folks at soup kitchens you see, things like that. The causes of both crises interests me. Not that I’d ever understand Wall Street workings.

FDR had nothing to do with getting us out of the Great Depression. His policies actually did the opposite
I’d love to know more about this, too. I think, from what my Dad used to tell me, it was the war that really turned things around. But according to one of the articles in the original post, Hoover seemed immobile and powerless and didn’t do much of anything for morale. FDRs policies had and have had a long-reaching effect, for sure. I’d love to learn much more.
 

max

Legend
I don't know how to express this and by no means am I trying to make partisan points. Not at all.

But my whole life, I've been sensitive to income disparities, especially those between whites and minorities. I am enormously thrilled to see minority unemployment at a historical low: I know from experience in a less-desirable urban minority setting, mutliple generations on welfare, that there is NOTHING like a job in terms of generating personal respect for one's self, respect from others, a sense of freedom and empowerment.

However, it's happened, it is a blessing.
 

dgold44

G.O.A.T.
FDR was a trying to be a dictator : he greatly extended his powers illegally , he tried to pack the Supreme Court , he illegally imprisoned Japanese Americans , He broke the 2 term tradition and he was an antisemite who refused Jewish refugees
Just a horrible man
 

Sudacafan

Bionic Poster
FDR was a trying to be a dictator : he greatly extended his powers illegally , he tried to pack the Supreme Court , he illegally imprisoned Japanese Americans , He broke the 2 term tradition and he was an antisemite who refused Jewish refugees
Just a horrible man
If FDR was an antisemite, what was Charles Lindbergh?
 

Bartelby

Bionic Poster
Who isn't accused of anti-Semitism these days? It's the slur of choice.

Contemporary Israel refuses refugees, so you can see how pointless your accusation is?

FDR was a trying to be a dictator : he greatly extended his powers illegally , he tried to pack the Supreme Court , he illegally imprisoned Japanese Americans , He broke the 2 term tradition and he was an antisemite who refused Jewish refugees
Just a horrible man
 

donquijote

G.O.A.T.
Why? Which are the signs?
I learned this from a chief economist and from my bank's 2020 projections. Noone has a crystal ball to see the future but all checks are ticked. It can be in 1 month and it can be in 16 months. But I know who become poorer and pay the price.
 

Sudacafan

Bionic Poster
I learned this from a chief economist and from my bank's 2020 projections. Noone has a crystal ball to see the future but all checks are ticked. It can be in 1 month and it can be in 16 months. But I know who become poorer and pay the price.
So you don’t recommend buying any shares (variable income), i. e. only investing in fixed income instruments?
 

donquijote

G.O.A.T.
So you don’t recommend buying any shares (variable income), i. e. only investing in fixed income instruments?
Fixed income investments also lose value and it can be in high percentage unless you actually buy the bond and wait until end of term. In the storm, usually nothing can save you unless you are in cash. In that case you can buy things at very cheap price and make a lot of profit.
 

Ironwood

Professional
What I fear most about markets today, and I trade, is programmed trading or High Frequency Trading (HFT's) They can wreck a market very quickly and I can't begin to respond to the carnage they can produce. There are limiters to limit downside damage, but a lot of damage can be done before any intervention takes hold. I try to be nimble, but I'm not a bot!
 

donquijote

G.O.A.T.
What I fear most about markets today, and I trade, is programmed trading or High Frequency Trading (HFT's) They can wreck a market very quickly and I can't begin to respond to the carnage they can produce. There are limiters to limit downside damage, but a lot of damage can be done before any intervention takes hold. I try to be nimble, but I'm not a bot!
Why would anyone want to wreck the market?
No investor wants that to happen. But when they think there is a big danger ahead, they panic and quit. For big players to quit silently, market needs to be carried up to a certain unrealistic level for them to start unloading. As long as there's a balanced growth, the risk is not high imo.
 
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