Notes and thoughts from PBS special, “The Great Crash Of 1929”
- You could buy stock on credit, before.
- Prices on the stock market were mostly just because of demand, not because of profits or performance, etc.
- Groups of investors would scheme to buy stocks, drive up the price and then sell for major profit.
- Newspaper reporters were paid off to help purport the lies.
- Stock Market could be manipulated by even the lowest workers on the totem poll (such as ticker operators).
- Roger Babson, an economist, criticized the stock market.
- JP Morgan followed the advice of an astrologer.
- Mr William Durant, founded General Motors. Heavy in the stock market. Was claimed to be worth 2 Billion in the 1920’s, what is that the equivalent of trillions now? Per http://www.westegg.com/inflation/ . What cost $2,000,000,000 in 1929 would cost $25,216,569,635.11 in 2010.
- There was a break in the stock market before the big crash in 1929.
- Al Capone even declared that Wall Street people were crooked. It takes one to know one they say right? Why did people not listen?
- “Confidence, not halfway confidence but 100% confidence is the real basis for our prosperity” – William Durant
- The Charlie Mitchell’s, and JP Morgan’s were continuing to praise the stock market and speak optimistically 5 days before the great stock market crash of 1929. With this example amongst others, we should have learned that rich people are very un-trustworthy.
- The stock market was bailed out multiple times before the big crash.
- One guy says it takes about 30 years for a new breed of “suckers” to delude themselves into believing they can make it rich on the stock market.