UPDATED 10-28-09: 80TH ANNIVERSARY OF THE 1929 STOCK MARKET CRASH AND THE GREAT DEPRESSION…

Posted on October 24, 2009. Filed under: Facts / History / Nostalgia... |

 

UPDATED:  Wednesday, October 28, 2009 7:50 AM (My original post follows my update)

 
These pictures are from the 1930s and 40s—The Great Depression and World War II
 
QueenBee
 
 
 

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Today marks the 80th anniversary of the Stock Market Crash of 1929 and The Great Depression.  Looking at this footage and the devastation that enveloped the United States at that time humbles me immensely.  They had absolutely nothing; no modern conveniences that we have today, yet they persevered through the worst of the worst.  That’s the America I know, love and respect.  I’m so proud of this country and every American in it for what we’ve overcome throughout history.  They persevered back then against all odds, and we’ll do it again because we’re Americans and that’s what Americans do.  It’s the government I have a problem with.  All we need is for the government to get the heck out of our way because we, as Americans, can find our own way.
 
I am listing some info here that you may find interesting.  At the bottom of my post, I included a link which opens to information on a movie, entitled "Gabriel Over The White House", a  1933 motion picture depicting a fictional U. S. President who has a religious experience and attempts to solve his country’s problems through authoritarian means.  I also included from YouTube, Part 1 (some excerpts) from that movie.  In the beginning of Part 1, it is not in English, but if you advance to 02:55, the movie will start, in English, with subtitles.  You can click on the link below the video to view the remaining parts/excerpts of this movie from the side bar.  Some similarities in this movie to what we’re now experiencing.  Life imitating art?  Hmmm…
 
QueenBee
 
 
 

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When you watch this video, they talk about how prosperous the 1920s were and then it collapsed, and we heard the same think in the 1990s just before we started spiraling downward.  It’s obvious that our government didn’t learn anything from The Great Depression.  Is history repeating itself?  Hmmm…

            

 
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Here are some pictures that chronicle this fateful time…
 
Click on the picture to advance to guardian.co.uk’s site for pictures 2-9.  Read the archives in the left side bar (Financial Meltdown Of The Past) for some revealing information…
 

1 / 9

The crisis began on Thursday 24 October 1929. After a bull market that had lasted most of the decade, shares began to fluctuate dramatically. On Black Thursday, panic set in. Nearly 13m shares changed hands — then a record — as investors tried to get out of the market 

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From euronews.net…
 

On the eve of the 80th anniversary of the Wall Street Crash, euronews has visited the belly of the beast in New York.

We spoke to bankers just over one year after the global economy flirted with another catastrophic collapse.

“The Crash of 29, that was a scary moment, back here…Believe it or not my family has been down here (in Wall Street) for like five generations. And that was my father’s…actually it was my grandfather’s time,” said NYSE trader David Henderson.

Veteran trader Teddy Weisberg has been working on Wall Street for 40 years and describes it as an emotional rollercoaster ride:

“When you’re in the midst of it, it always seems like the end of the word, it’s an extreme emotion. People tend to want to throw the baby out with the bath water. Then again, trading stocks, whether it’s good news or bad news, to a large degree it is driven by human emotion.”

The stock market crashed under the weight of a financially fruitful decade known as the ‘roaring 20s’ that overinflated investor confidence.

Today not everybody agrees on whether we are better prepared to respond to such a crisis.

Richard Sylla, Professor of the History of Financial Institutions and Markets, Nyu Stern thinks that governments at least know what they are dealing with:

“Having learned a lesson from 1929 and 33, the authorities today intervened massively, preventing a bad situation becoming worse,” he says.

But for trader Alan Valdes, the 21st century response has been found wanting:

“Back then, we had the New Deal, now we called it a stimulus. This year we spent 700 billion dollars in the stimulus and we created no new jobs.”

For many economists the Wall Street Crash was a natural part of the process that is boom and bust, a process we haven’t changed to this day. 

 
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Pictures from The Great Depression…
 
  
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                   Gabriel Over The White House (Part 1) 
 

 

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