The Beginning of The Great Depression of 1929
By 11:00 a.m. the market had started to plunge. Shortly after noon a group of powerful bankers met secretly at J.P. Morgan & Co. next door to the Exchange and pledged to spend $240 million of their own funds to stabilize the market.
(Sound Familiar?)
This strategy worked for a few days, but the panic broke out again the following Tuesday, when the market crashed again, and nothing could be done to stop it.
Before three months had passed, the Stock Market lost 40% of its value; $26 billion of wealth disappeared. Great American corporations suffered huge financial losses. AT&T lost one-third of its value, General Electric lost half of its, and RCA's stock fell by three-fourths within a matter of months.
(It would take 25 years for the stock market to return to its pre-crash level following the 1929 crash.)
Photo by Dorothea Lange for the Resettlement Administration-1936.
Read More About the Stock Market Crash and Great Depression of 1929
The Great Crash of 1929
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Lessons from the Great Depression (Lionel Robbins Lectures)
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The Great Depression: America in the 1930s
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The Present Stock Market and Economy News
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A Lesson Learned From The Great Depression
"Of all the lessons to have emerged from the Great Depression, this remains the most important: that inept or inflexible monetary policy in the wake of a sharp decline in asset prices can turn a correction into a recession and a recession into a depression."
~ From The Ascent Of Money by Niall Ferguson
The Ascent of Money
A Financial History of The World
- George Santayana
The Ascent of Money: A Financial History of the World
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Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance.
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What's more, he reveals financial history as the essential backstory behind all history.
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Your Thoughts About The Current Economic Crisis?
A Recession or A Depression? You Decide!
The decade of the 1930s found America facing the worst economic crisis in its modern history.
Millions of people were unemployed, two million adult men ("hobos") wandered aimlessly around the country, banks and businesses failed and the majority of the elderly in America lived in dependency.
Sound Familiar!?
Are We Headed For Another Great Depression?
Fetching blurbs now... please stand byHello, Of course we are, Are You Paying Attention!
lollyj says:
Now instead of breadlines, we have food pantries that struggle to keep enough food on hand due to increased usage.
We have more homeless people now than we did then. I think the job losses are greater and more far reaching now than they were in the Depression. As a nation, our problems are greater now for many reasons, including a different kind of health care system and living status.
Posted March 05, 2009
bgamall says:
Everyone says that deflation is not a threat but I don't think we are out of the woods. I hope we don't go into a great depression.
Posted December 02, 2008
Nope, The Economy will turn around..
OneFootPutt says:
The great thing about the US is that our economy is self correcting if left to its natural courses. I also believe we intervened at the right time to prevent a Depression, but the recession is going to hurt for another 12-18 months.
Posted January 13, 2009
hotbrain says:
It certainly will get worse this year (more foreclosures; more businesses closing; higher unemployment), but I believe that it will turn around, although it may take several years or longer... Probably not as bad as the great depression.
Posted January 07, 2009
OhMe says:
I am sure praying that it will turn around. I am not sure we all have what it takes to get through another Depression. It is scary times, for sure.
Posted November 25, 2008
The Bread Lines in 1929
Video of The Depression and The New Deal
FDR and France Perkins
Women's Roles and The Great Depression
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Frances Perkins- 1st Woman US Cabinet Member
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In 1932 Frances Perkins (1880-1965) was the first woman to a hold a cabinet post in American history. She was appointed The Secretary of Labor by Franklin Roosevelt and served for his entire 12 year presidency. She was dedicated to improving the liv...
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Cost of the War in Iraq
Your Feedback and Thoughts?
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Reply
- lollyj lollyj Mar 5, 2009 @ 3:31 pm
- Thanks for lensrolling my homeless in America lens here. This is an informative, excellent lens.
In many ways, the political environment in our recent past is reminiscent of the Depression Era, just in a smaller way. I'm truly not trying to hawk my lenses, but you might enjoy reading my grandparents' memories of the years and presidential elections leading up to the Depression on Economy Lessons. Five, fave, and lensroll for your excellent lens.
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Reply
- bgamall bgamall Dec 2, 2008 @ 1:22 pm
- Great Lens. I hope you submit it to my palin sucks group because I take economic history in a separate featured lens grouping. Thanks for joining my fanclub! Gary
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Reply
- OhMe OhMe Nov 25, 2008 @ 7:10 am
- Very well done. We sure have to think about it whether we want to or not.
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