Your Questions About Stock Market Crash Of 1929
10 facts about the 1929 stock market crash? I'm supposed to write something for my English class about the stock market crash of 1929. However, everything I read makes it extremely complicated. Can someone help me out?
Steve Winston answers: If I were you I'd take what you can from this: http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 and http://www.britannica.com/EBchecked/topic/566754/stock-market-crash-of-1929 and http://www.econlib.org/library/Topics/HighSchool/MonetaryPolicyandtheFederalReserve.html this is a discussion of the effect of smoot-hawley on the stock market, specifically helping it sink: http://www.econtalk.org/archives/2010/01/rustici_on_smoo.html
Unfortunately it is somewhat complicated. Basically there was a bubble in the stock market created by too much credit created by the Federal Reserve. This fostered an atmosphere of easy money and speculation (similar to the recent housing bubble) in the stock market. Also, smoot-hawley, and some other actions taken by President Hoover prolonged the problem.
What are similarities between the 1929 stock market crash and the sub-prime mortgage crash today? I have to write a social studies essay on the similarities between the 1929 stock market crash and the sub-prime mortgage crash. I need 3 good points, and I have to expand on every one of them, so I would appreciate some detail. Great! Thanks a lot
Steve Winston answers: 1. Both times, credit was easy to get.
In both times, people could borrow easily. 2 Both time, there was rampant speculation which created bubbles In the 20's, the speculation was in stocks, which led to a huge bubble in the stock market. In the current period, the speculation was in housing, which led to a huge buble in the housing market.
3. In both cases, government regulation was weak. In the 20's leading up to the crash, the two presidents were Warren Harding and Calvin Coolidge, both of whom essentially had the belief that they should to as little as possible. In both terms, the government regulation was weak, leading to poor decisions being made by the banks. In the current times, George Bush believed very strongly in minimizing government regulation. Government regulatory agencies became do-nothing organizations, which allowed mortgage bankers to essentially create fraud, openly encouraging loan applicants to lie on their applications and developing products that they knew would kick people out of their homes and wreak financial devastation.
What were three influential Canadians that were involved with the 1929 stock market crash? I have a culminating assignment to do on the 1929 stock market crash. We need to find three people (with varying opinions and points of view) in order to explain the chronology stock market crash.
If anyone could help me think of any people (political candidates, activists, etc.) that were very influential to the stock market crash, that would be great!! Ps: They should be Canadian
Steve Winston answers: Hmmmmmmmmmmm
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