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Strategies & Market Trends : Paint The Table
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To: Augustus Gloop who wrote (2664)11/18/2001 10:08:29 AM
From: Patrick Slevin  Read Replies (1) of 23786
 
My post was merely intended to look rather pithy for a palindrome grub.

The interesting thing was that as the Depression was grinding down day-to-day life the markets were coming back....I'm pretty certain. I haven't any charts up, relying on memory. As a matter of fact, around New York the old clubs had rooms where the walls had been "wallpapered" with stock certs. By 1931, 32, these walls had been stripped clean. Suddenly there was value there.

The Depression in fact was on Main Street (of course) but the Recovery was already underway on Wall Street. However the fire-and-brimstone speakers, particularly in the Midwest, denounced Wall Street as the source of their problems so vehemently that it appeared to be a Wall and Broad issue. From there we went into the separation of church and state, so to speak, with the breakup of the Wall Street Banks. Splitting Morgan into three entities might be the most visible case.

Looking at Morgan, one can see the rejuvenation of equities right away. By 1935 or 1936 Morgan Bank was separate from Morgan Stanley. The Bank suffered, while Stanley prospered with the brokerage firm.

So to some extent you may have a valid point. The mindset may have been more important than the reality.
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