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To: Ilaine who wrote (404)2/15/2002 10:14:21 PM
From: Mark Marcellus  Read Replies (1) of 443
 
I agree that it is simplistic to blame the depression on the crash of '29, but I think Don is right in suggesting that you dismiss margin much too lightly. It is generally agreed that tight credit was a contributing factor in the Depression, and to the extent that banks lost reserves or even failed through reckless margin lending, you can place at least some of the blame for the tight credit on the crash. Also, when looking at margin you should not just look at individual investor accounts but also look at the "unit trusts" sold by many of the major financial institutions. These used margin extensively, to the point that many of them were little more than pyramid schemes.
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