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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: AC Flyer who wrote (15614)2/24/2002 9:26:19 PM
From: Ilaine  Read Replies (1) of 74559
 
The history of the Great Depression will be a website, too, at least to begin with. It's all going to be related. I don't know how to explain the Great Depression without explaining things like the gold standard, the Federal Reserve, the gold reserve standard (which was not the gold standard) and stuff like that, so that's where I am beginning.

I expect that everyone knows that the Great Crash was triggered by the Fed raising the discount rate from 5% to 6% and tightening money but how many know that Adolph Miller, the President of the Federal Reserve, promised Herbert Hoover, who became president in 1929, that he would do everything he could to stop the stock market from advancing? This is from Hoover's autobiography.

Afterwards, of course, they blamed the individual investors for running up the market in the first place.

I have a similar tale to tell about the German stock market in 1927.

Is it a good idea to deliberately crash stock markets? History does not think well of the idea.
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