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Crash Of 1929 Video Review

725 words - 3 pages

Firstly, the video described that credit and buying on the margin was common, which in itself is a practice that, when unchecked, can lead to a major downfall. However, this is not entirely concrete evidence. In March 1929, the first major dip in the market occurred when there was a minor panic regarding stocks bought on the margin. The fear started on March 22 and on March 25 many investors sold. On March 26, everyone started selling and the market dipped a bit as many people fell into debt due to businesses failing. However, the market then soared due to people buying the stocks at a now cheaper price. Stocks continued to rise throughout the summer, peaking on September 1. Roger Babson insisted that the market would crash, and “the Babson break” occurred, which was when the market crashed and people thought it would just go right back up. On October 21, 1929, many businessmen gathered at a celebration hosted by Henry Ford. Three days later, on October 24, the stock market crashed dramatically, but not nearly as badly as it would five days later. Some rich investors managed to keep the market up until October 29, 1929, when the market crashed entirely.

Roger Babson was one of Wall Street’s most outspoken critics. He claimed repeatedly that the market would crash at some point and, as such, investors jumped all over him and called him a fake. Al Capone also famously rejected Wall Street, although he made his own fortune through a bootleg alcohol business and was regarded as a mobster more than anything.

Charles E. Mitchell was among the extremely rich who made their fortunes from Wall Street. He lived royally and was almost worshipped by the average investor who hoped to make his fortune the same way. He lived in a mansion consisting of six floors and at one point containing sixteen live-in “servants”. He owned several other houses and was overall one of the biggest players in the stock market, but he didn’t see his way of life as abnormal because all of his friends lived the exact same way. He was the president of National...

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