Today in class we finished the movie and did our daily blog.1. Causes2. Story of SMC3. What is Pooling?4. What did the Federal Reserve Board do?1. People were buying things that they didn’t really have to have.People took loans from the bank and they couldn’t pay the bank all the money the borrowed back.2. Thursday October 24th was Black Thursday and the market opened everyone started to panic. To get their money out of the Stock Market. The market started to go down fast and hard. No one was buying they just wanted there money out. The people were screaming and running all over.3. It is people who are wealthy and were buying and then raising the prices. And they would also buy the stocks very cheap and then they would say pretty good things about them and then would sell them for more then they were actually worth.4. The people thought that pretty much everything was based on the borrowed money. And they met up about everyday. This pretty much made lots of the investors begin to sell. Then on the day march 26 million people of investors found out that they were in hudge trouble. So Federal Reserve Board raised the interest rate. And then Charles Mitchell stopped the crash of the year 1929.
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