Today is finally Friday. This week has dragged on for too long. We started back with the stock market video.The Crash of 1929 video:1. What is Pooling- Pooling is when a group of high up investors would pool together their money to buy a stock, inflate the price, and then sell the stocks for a large profit to the public. M.J. Meehan was the leader of one of the most successful stock pooling in history. He and his buddies made about $100 million worth of today's standards for about one week of work.2. What did the Federal Reserve Board do during this time- The Federal Reserve system realized that the stock market was about to fail unless dramatic action took place to prevent it. The Federal Reserve Board raised interests rates to try and prevent people from buying on margin. People saw the attempt to raise interest rates as a bad thing.People started trying to sell all of their stocks so that they would not lose everything they had. This was known as a panic. Interest rates continued to rise and more and more people panicked.3. What were the causes of the Crash-I cannot believe that so many people were hoodwinked into believeing that they would be forever prosperous and that the stocks were never go down.
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