we are you doing blog discussion today! we have shortened schedule..
Notes:
~The election of 1928.
It was Herbert Hoovers first time running.
Al Smiths third time.
Hoover didnt want to change Calvin Coolidges foreign exchange but Smith did.
Smith wanted to change the policy and get rid of prohibition.
Hoover won easily because most Americans agreed with Hoover. They did want to "rock the boat"
Hoover basically won because of prosperity.
~The stock market of 1920.
As stock is a supply or organization (piece of paper) that is buying into other companies.
Economic leaders said that we were in a time of limitless economic property.
It kept going up because people thought the more they invested in it the more it would go up.
Margin buying allowed average consumers to put so much money down for a larger stock.
It effected the other people because if your bank closed you lost savings and if your business closed you lost your job.
The market was "booming".
Speculators buy and sell stock very fast without think about problems.
This led to higher prices and more demand for stocks.
~Story of the stock market crash.
The electronic ticker got behind and people didnt know the recent prices of stocks.
People were worried and began selling their stock as rapidly as they could.
The thursday before Black Tuesday the stock prices were dropping majorly.
Charley Mitchell and other banks went and bought alot of stocks to bring the stock market prices back up.
Because of this people were worried their stocks wouldnt be worth anything so people paniced and put their stocks for sale but no one was buying and the prices dropped termendously.
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