The Crash of 1929Are there anymore causes that the video lists that we did not talk about?people were super optimistic about everything,What is the story of the crash?5 days before the crash lamont wrote a letter to hoover saying how wonderful things were and the only way the economy could go was up. moday october 21, hoover and people arrive at a fifty year celebration for the lightbulb. while they celebrated the world began to fall apart. the market began to experience a free fall, nobody could get any bids for their shares. it was one of the worst day ever seen. this day was called black thursday. richard whitney ordered ten thousand shares of us steel with a higher bill than the last one. the man went around and started screaming more and more bids, and for that day the panic had ended, and people were comforted. the next monday was not good. that tuesday came the real crash.. the market went down and down and down an outstanding amout. it was like trying to stop niagra falls. on the floor they had never seen prices drop so low. people could not beleive what was going on. people were panicing and screaming. jesse livermore made more money that day than he ever had in his entire life.What is pooling?rich people would buy stocks, inflate them, and then they would sell them. it was very common. they would buy the stocks very very cheap and then they would say very good things about them and have people buy the stocks for more than they payed. March 1929.. MJ Meeha started one of the most successful pools ever.What did the Federal Reserve Board to at this time... if anything.they thought everything was based on the borrowed money.. they met about everyday, they issued no public statements? i think.. this made lots of investors begin to sell.. on march 26 millions of investors found themselves in deep trouble. the federal reserve board rose interest rate. charles mitchell stopped the crash of 1929. when the market rallied they became silent.
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