Two hour late start. And I was really hoping for another snow day.
blog discussions today.
#1 -- 1928 election
Hoover said he wanted to end poverty famous quote "We in America are closer to the final triumph over poverty than ever before" said this in march of 1929. all very ironic...he went down as the worst president ever, although nothing was really his fault. the reason he won the election was because the 20s all had republican presidents and the times were good....doomed to fail of course, but no one knew that yet.
#2 -- Stock Market:
the economy in the 1920s was booming, of course. buying on the margin (buying stocks on credit) was popular.
The Vicious Cycle of the Great Depression: by the late 1920s, most people have most things bought and also a lot of them, most of them actually, are also now in debt, so they stop buying, which causes the companies to not make as much stuff, which causes them to need less workers, which makes people loose their jobs, which gives them less money to use for buying of repaying their debts, and thus they buy even less stuff.....etc.
speculator: someone who looks to make a quick profit by buying and selling stocks.
#3 -- Stock Market Crash:
records highs in the stock market in august, 1929, just a month before the crash.
started on Thursday the 24th of October. rich powers that be singlehandedly started buying millions worth of stock, which made the prices of stock go up (no one else was buying stocks that day, so they saved the day)
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