The Prelude to Great Depression: Hoover's Dilemma

“A wise man never sells out at the first sign of trouble. That’s for the pikers.”

This is the story of the 1929 Wall Street Crash. 

On October 24, or “Black Thursday,” stock prices plunge unexpectedly. Early the next week, whatever was left of the bottom falls out on “Black Tuesday.” The New York Stock Exchange has crashed. The Roaring 20s are over.

But what exactly is a stock market? How does the American financial system work in the 1920s? And how did the Crash of 1929 happen? From the origins of the NYSE to the development of the Federal Reserve System, we’ll unravel it all before it all unravels as we also meet the man that 1920s Americans overwhelmingly want to lead the nation. He’s a man known for his gifted abilities when handling a crisis. They call him the “Great Humanitarian.” Welcome to the White House, President Herbert Hoover. 

Check out this Spotify playlist if you’re looking for other HTDS episodes on economic panics, which are episodes 19, 27, 29, 30, 91, 97, 98, and 127.

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