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THINK AND GROW RICH - Commented Book
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How to Buy Stocks on Margin
Even average people who didn't have nough ready cash to buy stocks could do so. Brokers allowed customers to purchase stocks on margin by making what amounted to a down payment. The idea in the average person's mind was that they would only have to scrape together enough to pay the margin, which was a small percentage of the full cost. This worked fine as long as stock prices continued to rise. But when the stock market crashed, the people who had bought at prices they really couldn't afford suddenly found that they had to come up with the cash. That is why so many average people got wiped out in the crash of 29. They gambled money they didn't have by buying on
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