The Stock Market Crash of 1929 – Part 2: Age of Illusion
Conflicted: A History Podcast
Charley Mitchell and the Federal Reserve Board
In late march of 19 29, mitchell told the press that he would use his authority to make 25 millions of its funds available for loans to be used in stock speculation. Mitchell's words were, according to one historian, quote, like magic. Now that the fed authorities were beaten and humiliated, their silence was literally golden. In the months that followed, the fed tried hiking the rates by half a % here and there, but it did nothing to stop the flow of money into the stock market. Investors believing that share prices would rise indefinitely, did not worry about borrowing money for stocks at rates as high as 20%. People who dreamed of 100 % profit in a week were not deterred
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