TED Radio Hour A Century Of Money
Dec 11, 2020
Journalist Kathleen Day reveals the turbulent history of finance and the dangers of aggressive lending. Financial advisor Tammy Lally shares her personal journey through financial hardship, emphasizing emotional effects. Writer Elizabeth White discusses the challenges older adults face losing financial security in later life, while Abigail Disney critiques modern economic practices and advocates for fair treatment of workers. Together, they weave a narrative about resilience, history, and the pressing need for change in our financial systems.
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The Roaring 20s
- The 1920s, post-war, were a time of excess, marked by increased consumerism and credit use.
- This led to a disparity in wealth and risky investments, setting the stage for the 1929 crash.
War Bonds and the Crash
- War bonds, widely purchased during WWI, gave Americans their first real experience with securities.
- This positive experience fueled the investment frenzy of the 20s, contributing to the market crash.
The Fed's Role in the Crash
- The Federal Reserve, intended to regulate banks, kept interest rates low to aid post-war Europe.
- This fueled borrowing in the US, creating a bubble that the Fed was hesitant to address, leading to the crash.
