Short History Of...

The Great Depression

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Jul 23, 2023
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ANECDOTE

Black Thursday Trading Panic

  • The episode opens with a vivid scene of a trader on Black Thursday as panic erupts on the New York Stock Exchange floor.
  • Within a day the market lost over 10% and trading surged to a record 16 million shares, marking the start of the crash.
INSIGHT

Roots In The Post‑War Settlement

  • The Great Depression's roots lie in post‑WWI decisions, not just the 1929 crash.
  • Versailles reparations and disrupted empires shrank trade and shifted credit power to New York.
ANECDOTE

A Consumer’s Borrowed Prosperity

  • The episode tells of 'John' in Detroit buying a Model T on credit and enjoying new consumer goods.
  • His 30% loan rate and rising consumer debt illustrate how credit masked underlying demand limits.
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