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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.
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.
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.


