History That Doesn't Suck 170: The Crash of 1929 & Meeting President Herbert Hoover
Nov 18, 2024
Dive into the chaos of the 1929 Wall Street Crash, where panic took hold and stock prices plummeted. Discover the intricate workings of the stock market and the economic factors that set the stage for disaster. Meet Herbert Hoover, the man hailed as the 'Great Humanitarian,' as he faces unprecedented challenges. Explore his tumultuous rise to political prominence amid financial turmoil and the personal stories of those swept up in the crisis. This narrative reveals not just history, but the resilience of a nation in the face of calamity.
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Pat Bologna's Black Thursday
- On Black Thursday, Pat Bologna panicked seeing stock prices plummet at the NYSE.
- He held onto his investments, remembering advice to avoid selling at the first sign of trouble.
Margin Buying Explained
- Buying stocks "on the margin" involves a down payment and a loan, expecting rising stock values to cover the difference.
- This practice, common in the 1920s, fueled the market bubble and amplified the crash's impact.
Bankers' Intervention
- On Black Thursday, bankers, including Charlie Mitchell, pooled funds to stabilize the market.
- Richard Whitney, using their money, bought key stocks, temporarily halting the decline.