Charles Mitchell and the 1929 stock crash
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Charles Mitchell and the 1929 stock crash
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Re: Charles Mitchell and the 1929 stock crash
#2[dead]
Re: Charles Mitchell and the 1929 stock crash
#3Such a clickbaitey title. There were just a few.. THOUSAND.. causes that culminated in the 1929 crash, but saying one person caused it gets those clicks.
Re: Charles Mitchell and the 1929 stock crash
#4Charles Mitchell, saved you a click. https://en.wikipedia.org/wiki/Charles_E._Mitchell
Re: Charles Mitchell and the 1929 stock crash
#5Such a clickbaitey title. There were just a few.. THOUSAND.. causes that culminated in the 1929 crash, but saying one person caused it gets those clicks.
> "Mitchell more than any 50 men is responsible for this stock crash." — U.S. Senator Carter Glass, November 1929. [1]
[1] https://web.archive.org/web/20070905000359/http://www.time.c...
Re: Charles Mitchell and the 1929 stock crash
#6> "What Is the Glass-Steagall Act?
The Glass-Steagall Act, passed in 1933, forced commercial banks to refrain from investment banking activities in order to protect depositors from potential losses caused by bank speculation in stocks. Glass-Steagall was largely repealed in 1999..."
https://www.investopedia.com/articles/03/071603.asp
As far as this headline, it's the worst kind of nonsense, comparable to "This is the pebble that caused the avalanche!".
Re: Charles Mitchell and the 1929 stock crash
#7Such a clickbaitey title. There were just a few.. THOUSAND.. causes that culminated in the 1929 crash, but saying one person caused it gets those clicks.
> "Mitchell more than any 50 men is responsible for this stock crash." — U.S. Senator Carter Glass, November 1929. [1] [1] https://web.archive.org/web/20070905000359/http://www.time.c...
[deleted]
Re: Charles Mitchell and the 1929 stock crash
#8> "What Is the Glass-Steagall Act? The Glass-Steagall Act, passed in 1933, forced commercial banks to refrain from investment banking activities in order to protect depositors from potential losses caused by bank speculation in stocks. Glass-Steagall was largely repealed in 1999..." https://www.investopedia.com/articles/03/071603.asp As far as this headline, it's the worst kind of nonsense, comparable to "This is the…
Didn’t repealing it make the 2008 financial crisis worse?
Re: Charles Mitchell and the 1929 stock crash
#9> "What Is the Glass-Steagall Act? The Glass-Steagall Act, passed in 1933, forced commercial banks to refrain from investment banking activities in order to protect depositors from potential losses caused by bank speculation in stocks. Glass-Steagall was largely repealed in 1999..." https://www.investopedia.com/articles/03/071603.asp As far as this headline, it's the worst kind of nonsense, comparable to "This is the…
Didn’t repealing it make the 2008 financial crisis worse?
That's what NPR told me.
Re: Charles Mitchell and the 1929 stock crash
#10The crash didn't happen because of 1 banker, but it did happen because of things he, and his contemporaries dreamed up.
Basically bankers make money when money flows. It flows only when "there is something better". So to keep making money there always has to be "something better" and ultimately that becomes unsustainable.
1929 was a re-adjustment, where all the bullshit is cleaned away. It was perhaps the first time it impacted such a large portion of society. An education of the masses if you will. Crashes did, and will, keep happening again - as long as the myth of "forever going up" persists.
In the early 2000s it was property. Today its (maybe /likely /probably) crypto.
At least today society is notably, collectively, smarter. There are a lot more naysayers in general, and whole there will be crashes, they tend to be more limited in scope and reach.
But greed, the root of all of this, will always be with us. Greed offers some to be winners, but most to be losers.