1929: Inside the Greatest Crash in Wall Street History
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Re: 1929: Inside the Greatest Crash in Wall Street History
#2> Andrew Ross Sorkin’s history of the 1929 stock market crash reminds us that financial bubbles are inevitable—and that another one may be about to pop.
Re: 1929: Inside the Greatest Crash in Wall Street History
#3We may see it again soon
Re: 1929: Inside the Greatest Crash in Wall Street History
#4> Andrew Ross Sorkin’s history of the 1929 stock market crash reminds us that financial bubbles are inevitable—and that another one may be about to pop. https://archive.ph/GQeez
He's made a lot of predictions: Apple will acquire Disney (recent), Microsoft will acquire Yahoo (mid 2000s), we'd have a "hard landing" in 2023/2024. None of these have turned out true. It's especially hard to meaningfully evaluate claims of crashes.
Re: 1929: Inside the Greatest Crash in Wall Street History
#5We may see it again soon
I hope not, my parents were teenagers at the time, my fathers life was terrible back then, he had to join the CCC to survive and to help out his family.
He had told me working with the CCC was not a bed of roses and he saw many terrible accidents to some of the workers. But he was glad it existed.
Also, back then, I believe people were on average stronger and more resilient people alive today. Having such a crash will be far worse for society then 1929.
Re: 1929: Inside the Greatest Crash in Wall Street History
#6> Andrew Ross Sorkin’s history of the 1929 stock market crash reminds us that financial bubbles are inevitable—and that another one may be about to pop. https://archive.ph/GQeez
He's made a lot of predictions: Apple will acquire Disney (recent), Microsoft will acquire Yahoo (mid 2000s), we'd have a "hard landing" in 2023/2024. None of these have turned out true. It's especially hard to meaningfully evaluate claims of crashes.
Even if there was a 29 style crash, assuming you can hold for 20 or so years, less than the length of most home mortgages, you would still come out ahead. Not that it wouldn’t be painful for seniors and those who are middle age and not well diversified, but it’s hard to not see a US crash as a buying opportunity for international capital.
Re: 1929: Inside the Greatest Crash in Wall Street History
#7We may see it again soon
I hope not, my parents were teenagers at the time, my fathers life was terrible back then, he had to join the CCC to survive and to help out his family. He had told me working with the CCC was not a bed of roses and he saw many terrible accidents to some of the workers. But he was glad it existed. Also, back then, I believe people were on average stronger and more resilient people alive today. Having such a crash wil…
Yes, nothing in recent history gives me any faith that we'll all pull together in the face of economic hardship - as opposed to letting charlatan politicians put all the blame on already marginalized scapegoats.
Re: 1929: Inside the Greatest Crash in Wall Street History
#8We may see it again soon
I hope not, my parents were teenagers at the time, my fathers life was terrible back then, he had to join the CCC to survive and to help out his family. He had told me working with the CCC was not a bed of roses and he saw many terrible accidents to some of the workers. But he was glad it existed. Also, back then, I believe people were on average stronger and more resilient people alive today. Having such a crash wil…
You sound like an old curmudgeon. Give me my avocado toast and exotic coffee carefully prepared in a French press and I can supervise other people clearing trails all day long (via Zoom--we're never so desperate as to need unnecessary sun exposure). Of course, I need my rebalancing hours of yoga in the morning and afternoon and personal time to ensure work-life balance.
Re: 1929: Inside the Greatest Crash in Wall Street History
#9We may see it again soon
I hope not, my parents were teenagers at the time, my fathers life was terrible back then, he had to join the CCC to survive and to help out his family. He had told me working with the CCC was not a bed of roses and he saw many terrible accidents to some of the workers. But he was glad it existed. Also, back then, I believe people were on average stronger and more resilient people alive today. Having such a crash wil…
“ I believe people were on average stronger and more resilient people alive today”
People step up very quickly once they have to face a difficult situation. A while ago I talked to Ukrainian about their war. He said some years ago he couldn’t have imagined living in a war zone but once it gets started you get used very quickly to drones flying over you, buildings in your town bring blown up, losing power for days, hiding in the basement. It very quickly becomes normality.
Re: 1929: Inside the Greatest Crash in Wall Street History
#10Earlier quoted context omitted.
He's made a lot of predictions: Apple will acquire Disney (recent), Microsoft will acquire Yahoo (mid 2000s), we'd have a "hard landing" in 2023/2024. None of these have turned out true. It's especially hard to meaningfully evaluate claims of crashes.
Even if there was a 29 style crash, assuming you can hold for 20 or so years, less than the length of most home mortgages, you would still come out ahead. Not that it wouldn’t be painful for seniors and those who are middle age and not well diversified, but it’s hard to not see a US crash as a buying opportunity for international capital.
A 1929-style crash was accompanied by mass unemployment (~25%), meaning people were often forced to sell at the bottom precisely because they had no income. You can't "hold" if you're selling assets to eat. Also just because it recovered in the past doesn't mean it'll follow the same trajectory in the future.