1929: Black Friday: A stock-market crash and its consequences

1929: Black Friday: A stock-market crash and its consequences

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Language: English

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Number of phrases: 152

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00:17
the roaring 20s a glittering decade soon came to an end but at that time everyone thought the party would carry on Groucho Marx the comedian earned $2,000 a week on Broadway on the stock exchange he doubled it it seemed that his future was assured by the time they came home they call up that broker and see how the stocks did that then it all went up three or four more point well he'd be happy about that and he'd say it's better than working Wall Street the
00:50
pantheon of capitalism here millions could be won and lost yet for seven years already no one had lost the stock market at the top at its end out of reach and when the market kept going up and up it drew all kinds of small investors into it the man in the street you know the barber the to school teacher the postal worker Times had never been better who was rich became
01:21
still richer the poor on the other hand had the chance to become wealthy the stock fever gears America up new technology boosts the economy and the imagination the stock exchange gained multiplies every single dollar they expected it go on forever just as they now expect the stock market to go on up forever as usual banks and brokers were doing
01:53
big business if the market did not go as they wanted they helped it on its way they conspired with each other and manipulated the courses of the stocks nothing could stop it Al Capone who was the great gangster when asked about the stock market replied I've got my racket and they got theirs in the summer of 1929 the overheated economy was going full steam ahead war was being produced than could be sold
02:29
the first few bankruptcies appeared still no one took this seriously the Wall Street fever of paper share trading continued investors simply weren't paying attention to the underlying economic trends that were taking place and some might say that's when greed takes over from common sense that summer Eva Adams stock hints were very popular it seems she knew how each stock would
03:01
change her profession not a broker guru but a fortune-teller Groucho Marx was also one of the insatiable clients of saw one chef row they went in regardless of the price they overpaid and so somebody had to pay for it the moment of truth came on Thursday in October 1929 on this day America woke up and a nightmare began sold coupons completely covered the
03:39
exchange floor people who made office to sell and there was nobody there to make a bid to buy the stock and that was when Habib I would say panic set in there was no stopping the panic selling became the motto of all brokers prices collapsed just collapsed the collapse of the stock exchange had spread like wildfire
04:10
thousands of people streamed The Wall Street fearing for their shares the bankers the potential big losers were not giving up so easily they sat together for a crisis meeting early in the afternoon led by the banker Thomas Lamont then when that group of bankers left 23 Wall Street all those crowds out the street saw them coming out of there and the report quickly spread that the bank has informed this great pool of money to
04:46
support the stock market so things were going to get better that did in fact stem the tide of selling that afternoon no-go the collapse hit everyone Groucho Marx the famous comedian had all his money and shares the phone rang and was max Gordon on the other end and he says Marx and my father said yes and Gordon says the jig is up the only question was if this was the beginning or the end of the big collapse total confusion on Wall
05:16
Street two speakeasies were wide open on Wall Street because you got a lot of investors going in there we lost a lot of money where if you're well drowning their losses Wall Street dominated the news newspapers still tried to reassure people bankers fenced off the worst by the weekend it became clear just how deep the collapse was and how long it would last and the following week things were much worse and the rumor developed that the finance seers were selling out
05:49
themselves this affected the market dramatically people were really scared bankers left the sinking ship as there was no more hope everyone wanted to get out the brokerage offices are all filled with people waiting for the market to open that opening bell which would tell them how bad things might get and they got very bad out out get out of here get
06:19
out of the market before it collapses people are just calling up their brokers and say sell sell at the market and panic of course fed on itself and got worse and worse not a dream but a nightmare came true on that terrible Friday Wall Street went bankrupt that was indeed one of the darkest days in the history of markets anywhere in the world the next day on the floor of the stock exchange shares with papers of
07:04
no value my father had lost about 250,000 dollars and then he but that to him was his whole life saving others had gambled even more some had lost everything they owned in the weeks after the stock market crash just in New York a dozen bankers committed suicide I remember walking down a street in New York with my father after the crash and we'd see fellows who used to be the banker standing on a corner selling apples for a nickel apiece that was
07:40
pretty frightening The Wall Street Crash was the beginning of a worldwide change a new economic era the consequences of which in those days and weeks no one could have guessed the roaring 20s was often referred to as the Jazz Age and after the crash in 1929 the music stopped the great party is over you you

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