Quotes on the stock market crash
It was pretty impossible not to notice that something bad had happened: But with only a few days of hindsight to put that event into perspective, it was pretty easy not to see how bad things were.
TIME was one of the outlets that made that very miscalculation. Reporting on the stock market in a Nov.
The Great Crash of Quotes by John Kenneth Galbraith
But the sell-off was balanced out by plenty of "don't panic" speechifying — President Hoover said that Industry in the nation was "sound. A move by the country's biggest bankers to shore up the market by purchasing stocks had, it appeared, worked. Along with the lack of hindsight, that effort was partly to blame for the miscalculation.
For example, a few days before Oct. Whitney had personally stopped a panic by buying shares of U. Steel at 15 points above its market value; at a time when the whole banking industry seemed ready to take such extraordinary measures to save the economy, and when the market had done so well for so many years, optimism would have been easy.
Whitney later became president of the New York Stock Exchange. After that, in , he went to jail for grand larceny. That quote would later make it into TIME's 75th-anniversary run-down of the most off-the-mark statements in the magazine's history, alongside predictions that war would end in the 20th century and the sincere belief that the media would stay out of Bill Clinton's personal life.
Even a week after the crash, when the economy was the Nov. This version of history, while incorrect in its optimism, may well be true nonetheless; it's always possible that the Great Depression could have been even worse than it was.
As long as The Hunger Games is still fiction, that will always be true. Toward noon prices climbed, then dropped again. In general stocks closed lower than Thursday.
The market except at the very opening was dull as though it were tired. But it seemed to rest securely. Stock Exchange Governors ordered the Exchange closed after 1 o'clock Wednesday, Thursday, Friday; all day Saturday.
Tuesday was a legal holiday election day.
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Thus was further rest insured. Friday there were no quotations nor Saturday for the Exchange was closed. Clerks who had passed many a sleepless night, slept, then returned to clean up the greatest amount of work which brokerage houses have ever had in so short a time.
In the hurly-burly many an error had been made. The clerks had to discover them, rectify them. But in the Stock Exchange Friday and Saturday there was quiet. But not everyone was having trouble seeing what was about to happen.
The following letter ran in the Dec. The End of Prosperity? A Brief History of the Crash of The Crash of ' Uber CEO, Georgia Election Results and Summer Solstice. United Kindgom Queen Elizabeth Outlines U. Government Agenda in Scaled-Down Speech.
How We Underestimated the 'Black Tuesday' Stock Market Crash. Thus did Confidence win its subtle race against Panic.
The Great Crash of Quotes by John Kenneth Galbraith
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