Notes

15.) Roger Babson tried to warn the public about the possibility of the market crashing, and of the prosperity bubble crashing. The people, especially those most invested in the market, called him a traitor, and accused him of selling America short.

16.) The Federal Reserve distrusted the stock boom because they saw the speculation as dangerous and reckless, as it was based almost entirely on the act of borrowing money, and buying on margin. They didn't do anything as it was so set on loans that doing anything would've caused a crash sooner.

17.) In March of 1929, the market didn't crash because Charles Mitchell and the National city bank would offer 25 million dollars of credit. This prevented the panic and crash in March.

18.) In the late 1920's, the American economy was stagnating. Steel production was down, sales in many major markets such as cars were down as well. As well, easy credit put many people in debt, and the lower class were only getting poorer. Less customers meant less sales, so businesses increased prices.

19.) In August, Meehan's brokerage firm opened offices in various Ocean liners, so that passengers didn't have to wait for landfall to trade on the stock market.

20.) On September 3rd of 1929, the stock market hit it's all time high. This was because the belief and confidence in stocks had been going strong for ages, with Evangeline Adams saying that the D.O.W Jones would go to heaven.

21.) Preceding the Crash, top investors assured people that the future was looking brilliant, and that things had never been better. They were confident that things were only going to keep going up.

22.) A panic is when people are in a rush to either get into or out of the market. This is caused when people think a big change is going to happen, such as a massive upswing or a massive crash.

23.) The first 'Black Thursday' was on October the 24th, when the market had been a little shaky, which caused many investors to try and cash out, causing the market to tumble.

24.) On the 25th, Whitney represented the many wealthy bankers and shouted buy orders, at much higher prices, for many key stocks to try and inflate the prices again. This was done to try and mitigate the panic, so people would stop selling. On the following Monday, people sold out even more, and the market went down.

25.) The real crash was on October 29th, on the Tuesday. The market went down and down, and not even the big bankers could stop it. It was unlike anything anyone had ever seen in the stock market. It was a mass panic. Many of the middle class lost their retirements entirely, and often went into massive debt.

26.) Many of the wealthy crossing the Atlantic before the crash heard of the crash through the ship bound exchanges, and tried to sell what they could. They left Europe wealthy men and got to America utterly broke.

27.) In 1936, William Durant filed for Bankruptcy. The only things he had at the time was the clothes on his back, valued at $250.

28.) By the end of 1929, the crash had turned the optimistic, 'blue skies forever, attitude of the U.S had lost it's innocent optimism of the future. Though they hadn't anticipated the great depression, they had realized that the bubble had burst, and the idea of wealth without work was gone. They knew the party was over.