This is one of the best documentaries on the Crash of 1929 if you wish to get a feel for the times. You may find it interesting to watch the whole thing below.
I have posted the entire documentary twice before: once, on the 80th
anniversary of Black Thursday in 2009, and once before in December of
I remember the Summer of 1929 being described as unusually hot, with
the stock market going up and down like a roller coaster, making
investors and pundits almost dizzy. That is, until the great push up to
the very height of the market in early September.
It was the laissez-faire abuses of the 1920’s, the reign of
supply side economics, the institutionalized political corruption of
easy money, an oversized, overly influential and powerful
financial/industrial sector that set the stage for the terrible
Depression of the 1930’s.
It also gave rise to the many reforms introduced by the FDR administration.
Most of which have been steadily overturned, one by one, by the big
money interests who care for nothing but themselves, and would do it
again, and again, if allowed to do so.
Most of the scams of the moneyed interests are remarkably simple, and
the same over time. At least they are once you scrape away the jargon,
the bells and whistles, and paid for policy theories of pedigreed
The titans of Wall Street are no smarter than many smart people who
do much more difficult jobs and lead simple, honest lives. But they are
driven, they are insatiable, and they areshameless.
Enough people are easily fooled in each generation by well scripted
ideological PR campaigns, clever revisions and misrepresentations of
history, and the steady drumbeat of slogans and propaganda to allow the
same old scams and abuses to come back again. And unfortunately even
very smart and powerful and greatly advantaged people are always willing
to do anything for money.
Here is a link to the transcript of this documentary.