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<a href="http://www.accessmylibrary.com/coms2/summary_0286-34893948_ITM" title="Facts and information about The Great Depression: contrary to conventional wisdom, the historical record shows that interventionist policies during the Hoover and FDR administrations caused and prolonged the Great Depression.(HISTORY--PAST AND PERSPECTIVE)(Franklin Roosevelt and Herbert Hoover)">The Great Depression: contrary to conventional wisdom, the historical record shows that interventionist policies during the Hoover and FDR administrations caused and prolonged the Great Depression.(HISTORY--PAST AND PERSPECTIVE)(Franklin Roosevelt and Herbert Hoover)</a>
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The Great Depression: contrary to conventional wisdom, the historical record shows that interventionist policies during the Hoover and FDR administrations caused and prolonged the Great Depression.(HISTORY--PAST AND PERSPECTIVE)(Franklin Roosevelt and Herbert Hoover)
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On October 29, 1929, the world turned upside down. For more than a month, stock prices, which had risen to giddy new levels throughout the decade now known as "the Roaring Twenties," had been faltering. Since early September, when stock prices peaked, the market had lost about 17 percent of its value, and the previous Thursday, October 24, the decline turned into a free fall, prompting leading U.S. financiers like Thomas Lamont to place bids substantially higher than market prices on large blocks of blue-chip stocks in a last-ditch effort to restore confidence and stave off a market meltdown.
But it was to no avail. On Monday, the ...
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