The Pecora Hearings
By: and and
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- Synopsis
- "In late October 1929, Wall Street was badly shaken by what later came to be known as the “Great Crash.” On Black Monday and Black Tuesday (October 28 and 29), the Dow Jones Industrial Average fell from 300 to 230, well down from its peak of 381 on September 3. It ultimately bottomed out at 41 during the summer of 1932. By this time hundreds of banks had failed, prices had dropped dramatically, U.S. real per capita GDP had fallen by nearly 30 percent, and the unemployment rate stood at over 20 percent.1 Many blamed Wall Street for the onset of the Great Depression; and Franklin Delano Roosevelt, who ultimately won the 1932 presidential election by a wide margin, promised to enact strict regulations on the financial community and put “an end to speculation.”2"
- Copyright:
- 2018
Book Details
- Book Quality:
- Publisher Quality
- Publisher:
- Harvard Business School Publishing
- Date of Addition:
- 12/20/18
- Copyrighted By:
- President and Fellows of Harvard College
- Adult content:
- No
- Language:
- English
- Has Image Descriptions:
- No
- Categories:
- Business and Finance
- Submitted By:
- Bookshare Staff
- Usage Restrictions:
- This is a copyrighted book.