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Economists Between Two Worlds

The Great Depression becomes a crease in time

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Posted in 2007-08 Financial Crisis, History of economics Tagged with: , , , , , , ,

Black Tuesday, October 29, 1929, was “one of those days after which almost everything is different.” That’s how John Kenneth Galbraith described the Great Crash thirty years after the fact – a day of pandemonium on the New York Stock Exchange after a week of declines, the unmistakable end of the great bull market of the 1920s.  When share prices finally settled on their lows for the year, in November, they were half of what they had been in September. Frederick Lewis Allen later wrote, “There was hardly a man or woman in the country whose attitude toward life had