Is anyone here old enough to remember October 29, 1929?

Where were you when the stock market crashed? I'd like to hear some firsthand stories of what life was like that day if possible. I have a feeling with today's economy news that we are headed that way again.

I sadly doubt you will get a response................

It WOULD be thrilling if somebody here DID have a tale to tell about it, but it's unlikely.

Or am I thinking of another board maybe?

How they were so poor and ate blackberries in all shapes and forms. He would not eat them later on, when I was in high school and made a cobbler.

picking the blackberries. Even then it still rules, but you itch so much you can't enjoy it.

bookmarking . . .

will check back later.

Someone would have to have been in their 20s at the time which would make the person who could answer your question based on first hand experience about 100.

Seriously, people, let's get on this.

who has done a fair bit of work on the Depression, the mood on the day of the stock market crash, and immediately following the crash, was actually one of cautious optimism. A feeling had existed for a long time that the market was overvalued, and many hoped (breifly, anyway) that the crash would be offset by a strong rebound which would boost the market to a lower level than before, but one which was more sustainable in the long term. There was evidently some relief that the day of the crash, which many had been dreading, had finally come and that investors could now see things as they truly were and get back on the right track, instead of the overheated track which they were on before.

Among the general population, particularly in rural areas, many people were nonplussed as the economy had been in weak shape for about a year (sometimes longer in certain areas) and lots of farmers saw the crash as just another episode in a long string of bad news. It wasn't until after a couple of weeks had passed that everyone on Wall Street and elsewhere realized just how bad the crash had been.

My dad and mom went through the depression as children.
Dad remembers my grandmother canning beets, and that's
about all they ate in the cold months. He said he got sick
of beets, but that's how they survived.

My mom's parents ran a small grocery store in LA, and they
all lived above it. My mom had to cook for the family, and
my grandfather gave away a LOT of food.

I remember my dad's mom saying that they thought
Roosevelt was God because he literally saved their lives.
However, later on, that side of the family all made money
and turned Republican. ugh My mom's California family,
and all of us siblings, are still liberal Dems... actually too
green and liberal even for Dems these days, it appears.

Sue

Not that their life before the Depression was much better. Growing up as the child of an immigrant in the 20s is not unlike today...big diversity between rich and poor, rampant religious, racial and sexual intolerance and a corporate America hellbent on making money to worry about anything else.

I have a lot of stories from my parents and my grandmothers...along with lots of letters and other artifacts of that time. One habit that remained with my mother was hording. When I went through her house after she passed, I found jars of nothing but buttons, another one with old electrical chords...ya never knew when you were gonna need one. People handed down clothes from one family to another or would move in together...my father once had 6 families living in his building...sharing 2 apartments so they could split the rent. The irony is both died with substantial assets...and even then if my mother could buy an off-brand or recycle something, she'd do it.

My grandfather was involved in the Unions and, needless to say, when FDR came in, they become very devout/life-long Democrats.

I think that's a trait they inherited from their parents, who grew up during the Depression.

yes, all of my relatives and my husband's relatives who lived through the depression constantly stockpiled necessities, including food and paid cash for everything.

That was scary enough. The Dow fell 500 points, which proportionally was much more than it sounds like today. The specialists walked off the floor, refusing to make the market in their specialized stocks. Banks along Third Avenue in Manhattan had runs. In the next few days several giant banks folded. Thousands of savings and loans went bankrupt in subsequent years during Poppy Bush's term, leading to the Resolution Trust Corporation bailout, which cost over $300 billion.

Eventually GHW Bush was forced to address the Reagan era deficits, raise taxes, leading to his excoriation by the right for violating his "read my lips, no new taxes pledge," which in turn led to Clinton and the Democrats gaining control in 1992.

On edit: The one day drop of 508 points (our of a total Dow of about 2700) on October 19, 1987 was a larger percentage drop than in 1929, and would be the equivalent of about a 2,000 point, one day drop today.

It was generally believed to be caused by lack of faith in the US's ability to pay Reagan era deficits and accumulated debt, and was precipitated when the Treasury had a routine bond sale, and big bond dealers just wouldn't buy.

I was pregnant with my second child in 1987. For some reason it must not have impacted our way of life.

The economy sucked for years afterward, until the gradual improvement during the Clinton years.

and he was completely panicked about the damage to his pension fund. I didn't get it at the time. I would today.

to have likely passed on. 'WE' could have certainly used their reminders and tales of how horrible IT was so 'WE' would not be stupid enough to allow IT to happen AGAIN. The conditions leading up to the crash are being rerun and relived NOW. Humans NEVER seem to learn from their PREVIOUS mistakes; specially when greed is involved, DAMN ROBBER BARONS!!

Humans might not learn from past mistakes but Regulators most certainly do. The conditions that led to the crash of '29 ARE NOT IN PLACE TODAY. The Congressional investigations and subsequent regulations that followed the crash of '29 ensure those conditions can not be replicated. The crash of '87 led to even MORE stringent regulations.

At some point the bears will be driven out of the market, and the bulls will return because they will see that good companies that have solid financial outlooks are still making money and are now a good bargain. That process will resemble NOTHING like a depression.

on EDIT to say i NEED to put more capitalized WORDS in my posts in ORDER to put emphasis WHERE it needs to BE.

as it's crooked business as usual bringing down our nation. Monopolies and cartels continue to manipulate and collude on escalating prices at double digit annual rates in ALL sectors of the market. A very brief overview of the reasons for the Crash and Depression's root causes are provided:



Causes of the Crash and Depression

The Great Depression was not caused by the stock market crash of 1929—that was only the trigger. The actual depression was caused by a combination of factors of international scope and great complexity. In the United States, for example, the consumerism of the 1920s and the increase in credit buying artificially accelerated the demand for consumer goods beyond what the real market factors would have told. With the stockmarket crash, as purchasing power shrunk and sales of consumer goods slowed, manufacturers were forced to pull back, and more people lost their jobs. As more became unemployed, the demand for consumer goods shrunk even further and the gap widened.

Then banks that held mortgages were unable to collect them, and even if they foreclosed, finding buyers for the repossessed properties was difficult. Many banks ultimately failed, wiping out people's savings, thus making the picture worse. One problem led to another until the entire country was in the throes of a paralyzing economic slowdown. Although some parts of the country were relatively untouched, in others it seemed as though entire towns and villages were without any substantial income. The depression documents that accompany this section will give you some vivid insights into the human problems created by the Depression. Those who lived through it never forgot those times.

Summary of some of the causes of the Depression:

* Overproduction in farming and manufactures, commodity prices, raw materials too high;
* Too much in profits, not enough in wages, or purchasing power.
* Over-expansion of credit—Margin, installment buying.
* Economic difficulties in Europe from WWI, reparations, debts, loans.
* Silver market depressed, Far East strapped, international trade down everywhere.
* Hawley-Smoot Tariff hurts Europe.
* Trigger effect--failures in one area spill into others.
* Psychological shock.

The current economic situation closely mirrors the 1929, 1930's scenario with a few twists; consumers maxed out on credit debt and unable to make payments, loss of jobs from outscourcing and consolidations(aka monopolies), ongoing escalation of foreclosures on real property, over valued and over priced EVERYTHING including stocks, real estate, commodities, energy, etc.,etc. Someone should be SCREAMING AND YELLING about this situation BEFORE a disaster occurs, NOT AFTER!! (When DU advances to 'audio' REPLY, I'll quit using capital letters.)

The sky is indeed falling.

I was wrong to have doubted you.

See you in the soup line

then LET IT ALL HANG OUT!

Sam Kinison.

www.samkinison.org/ -

but hey, that's ok with me. Some people are just convinced the world is going to fall in on them and will not be shifted. Perhaps you are one of them, oh Wisebutangry.

Both were useful. Caps for emphasis are fine with me; rudeness isn't. And neither is the 'ignore option'. Won't use it unless I'm in the I/P forum and there I will never go again.

the night Lincoln was shot.

All of my third graders in study hall during my lunch period looked up when I guffawed after reading that post.

how the banks closed and her father wasn't able to get any money. I think people were really terrified. And yeah I see another economic crash on the horizon too.

For one thing, in the 1930's many people could grow their own food. Not many can do that now.

For another, people's expectations are much higher now.

No Medicaid.
No Welfare.
No Medicare.
No Unemployment.
No Social Security.
NO FDIC insurance.

In 1930, if a bank failed, it took your money with it. Not the case today.

But somehow, I think people are more likely to get P.O. at the government or somebody if things get that bad. More likely, it will be some other ethnic group. :-(

I can't imagine how people today would react if they head to the bank and can't get their money out. Sadly, I think there would be some dead tellers. There would definitely be hell to pay!

Not the case in 1929. Hence, the problem.

in a timely manner. :)

telling me about it and how people were jumping out of windows because they lost everything.

But, I do remember the conseqences. We went from riches to rags!!!!

rags stories! Dad recently told a story at a family reunion that he had never understood until years after it had happened. His father, an attorney and Democrat (according to Dad, lifelong, but it might have had something to do with the depression), had purchased a new automobile, and Dad remembered being entranced with it. Then, for unknown reasons, they just stopped going for Sunday afternoon drives in the country. He was young enough to just remember being perplexed. At some later time, he was looking down the block, and he saw his Father pulling his red wagon. He couldn't believe his eyes...what was his Father doing with his red wagon? He told us that our Grandfather had finally been able to purchase gasoline, and had to haul it in large glass bottles in his red wagon. He also has told us of stories of Granddad's friends committing suicide because of their financial losses.

Like, cruise your city until you find a senior citizen who might remember? The only woman I know who might have recalled passed away last year.

I once spent an enjoyable summer afternoon talking with my grandpa about life during the Depression (on the advice of my 8th grade history teacher, Mr. Atchley). That was a great talk, but somehow I forgot to ask the "where were you when" question (I was 14).

I doubt we have members that old.

Let's not get carried away.

Crikey, you would think many DU'rs got hit on the head by a piece of the sky.

believed that they could stop or slow down the sudden fall of stock prices by investing a chunk of their personal riches into the system. Illusion both to them collectively and to the public who desperately wanted to believe that it was a 24-hour aberation and that the stock market could be saved with enough cash. And it was sad to see that many people lost their lives' savings, had nothing in their name, soon to be followed by no prospect of making a living.

Just kidding. :evilgrin:

It might be better to ask what it was like to live during the great depression. You'll get more responses from people who lived during that time.

The winter of 1863-64 was bitter cold, except on the warmer days. We never looked so forward to spring that century as April 14, 1864.

Synopsis
This program is part of the PBS series American Experience. In this episode, the camera turns to that dark day in America when the economic foundations of the country came tumbling down. The stock market crash, which occurred on October 29, 1929, changed the American experience forever. Fortunes were lost and confidence was shaken, ushering in the Great Depression of the 1930s. Scholarly analysis of this complex event are accompanied by archival news clips, photographs, and personal accounts of those who survived this monumental day in American history. ~ Rose of Sharon Winter, All Movie Guide


http://movies.msn.com/movies/movie.aspx?m=69849

who remembers that day. I'll keep you posted.

My Mother's parents were farmers so there was always food and my Grandmother could sew.


My Father's family had land, and were well off until the crash. The family last everything and had to pick cotton and whatever else they could do to make it. My Father has to have lots of food in the house because he went hungry as a child.

He said that the first time he had enough to eat was when he went into the CCC's and he grew 6" in six months.

There were poor people like my Mother and the very poor like my Father.

My Father's father died in 1933 to make everything worse, the depression is something I heard about all my life.

Many people did not trust banks and had their money at home, like my Mother's parents.

If we have another depression it will be worse, how many people here can grow their own food and can it.

My Grandparents made all seven grandchildren learn now to how to grow and can food.

I have land and I can make it if I had to.

I thank my Grandparents for being so tough on us.

I can smoke meat, raise chickens.

I so hope another depression never comes.

My grandparents died in 1995 and 1996 so my parents are the last link to the depression, and my parents are in there 80's.

Everyone needs to talk people who are still with us, record it.

My father is in his mid-70's and I talk to him a lot. He told me things that I didn't know. He's not educated but he definitely knows his surival skills.

I wish I could thank them now.

When FDR was elected shortly after, many safeguards were instituted then. The economy is different - more urban than rural life - and, of course, globalization and technology. And even Republicans recognize the place for government controls and actions to prevent a complete meltdown.

Even in the stock market, I don't think that investors are allowed to invest on thin margin the way they did then.

. . .we're not headed that way. The condition of the economy is not as tenuous, in any measurable way, the float is not as intense, banks are not as heavily vested in stocks, what they do have vested cannot be margin purchased, and the regulatory environment, while not as strict as it could be, is far more rigorous compared to the the 20's.

In addition, the economy is far larger, so even major events become more sppedbumps, then a brck wall.
The Professor

Thank you,

signed,

Admiring Econ major :D

GAC

:D

The Great Depression:

-----
http://memory.loc.gov/learn/lessons/98/dime/photo.html

"Brother, Can You Spare a Dime"
Photographs from the Great Depression

- - - - - -

Study a few of the photographs below to gain insights into the circumstances of some people who lived in the Depression era. Then use the Photo Study Guide to answer questions based on your observations.

Click on the captions below to see the photographs.
Refugees

* Depression refugee family from Tulsa, Oklahoma, Dorothea Lange
* Part of an impoverished family of nine on a New Mexico highway, Dorothea Lange
* Son of depression refugee from Oklahoma now in California, Dorothea Lange

Houses

* The only home of a depression-routed family of nine from Iowa, Dorothea Lange
* Shanty built of refuse near the Sunnyside slack pile, Herrin, Illinois, Arthur Rothstein
* Tenement kitchen, Hamilton Co., Ohio, (boy and girl), Carl Maydans
* Tenement kitchen, Hamilton Co. Ohio, (family), Carl Maydans

Hooverville

* Dweller in Circleville's "Hooverville," central Ohio, (man and house), Ben Shahn
* Dwellers in Circleville's "Hooverville," central Ohio, Ben Shahn
* Dwellers in Circleville's "Hooverville," central Ohio, (Man in doorway), Ben Shahn
* William A. Swift, once a farmer, now a resident of Circleville's "Hooverville", Ben Shahn
* Young boy in Hooverville, Ben Shahn

Men's dormitory

* Corner of dormitory, Russell Lee
* Corner of dormitory, homeless men's bureau, Sioux City, Iowa, Russell Lee
* Men's dormitory at night at the homelessmen's bureau, Sioux City, Iowa, Russell Lee

WPA (Works Progress Administration)

* Children of ex-farmer who is now working on WPA, central Ohio, Ben Shahn
* Ex-farmer and child, now on WPA, central Ohio, Ben Shahn
* Ex-farmer and children, now on WPA, central Ohio, Ben Shahn
* Wife of WPA worker, Charlestown, West Virginia, Marion Post Wolcott

For more photographs, search in America from the Great Depression to World War II, 1935-1945

We didn't talk about the crash itself, but about the Depression. She was in her teens living in Seattle, the daughter of Italian immigrants. I guess her family didn't suffer as badly as some, but she vividly remembers Hoovervilles in what is now the Sodo neighborhood in Seattle, and just went on and on about what a creep Hoover was. It's interesting, she's now a Republican, and has been for as long as I've been alive, but she talks about Roosevelt as though he were Jesus in a wheelchair, and New Deal as though it were a new gospel. But she's not a Democrat. :shrug:

She's also a hoarder of all sorts of stuff, from foods that she canned herself, to all manner of knickknacks and junk.

but they were 6 years old. The stories they told were interesting.

They both said they really didn't notice how bad it was but that it was very hard on their parents.

My dad was raised on a farm and he remembered having no shoes during a couple of summers. He said it didn't bother him because none of his friends had shoes either.

My mother said that it wasn't too bad as her father worked 3 jobs and they were able to keep their house. She said they were very lucky.

in 1987. We lived through it, because our investment strategy is long-term, not short-term. So, it crashed, and we didn't panic, and everything turned out okay.

That's not to say we didn't lose money - we did, but we've made it all back and then some.

So, it happens. Markets go up, they go down, and so on and so on.