THOMAS WILLIAM LAMONT

This is probably the greatest economic understatement of all time. In one of the great ironic touches of history, this is the gentleman that President Herbert Hoover turned to for advice and strategy of coping with the market crash and the Great Depression. Lamont turned out to be one of the worst strategists and economic planners in history. See {608636}. Nonetheless, note the illustration, Lamont made the cover of Time Magazine

President Hoover asked a group of prominent citizens to make recommendations to him regarding rumors of instability in the stock market. 10 days later was Black Tuesday where the stock market crashed and started the great depression.

When the stock market crashed, the Board of Governors was entertaining the idea of putting a syndicate of banks together or back some financiers who would buy up the stock that people were trying to sell. There were those who wanted to sell but no buyers at any price. They concept of a market was being destroyed. Lamont correctly explained that the idea was not practical—it was too late for that. Lamont however had underestimated the market crash and made a feeble effort to assist President Hoover make his feeble effort to get the American economy going again.

When the stock market crashed, the Board of Governors was entertaining the idea of putting a syndicate of banks together or back some financiers who would buy up the stock that people were trying to sell. There were those who wanted to sell but no buyers at any price. They concept of a market was being destroyed. Lamont correctly explained that the idea was not practical—it was too late for that. Lamont however had underestimated the market crash and made a feeble effort to assist President Hoover make his feeble effort to get the American economy going again.

This is probably the greatest economic understatement of all time. In one of the great ironic touches of history, this is the gentleman that President Herbert Hoover turned to for advice and strategy of coping with the market crash and the Great Depression. Lamont turned out to be one of the worst strategists and economic planners in history. See {608636}. Nonetheless, note the illustration, Lamont made the cover of Time Magazine

President Hoover asked a group of prominent citizens to make recommendations to him regarding rumors of instability in the stock market. 10 days later was Black Tuesday where the stock market crashed and started the great depression.