Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
Normally, the market peaks before bad news emerges. That's what happened in 1929, and that's what happened in 2000.
I told them that my grandfather had died in the Great Crash of 1929 - a stockbroker jumped out of a window and crushed him and his pushcart down below.
By 1929, 5 percent of the population received one-third of the nation's income. The structural weaknesses of this economy plunged the nation into the Great Depression.
SOME YEARS, like some poets,and politicians and some lovely women, are singled out for fame far beyond the common lot, and 1929 was clearly such a year.
Men have been swindled by other men on many occasions. The autumn of 1929 was, perhaps, the first occasion when men succeeded on a large scale in swindling themselves.
Donald Trump's own mother Mary escaped the bone-crushing poverty of Scotland's remote Outer Hebrides for the promise of New York in 1929.
