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Word Count: 2,182
In the 1920s three pro-business presidents occupied the White House and US businesses appeared to be doing well The Stock Market was an indicator of this national prosperity In reality under consumption was a becoming a problem and many products went unsold Much purchasing was being done on credit and many stock purchases were made on margin Another indicator that things werent as good as they seemed was that bank foreclosures were rising In Mid-September 1929 the market erratically begins to fluctuate up and down There were a few people who thought that this was just a temporary problem in the market Economist Irving Fisher was considered an investment prophet He was recognized for his contributions to technical economic theory monetary theory On October 23 A headline in the New York Times has Fisher stating that Prices of Stocks Are Low and that the market was only shaking out of the lunatic fringe He went on to explain why he felt the prices still have not caught up with their real value and should go much higher Fisher announced in a bankers meeting security values in most instances were not inflated Fisher also announced The nation is marching along a permanently high plateau of prosperity Little did Fisher know that in the next couple of days his reputation would be crippled forever On October 24 1929 also know as Black Thursday the economic bubble finally bursts On a day of heavy liquidation stock prices fall sharply Headlines will report the markets paper loss at 5 billion A pool of bankers act to stem the drop by putting more money into the market and President Hoover reassures Americans that US business is sound Within a few days a headline will read Brokers Believe Worst is Over and Recommend Buying of Real Bargains The next two days the stock market was much calmer It was up a bit on Friday and down a little on Saturday People
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