1929 Great Stock Market Crash

[kakatiya]

[media] https://www.youtube.com/watch?v=FXNziew6C9A [/media]


35 billion$ dissapered in single day on October 29 1929.

Banks mismanagement caused the financial crash.

This crash didnt cause rescission..but subsequent business loss , bankruptcies etc all led in to series of events which contributed a major portion to rescission.Same repeated in 2007 ..same mistakes..same story continued..

Due to tough financial regulations india survived such catostrophy ..thanks to reserve bank of india

[Avataar]

 

like it..tfs

 

[kakatiya]

Kahn was the oldest active money manager on Wall Street.[2] He made his first trade—a short sale of a copper mining company—in the summer of 1929, months before the infamous market crash in October of that year.[3]
In addition, he, his sisters, and his brother were, collectively, the world's oldest living quartet of siblings.[4] Kahn himself lived to 109. His sister, Helen Reichert (1901–2011), nicknamed "Happy", died seven weeks before her 110th birthday. The youngest sibling, Peter Keane (1910–2014), died at the age of 103.[5] Kahn's other sister, Lee (1903–2005), died at the age of 101.

[kakatiya]

2007 -09 rescission was avoidable
e crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels

[kakatiya]

In Europe eventually 1929 ..Germany as well ..led to bank financial crisis..many lost life savings..

Even in 2007 ..american lady I know lost 85000$ in life savings ..she had cancer..and working hourly wage after retirement..

[kakatiya]

This later led to trading disputes between the countries and to world wars 2