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(History Channel)   On this day in history, in 1929, the stock market crashed, heralding the "Great Depression" which many observers later noted was not really all that great after all   (history.com) divider line
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988 clicks; posted to Main » and Business » on 29 Oct 2020 at 5:10 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-10-29 5:23:16 PM  
If this is what Trump meant by MAGA, I guess it's working.
 
2020-10-29 5:26:51 PM  
My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.
 
2020-10-29 5:32:30 PM  

MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.


I absolutely believe 100% of that story as does my wife, Morgan Fairchild
 
2020-10-29 5:32:40 PM  
Headline tickled my funny bone. ++++++++++
 
2020-10-29 5:34:31 PM  

MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.


Fark user imageView Full Size
 
2020-10-29 5:34:44 PM  

mateomaui: If this is what Trump meant by MAGA, I guess it's working.


MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.


Two Maui men. In the same thread?
 
2020-10-29 5:36:07 PM  
Apparently back then everyone could afford a suit, though.
 
2020-10-29 5:46:13 PM  

WastrelWay: Apparently back then everyone could afford a suit, though.


it was law of society. hats, ties, pocket watches. even the homeless, hobos, bums and drunks. the B&W age may have lacked a million hues but it was a well dressed world.
 
2020-10-29 5:52:39 PM  
Everything being in black and white didn't help.
 
2020-10-29 5:56:43 PM  
The term Depression implies a belief that there will be an upswing of economic factors returning to normal in the future. I think the Valles Marinares analogy is more appropriate:
Fark user imageView Full Size
The US is not going to get out of this one in any recognizable form.
/learn to eat raw gophers and love it
 
2020-10-29 5:59:09 PM  
That is some kind of history lesson. Simplified a bit though. A few details they might of added is until now they had the worst president ever. A big conspiracy thing is when we went off the gold standard it set a crash in motion  and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.
 
2020-10-29 5:59:37 PM  

WastrelWay: Apparently back then everyone could afford a suit, though.


And hats.  So many hats.
 
2020-10-29 6:04:13 PM  

berylman: The US is not going to get out of this one in any recognizable form.
/learn to eat raw gophers and love it


Why aren't we allowed to cook them?
 
2020-10-29 6:10:20 PM  

berylman: The term Depression implies a belief that there will be an upswing of economic factors returning to normal in the future. I think the Valles Marinares analogy is more appropriate:
[Fark user image 225x225] The US is not going to get out of this one in any recognizable form.
/learn to eat raw gophers and love it


THE SKY IS FALLING!
 
2020-10-29 6:11:32 PM  

Grumpy Cat: mateomaui: If this is what Trump meant by MAGA, I guess it's working.

MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.

Two Maui men. In the same thread?


Fark user imageView Full Size
 
2020-10-29 6:12:41 PM  

mad cowboy: That is some kind of history lesson. Simplified a bit though. A few details they might of added is until now they had the worst president ever. A big conspiracy thing is when we went off the gold standard it set a crash in motion  and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.


Weren't we on gold until 1933?
 
2020-10-29 6:13:00 PM  

Be polite walk on the right: MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.

I absolutely believe 100% of that story as does my wife, Morgan Fairchild


My great grandmother also emigrated from Ireland. She did not bring much except a good work ethic and shrewd business sense.

/ let's just said she did ok in life. I wish her kids and grandkids were half as good.
 
2020-10-29 6:18:35 PM  
Thanks Dave Barry/subby
 
2020-10-29 6:26:30 PM  
History repeats itself.
 
2020-10-29 6:44:26 PM  

sinko swimo: WastrelWay: Apparently back then everyone could afford a suit, though.

it was law of society. hats, ties, pocket watches. even the homeless, hobos, bums and drunks. the B&W age may have lacked a million hues but it was a well dressed world.


I know how poor my farmer/cobbler great grandfather was but the oldest pictures that we have show family members in very well tailored suits.
 
2020-10-29 7:03:49 PM  

mad cowboy: That is some kind of history lesson. Simplified a bit though. A few details they might of added is until now they had the worst president ever. A big conspiracy thing is when we went off the gold standard it set a crash in motion  and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.


The US left the gold standard after the crash. And the single best predictor for when a country starting recovering from the GD is when that country left the gold standard. The sooner it left, the sooner recovery started.
 
2020-10-29 7:10:12 PM  

Be polite walk on the right: MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.

I absolutely believe 100% of that story as does my wife, Morgan Fairchild


your cash will soon be worthless and gold will only increase in value.  please buy my gold with your cash. i am very intelligent.
 
2020-10-29 7:27:04 PM  

dsmith42: mad cowboy: That is some kind of history lesson. Simplified a bit though. A few details they might of added is until now they had the worst president ever. A big conspiracy thing is when we went off the gold standard it set a crash in motion  and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.

The US left the gold standard after the crash. And the single best predictor for when a country starting recovering from the GD is when that country left the gold standard. The sooner it left, the sooner recovery started.


Nixon took us off the gold standard.

FDR made private ownership of gold illegal.
 
2020-10-29 7:30:25 PM  
It had its moments.
 
2020-10-29 8:00:03 PM  
Regardless of the discussion of gold is the point that Kinsian economics, in a crisis like that, works. Everyone says "no it was world war 2 that got us out of the Depression!" To which the appropriate response is that yes it did, but more particularly it was increased government spending that did it.

Any crisis like 2008 or 2020 should be met with insane government spending. And when the crisis is over ratchet the spending back to control inflation.
 
2020-10-29 8:02:35 PM  

freakay: Regardless of the discussion of gold is the point that Kinsian economics, in a crisis like that, works. Everyone says "no it was world war 2 that got us out of the Depression!" To which the appropriate response is that yes it did, but more particularly it was increased government spending that did it.

Any crisis like 2008 or 2020 should be met with insane government spending. And when the crisis is over ratchet the spending back to control inflation.


I keep wondering when inflation will kick in. We have had really cheap money for 10-15 years now. The RE market came back but really don't see it yet.
 
2020-10-29 8:05:19 PM  
 
2020-10-29 8:37:28 PM  
I hope it's not too late to say I'm sorry.  You guys are right I guess Nixon took us off the gold standard.

My mistake but I was referring to the Federal reserve act of 1913 by Woodrow Wilson. To most conspiracists this is when we lost control of our country to the banksters. Even Wilson said it was a big mistake in hindsight.

The creation of the federal reserve which is neither left things open for the banks and stock market to make their rules up as they went.

it bugs me that the federal reserve are banks that we pay to make money for us, literally.  But yes the gold standard is only related.
 
2020-10-29 8:41:08 PM  

mad cowboy: That is some kind of history lesson. Simplified a bit though. A few details they might of added is until now they had the worst president ever. A big conspiracy thing is when we went off the gold standard it set a crash in motion  and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.


Yup.  The New Deal is what kept the country whole.  The war may have gotten us economically out of the Depression, but FDR got us through it.
 
2020-10-29 8:46:22 PM  
Last trading day of October is tomorrow.
Need a market crash to rhyme 2020 with 1929.
2020 doing its best to rhyme with 1918 already.
Don't even mention 1941 to 2020.
 
2020-10-29 10:28:18 PM  

hammettman: Last trading day of October is tomorrow.
Need a market crash to rhyme 2020 with 1929.
2020 doing its best to rhyme with 1918 already.
Don't even mention 1941 to 2020.


What - afraid the Germans are going to bomb Pearl Harbor again?
 
2020-10-30 1:20:29 AM  

mad cowboy: A big conspiracy thing is when we went off the gold standard it set a crash in motion and the new deal had a bit to do with the recovery so it isn't all thank Hitler for the recovery.


We move off the gold standard in 1934, well after the depression.

We put it back (sorta) in 1946 but then moved off it entirely in 1971. But we were already partly off it since the 1890s anyway (it's complicated).

So yeah -- conspiracy is bunk.
 
2020-10-30 1:21:57 AM  

freakay: Regardless of the discussion of gold is the point that Kinsian economics, in a crisis like that, works. Everyone says "no it was world war 2 that got us out of the Depression!" To which the appropriate response is that yes it did, but more particularly it was increased government spending that did it.


And what is war, really, but the ultimate public works project.
 
2020-10-30 1:27:26 AM  

mad cowboy: My mistake but I was referring to the Federal reserve act of 1913 by Woodrow Wilson.


Wilson had almost nothing to do with the Federal Reserve. He just happened to be President when it was signed into law, but it was part of a 5 year process of negotiation and discussion that began under Taft.

The reason for the Federal Reserve was the Bank Panic of 06 which might've become the worst depression of all time if JP Morgan himself hadn't stepped in and put up his own money to cover deposits, and he encouraged every one of his friends in the banking industry to do the same. That stopped the panic dead in its tracks. And from that simple gesture the seed of an idea was planted: What if the government can do that?

6 years later the Fed was born.

Depressions can still occur for other reasons but we don't fear runs on the bank anymore and we have the Fed to thank for that.
 
2020-10-30 2:27:21 AM  

WastrelWay: Apparently back then everyone could afford a suit, though.


One ill-fitting smelly suit that every worked, played, and slept in. Well-made leisure clothes that didn't look like rags could actually be more expensive.
 
2020-10-30 3:19:00 AM  

MellowMauiMan: My genius maternal grandmother converted her inheritance into gold coin and stashed it, and not in a bank. When the Crash happened, her coins became more valuable, and she slowly used them up over a period of ten years. Mom said they ate pork chops during the height of the Depression, and that at mealtimes, skinny hungry people would look through the windows just to watch them eat. It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.


The story of why your grandmother emigrated from Ireland to Hawaii in 1894 must be completely outlandish and utterly fascinating. After all... https://en.wikipedia.org/wiki/​Republic​_of_Hawaii
 
2020-10-30 7:57:41 AM  

MellowMauiMan: It's a helluva story how she smuggled them, and jewels, out of Ireland in 1894, when she emigrated.


Good ol' prison wallet.
 
2020-10-30 8:20:34 AM  

hammettman: Last trading day of October is tomorrow.
Need a market crash to rhyme 2020 with 1929.
2020 doing its best to rhyme with 1918 already.
Don't even mention 1941 to 2020.


Tomorrow is Saturday, so it will have to crash today to make it in October.
 
2020-10-30 9:24:08 AM  

KarmicDisaster: hammettman: Last trading day of October is tomorrow.
Need a market crash to rhyme 2020 with 1929.
2020 doing its best to rhyme with 1918 already.
Don't even mention 1941 to 2020.

Tomorrow is Saturday, so it will have to crash today to make it in October.


It's had a rough week, does that count
 
2020-10-30 9:35:23 AM  

Abox: KarmicDisaster: hammettman: Last trading day of October is tomorrow.
Need a market crash to rhyme 2020 with 1929.
2020 doing its best to rhyme with 1918 already.
Don't even mention 1941 to 2020.

Tomorrow is Saturday, so it will have to crash today to make it in October.

It's had a rough week, does that count


From my point of view, considering what happened to my stuff, I'd say yes, I'm practically back to the beginning of the year. But not a real crash yet, the 1929 crash was the real thing with everyone even the little guy being completely leveraged as far as possible and the entire market going because of that.
 
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