Oct. 24-29, 1929 - Stock market crash triggers the Great Depression

On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> Oct. 24-29, 1929 - Stock market crash triggers the Great Depression

That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
This government agency was created to prevent a repeat of that fiasco. It has since been expanded immensely.
https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission

On Friday, September 30, 2022 at 4:21:54 PM UTC-7, Fred Bloggs wrote:
> On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> > Oct. 24-29, 1929 - Stock market crash triggers the Great Depression
> That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
> This government agency was created to prevent a repeat of that fiasco. It has since been expanded immensely.
> https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission

That's right. The 1929 stock market crash was just an indicator of major problems in our banking system. When banks began collapsing companies were denied the capital needed to operate. Then the Smoot-Hawley Tariff Act put the final knife in the back of the economy, raising tariffs to confiscatory levels. This, of course, prompted retaliation by European countries.

On Saturday, 1 October 2022 at 04:01:43 UTC+2, Flyguy wrote:
> On Friday, September 30, 2022 at 4:21:54 PM UTC-7, Fred Bloggs wrote:
> > On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> > > Oct. 24-29, 1929 - Stock market crash triggers the Great Depression
> > That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
> > This government agency was created to prevent a repeat of that fiasco. It has since been expanded immensely.
> > https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
> That's right. The 1929 stock market crash was just an indicator of major problems in our banking system. When banks began collapsing companies were denied the capital needed to operate. Then the Smoot-Hawley Tariff Act put the final knife in the back of the economy, raising tariffs to confiscatory levels. This, of course, prompted retaliation by European countries.
Banks love to generate crashes, global recession to make easy T$s

Ask f. chairman at Lehman's Brothers

On Friday, September 30, 2022 at 10:01:43 PM UTC-4, Flyguy wrote:
> On Friday, September 30, 2022 at 4:21:54 PM UTC-7, Fred Bloggs wrote:
> > On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> > > Oct. 24-29, 1929 - Stock market crash triggers the Great Depression
> > That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
> > This government agency was created to prevent a repeat of that fiasco. It has since been expanded immensely.
> > https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
> That's right. The 1929 stock market crash was just an indicator of major problems in our banking system. When banks began collapsing companies were denied the capital needed to operate. Then the Smoot-Hawley Tariff Act put the final knife in the back of the economy, raising tariffs to confiscatory levels. This, of course, prompted retaliation by European countries.

The banks crashed because everyone went broke and couldn't make payments on loans, especially mortgages, the banks taking possession of defaulted properties amounted to nothing because property values tanked. And obviously people stopped buying things like CDs and bonds because they simply didn't have the money. People stopped buying anything and that rippled through the business economy knocking everything out of business, creating even more defaults for the banks. It was a major disaster.

Then they had a huge amount of money they leant out for people to buy stocks, and everyone defaulted on those.

People blamed Herbert Hoover but he never had the authority as president to either prevent or fix the problem. Hoover was actually quite brilliant and his administration tried all kinds of ingenious ways to halt the depression, nothing worked.

The morons tried to reenact the same fiasco with the subprime mortgage industry- and that's when the feds should have stepped in and stopped it. Let's face it, if FHA denies insurance for a mortgage loan, it's a pretty low bar the lender can't meet. AIG, who didn't know what the hell they were doing, more Harvard MBAs no doubt, went in the hole for something like $500B. That would be $500B for underqualified nobodies buying ridiculously overpriced real estate from yet another group of moron thieves. The law should require the thieves to insure the mortgage- let's see how eager the parasites will be for business then.

On Saturday, October 1, 2022 at 7:43:35 AM UTC-7, Fred Bloggs wrote:
> On Friday, September 30, 2022 at 10:01:43 PM UTC-4, Flyguy wrote:
> > On Friday, September 30, 2022 at 4:21:54 PM UTC-7, Fred Bloggs wrote:
> > > On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> > > > Oct. 24-29, 1929 - Stock market crash triggers the Great Depression
> > > That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
> > > This government agency was created to prevent a repeat of that fiasco.. It has since been expanded immensely.
> > > https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
> > That's right. The 1929 stock market crash was just an indicator of major problems in our banking system. When banks began collapsing companies were denied the capital needed to operate. Then the Smoot-Hawley Tariff Act put the final knife in the back of the economy, raising tariffs to confiscatory levels. This, of course, prompted retaliation by European countries.
> The banks crashed because everyone went broke and couldn't make payments on loans, especially mortgages, the banks taking possession of defaulted properties amounted to nothing because property values tanked. And obviously people stopped buying things like CDs and bonds because they simply didn't have the money. People stopped buying anything and that rippled through the business economy knocking everything out of business, creating even more defaults for the banks. It was a major disaster.
>
> Then they had a huge amount of money they leant out for people to buy stocks, and everyone defaulted on those.
>
> People blamed Herbert Hoover but he never had the authority as president to either prevent or fix the problem. Hoover was actually quite brilliant and his administration tried all kinds of ingenious ways to halt the depression, nothing worked.
>
> The morons tried to reenact the same fiasco with the subprime mortgage industry- and that's when the feds should have stepped in and stopped it. Let's face it, if FHA denies insurance for a mortgage loan, it's a pretty low bar the lender can't meet. AIG, who didn't know what the hell they were doing, more Harvard MBAs no doubt, went in the hole for something like $500B. That would be $500B for underqualified nobodies buying ridiculously overpriced real estate from yet another group of moron thieves. The law should require the thieves to insure the mortgage- let's see how eager the parasites will be for business then.

The housing market collapse of 2008 was the direct result of the Feds forcing banks to make bad loans thru the Community Reinvestment Act (https://www..forbes.com/2008/07/18/fannie-freddie-regulation-oped-cx_yb_0718brook.html?sh=342faca4364b0.)

On Monday, October 3, 2022 at 2:33:01 AM UTC-7, bill....@ieee.org wrote:
> On Sunday, October 2, 2022 at 9:54:50 AM UTC+11, Flyguy wrote:
> > On Saturday, October 1, 2022 at 7:43:35 AM UTC-7, Fred Bloggs wrote:
> > > On Friday, September 30, 2022 at 10:01:43 PM UTC-4, Flyguy wrote:
> > > > On Friday, September 30, 2022 at 4:21:54 PM UTC-7, Fred Bloggs wrote:
> > > > > On Friday, September 30, 2022 at 7:02:10 PM UTC-4, a a wrote:
> > > > > > Oct. 24-29, 1929 - Stock market crash triggers the Great Depression
> > > > > That's because it was an unregulated casino with too many people making high risk foolhardy buys with borrowed money. Most of what they were doing is illegal these days.
> > > > > This government agency was created to prevent a repeat of that fiasco. It has since been expanded immensely.
> > > > > https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
> > > > That's right. The 1929 stock market crash was just an indicator of major problems in our banking system. When banks began collapsing companies were denied the capital needed to operate. Then the Smoot-Hawley Tariff Act put the final knife in the back of the economy, raising tariffs to confiscatory levels. This, of course, prompted retaliation by European countries.
> > >
> > > The banks crashed because everyone went broke and couldn't make payments on loans, especially mortgages, the banks taking possession of defaulted properties amounted to nothing because property values tanked. And obviously people stopped buying things like CDs and bonds because they simply didn't have the money. People stopped buying anything and that rippled through the business economy knocking everything out of business, creating even more defaults for the banks. It was a major disaster.
> > >
> > > Then they had a huge amount of money they lent out for people to buy stocks, and everyone defaulted on those.
> > >
> > > People blamed Herbert Hoover but he never had the authority as president to either prevent or fix the problem. Hoover was actually quite brilliant and his administration tried all kinds of ingenious ways to halt the depression, nothing worked.
> > >
> > > The morons tried to reenact the same fiasco with the subprime mortgage industry- and that's when the feds should have stepped in and stopped it. Let's face it, if FHA denies insurance for a mortgage loan, it's a pretty low bar the lender can't meet. AIG, who didn't know what the hell they were doing, more Harvard MBAs no doubt, went in the hole for something like $500B. That would be $500B for underqualified nobodies buying ridiculously overpriced real estate from yet another group of moron thieves. The law should require the thieves to insure the mortgage- let's see how eager the parasites will be for business then.
> >
> > The housing market collapse of 2008 was the direct result of the Feds forcing banks to make bad loans thru the Community Reinvestment Act (https://www.forbes.com/2008/07/18/fannie-freddie-regulation-oped-cx_yb_0718brook.html?sh=342faca4364b0.)
> That's what Jame Arthur claimed here, directly after the event. The subsequent investigations showed the loans made under the Community Reinvestment Act were perfectly okay. It was the loans made by the fringe banks that went bad in huge numbers. James Arthur shut up after that got published.
>
> You probably ought to too. It's a bit much to hope for.
>
> https://www.federalreserve.gov/econresdata/notes/feds-notes/2015/assessing-the-community-reinvestment-acts-role-in-the-financial-crisis-20150526.html
>
> --
> Bozo Bill Sloman, Sydney

You are fucking KIDDING YOURSELF, Bozo. These liar loans were CENTRAL to the housing collapse.
https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6