91 years ago today will forever be remembered as Black Tuesday. It was the day the New York Stock Exchange crashed over 12%, cleaning investors out of billions. Worse still, many of these investors had bet on margin, meaning they had borrowed money to invest. They faced a margin call: come up, somehow, with the money to pay the loan back for all of that money you've lost.
People jumped out of windows. It was a horrible experience.
Making things worse, the government didn't know how to react. It was felt at the time that a hands-off approach would let the market correct. I am not an economist, but Milton Friedman makes the case that because the government had created a national bank, The Federal Reserve System, they had the tools to deal with the subsequent cash shortage. And it was their job to do so. But bickering and other problems led them to sit on their hands and watch it all crash, sending the county and world into an unneeded and unnecessarily deep depression.
Note: Recessions are when the production of the nation contracts. We usually have one every so often., mainly because overly-optimistic business owners tend to hire and build out more capability than they actually need. Depressions are all caused by monetary crises. People's trust in the money and the institutions that manage the money is destroyed. A long rebuilding is in order.
Here are some pictures from that Tuesday. It had to have been an amazing thing to live through.
From Space-X to a new inside-out Wenkel engine for DoD, it's been an amazing week for inventors.
Hey @bdkoepke , @dmrq70 , @fforfun , @MikeDwyer , @stevenMsmith , @AgileJazz , @XxWolfBanexX , @HappyDawn , @katamen , @SmileSyndicate , @DanielBMarkham
I've moved!
Locals is turning off their free accounts and I've decided that I'd rather go back to maintaining my own site than sign up for any more "free" services that end up changing the conditions of service later.
The new site is just like this one, only no "locals" in the name. It's https://danielbmarkham.com
Please give it a shot, and please let me know if you have any problems signing up. I think I have the configuration down but you guys will be the first 100 or so to sign up, so there'll probably be some snags.
Daniel
danielbmarkham.com
Hey @ShiroiKami , @osio , @btbytes , @QrzZDE2e , @jslezak , @gtramontina , @planti , @kavalau , @NzDan , @dadsfsadf
I've moved!
Locals is turning off their free accounts and I've decided that I'd rather go back to maintaining my own site than sign up for any more "free" services that end up changing the conditions of service later.
The new site is just like this one, only no "locals" in the name. It's https://danielbmarkham.com
Please give it a shot, and please let me know if you have any problems signing up. I think I have the configuration down but you guys will be the first 100 or so to sign up, so there'll probably be some snags.
Daniel
danielbmarkham.com
Hey @markthien , @vikdutt , @mavenllc , @Dauugavpiils , @rmonaghan , @Vic8888 , @GeorgiaLogCabin , @godfrey , @yumaikas
I've moved!
Locals is turning off their free accounts and I've decided that I'd rather go back to maintaining my own site than sign up for any more "free" services that end up changing the conditions of service later.
The new site is just like this one, only no "locals" in the name. It's https://danielbmarkham.com
Please give it a shot, and please let me know if you have any problems signing up. I think I have the configuration down but you guys will be the first 100 or so to sign up, so there'll probably be some snags.
Daniel
danielbmarkham.com
