The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. President Hoover Acts

Collection:: Economics Books

24 The Stock Market Crash—dAnd After branches of the industrial world. The assurances already obtained by the public service institutions and the governmental works would be a prime factor of stability by enabling construction and maintenance activities for 1930 to reach a ‘“‘higher level than that of 1929.” A second great balance wheel of stability, the President said, was in our foreign trade. But he cautioned that exports should be mainly for development work abroad, such as roads and utilities which increase the standards of living of the foreign nations and thus increase demand for goods from every nation. Finally, the President declared that all these efforts had but one end, namely, to “assure employ- ment¥and to remove the fear of unemployment.” First Concerted Action Against Depression The remedies and preventives proposed to the four hundred business leaders represented the first concerted effort made in this country by government and business to avoid threatened depression. “A more significant experiment in the technique of bal- ance,” Professor Wesley C. Mitchell declared in a paper before the Taylor Society, December 4, 1929, “could not be devised than the one which is being performed before our eyes.” The purpose of this action was magnificent. Its psychological application in allaying fear was, indeed, swiftly effective. It immediately turned the attention of the nation from despairing contempla- tion of losses to a confident preparation for quick recovery. It was designed to head off industrial con-

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