The stock market crash - and after

Bibliographic data

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

President Hoover Acts 25 flicts. It attempted to assure producers of a con- tinuance of purchasing power for their goods, and consumers continued maintenance of their standard of living. Finally, it took a step in the direction of “planned and managed prosperity,” indicated as proper in the temporary speeding up of forward construction and expansion programs and stimula- tion of foreign trade. Whether this supplied the necessary driving power to overcome the momentum of forces that were already turning the volume of production and trade downward with a decline in the general level of prices, remains to be seen. Its underlying theory, that continuity of the productive and distributive process, and hence of the purchasing power of the masses of consumers was of prime importance to reassure business and maintain the continuous flow of production and trade is altogether sound. It was calculated to mend as speedily as possible the dis- location occasioned by the transfer of the mass of traded stock issues to alien and more concentrated ownership at a loss to their former holders. It was a proper emergency measure to take in preventing the worst effects on business from the crash in the stock exchanges. Henry Ford was substantially right, therefore, in a supplemental statement issued by him after the first of the President’s conferences, when he sug- gested the need, in order to check such effect in its beginnings and as a measure of reassurance, of “in- creasing the purchasing power of our principal cus- tomers—the American people.” Mr. Ford added:

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