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 III. Causes of the Panic

Collection:: Economics Books

52 The Stock Market Crash—dAnd After In this remark Senator Nye was merely reflect- ing the impression of many in assuming that there was only so much credit to go around and that Wall Street was making money scarce and dear for busi- ness. Those who held this view ignored the fact that bank reserves were high and that the “tight money” policy of the Federal Reserve System might at any time have been revised. “Boom” Enthusiasm Senator Robinson of Arkansas declared, and with some real basis in fact, in a formal statement on October 30, 1929, that if the foundation of the belief of ruined investors was faith in the strong position of American industry, it was also true that “no less personalities than a former President of the United States, the Secretary of the Treasury, and the former Secretary of Commerce, now Presi- dent, contributed by unduly and repeated optimistic statements to the creation of enthusiastic if not frenzied ventures in stocks.” No doubt the “Coolidge boom" and the “Hoover boom” engendered such public enthusiasm, accom- panied as they were by repeated statements of the country’s prosperity and expected increases in pros- perity. These statements led thousands of investors into undue borrowings in order to realize the bene- fits of this prosperity for themselves. But I cannot entirely agree with Professor Jacob H. Hollander, of Johns Hopkins University, in his view, expressed before the Academy of Political Science in New

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