The Crash Of 1929

[Dodohouse]

Documentary on the Wall Street Crash of 1929.

Some interesting similarities to the housing market.

http://video.google.com/videoplay?docid=72...40582&hl=en

[29929BlackTuesday]

Thanks.

When I first saw all this brewing years ago I likened it to 1929 to friends and named myself on here according to the date one month before Black Tuesday - ie when everyone thought it was all OK!

[eric pebble]

Documentary on the Wall Street Crash of 1929.

Some interesting similarities to the housing market.

http://video.google.com/videoplay?docid=72...40582&hl=en

Superb. Human beings so quickly and easily become utterly deluded...........

All schoolchildren, all college students -- EVERYONE!!!!!!!! -- should be forced to watch this twice a year.........

Edited August 19, 2008 by eric pebble

[InternationalRockSuperstar]

The 'crash' of 1929 was never allowed to fully run its course because the bankers paid off the Gov't to intervene in the market.

Now we are about to get the crash that we should have had in 1929, except its going to be many magnitudes worse due to the destruction of capital that has been the result of 8 decades of chronic malinvestments caused by the Gov't interventions.

[The Masked Tulip]

Superb. Human beings so quickly and easily become utterly deluded...........

All schoolchildren, all college students -- EVERYONE!!!!!!!! -- should be forced to watch this twice a year.........

We should teach them about friendships, relationships, spirituality, positive living, positives, positives, positives...

[Injin]

We should teach them about friendships, relationships, spirituality, positive living, positives, positives, positives...

You cannot teach that stuff, it has to be learned.

[The Masked Tulip]

You cannot teach that stuff, it has to be learned.

Belief like that is why we have so many screwed up people in this country. We teach children about dates in history of no meaning and other nonsense... and nothing about communicating with other Human Beings, living together, having relationships and growing emotionally and spiritually.

Yes, some learn through experience and often it is a long and painful process. Much better to guide and teach people when young so that we all live in a better Society and that millions of us do not waste what Time we have here.

Alas, we have got the wrong values. As I say, no wonder we have so many f uc ked up people.

As the prophets ask - why do you exist here?

[markinspain]

Documentary on the Wall Street Crash of 1929.

Some interesting similarities to the housing market.

http://video.google.com/videoplay?docid=72...40582&hl=en

Thanks for the video - very enjoyable. What are the odds on a repeat in a couple of months time?

[Not Long Now]

Wow.

Substitute stock market for house prices, and the whole film rings true with the situation today.

As Mark Twain said: The Future does not repeat itself, but it does rhyme.

The guy in this film (on 48 minutes) sums it up nicely when talking about the crash of 1929, when he says:-

"There is nothing unique about this. It is somethig which happens every 20 or 30 year because that is the lengh of the financial memory. Its about the lenght of time for a new set of suckers, if you will, a new set capable of wonderful self-delusion to come in and imagine they have a new and wonderful fix on the future".

Couldn't agree more.

Edited August 19, 2008 by Notlongnow

[Frank8]

Thanks for the video - very enjoyable. What are the odds on a repeat in a couple of months time?

Seconded.

[crash2006]

We should teach them about friendships, relationships, spirituality, positive living, positives, positives, positives...

we should teach them how money is made etc... one of the most important things in anyones life.

Edited August 19, 2008 by crash2006

[InternationalRockSuperstar]

we should teach them how money it made

The printing press

[Bosh]

Belief like that is why we have so many screwed up people in this country. We teach children about dates in history of no meaning and other nonsense... and nothing about communicating with other Human Beings, living together, having relationships and growing emotionally and spiritually.

I agree....To add it should be compulsory to learn about food/cooking, basic first aid and economics. Less obese kids/adults who could actually contribute something to society who also have a basic understanding of finance /debt etc.

Teaching children the value of real life that will assist them in the start they need will be far more useful than who whipped who in 1066.

There is a place for history and most other subjects but the basics are what the youngsters are leaving school without and this is evident with obesity, debt, etc etc etc.

basics

[Injin]

I agree....To add it should be compulsory to learn about food/cooking, basic first aid and economics. Less obese kids/adults who could actually contribute something to society who also have a basic understanding of finance /debt etc.

Teaching children the value of real life that will assist them in the start they need will be far more useful than who whipped who in 1066.

There is a place for history and most other subjects but the basics are what the youngsters are leaving school without and this is evident with obesity, debt, etc etc etc.

basics

Cannot be taught.

Can only be learned.

[wonderpup]

The most valuable thing we could teach our children is not to trust anything we or anyone else tells them. Children are born with an innate tendancy to question, to ask why- however this tendancy is discouraged as it leads to a disruptive thought process that makes eduacational crowd control problematic. Schools are run for the benefit of the staff.

"getting the buggers to behave" is the problem- the last thing you do in this situation is encourage independant thought- that would be like removing sedatives from old peoples homes- very disruptive.

[Bubble&Squeak]

Cannot be taught.

Can only be learned.

what is learnt, by definition, must have been taught, by trial and error or from third party already with knowledge

to not learn from others' mistakes is the ultimate failure

sadly some profit handsomely from lessons unlearnt

EDIT: Spelling and clarity

Edited August 19, 2008 by Bubble&Squeak

[The Spaniard]

Superb. Human beings so quickly and easily become utterly deluded...........

All schoolchildren, all college students -- EVERYONE!!!!!!!! -- should be forced to watch this twice a year.........

Gary Oldman puts it very eloquently in this clip:

http://video.google.com/videosearch?q=gary...yone&emb=0#

['Bart']

Great documentary, lots of phrases and comments that echo the modern day credit boom.

Sadly.

[right_freds_dead]

You cannot teach that stuff, it has to be learned.

rubbish. if i had my way i could flay them into respect with my trusty cane.

then return to my phsycopathic wife who woudl thrash me to within inches of my life......

[Wad]

I have read J K Galbraith's book The Great Crash, 1929

However, I have set aside an hour to watch this video this morning and in the first ten minutes I have heard many things that would be applicable today to the property market. I just heard the phrase 'consumer credit' and it was in the 1920s that working people first got the chance to borrow. Wow - just like the credit boom of today. A sort of subprime borrowing binge. Seems like everyone was buying stocks on margin - just like 100% IO mortages to BTL investors - it was leveraged speculation.

A whole decade of growth followed by a bust.

By the way, what people forget is the The Great Depression was also preceeded by a massive commodity boom as well as a stock market boom. When commodity prices collapsed along with the banks it caused much of the deflation in the 1930s that then lead to the bust in farmland prices.

Edited August 20, 2008 by Wad

[1929crash]

It's worth bearing in mind that the 1929 crash didn't affect the UK as badly as the US because:

Britain had been in recession essentially since 1920/21 and because of the return to the Gold Standard in 1925 which meant the pound ws overvalued and exports uncompetitive.

Secondly, while the UK suffered a miserable decade, the 1920s for the US were a boom time, just like the last decade in fact.

So the fall, for the Americans, when it came, was from a much higher level.

[Justice]

What was interesting in the clip was the amount of money borrowed to play the stock and i think it's much the same today because real infaltion is way above the savings rate so it's cheap to borrow money to gamble with hence the current comodities boom.

going forwards i would guess just as much money is maybe lost due to a crash then has already been lost on house prices.

Stock up on food so you don't have to jump out the window

[eric pebble]

Great documentary, lots of phrases and comments that echo the modern day credit boom.

Eerie isn't it!?!?....

[cs02rm0]

what is learnt, by definition, must have been taught, by trial and error or from third party already with knowledge

I'm not sure I'd class learning by trial and error as teaching?

[Meerkat]

Cannot be taught.

Can only be learned.

This where wise men get separated from ordinary men: if you can learn from other people's mistakes, you are wise. If you learn from your own mistakes, you're not stupid.

I cannot recall on the spot who said this: "Experience is the ability to learn from your own mistakes. Wisdom is the ability to learn from other's mistakes."