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American Vision, Chapter 9, "The Great Depression, Part 1"

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hi I today we're going to talk about chapter 9 chapter 9 is titled the Great Depression begins and it goes from 1929 to 1932 so so just a couple years so they must have been a lot that happened to devote an entire chapter to Jessica's short time. It did one of the monumental Paw Points in American history happened at this time and then in October 24th of 1929 on stock market crashed and I'm called Black and then on Friday Bankers got together and bought a bunch of stock and and and kind of raise the the prices again and then on it who's the man came out of the market crash 10 to 15 billion dollars in one day and it's an interesting question and one I will try to answer but but if you get caught up in this answer and don't get Gohan teach what happened to the stock market is people were buying stocks quick borrow mine because it was always going up why you know it's it's an easy way to make so they would borrow mine let's say go to buy a stock in the stock is $100 a year so I don't have $100 but I know I'm going to make it I have 10 put it in there and I'll buy a bunch of stocks right and then the stock will go up and and you know what a certain point have to pay it off right so so maybe I wait 3 months and then I sell it and and the price is $130 so I've made $30 so it's a really easy way to make to make someone and so but what happened is it when you have one person doing it not a big deal when half the market is doing that it's it's creating it's pushing the prices up because if I'm buying it for $100 not a big but if everybody's buying $400 each share it's going to be worth more so exactly 100 it would be worth 100 102 and is more want to buy it and so the stock market had become which turned over value meaning it was worth more than it should and so once the market started to crash people couldn't pay them they lost everything when you add people jumping on the windows and stuff like that but even more importantly it's most people in the country did known stop what's the why were they well because the value of the company fell down so much they didn't have any money to workers you know they were just trying to survive and so so they had to lay people off I just said what I'm trying to do is just through this time  so so has more more company started laying people off nobody's buying anything cuz nobody has any money value of the dollar started to fall so think of it this way when you go to the store and you buy something you give them some money right so if a loaf of bread cost $2 today and then 3 months from now a loaf of bread cost a dollar and a half and then 3 months later loaf of bread cost a dollar my dollars worth and as prices go down people are getting as much money as they expected until you more and more people going bankrupt more more people scrounging for work what is the president to the President Hoover has a theory that says the government should not get involved with the economy so what he where is he sad ass pleaded pleaded with companies with universities to please create Logic support people or and some did this for most didn't have enough money to survive  cancelled so down and down and down President Hoover of dealing with this so we'll see you in chapter 10 too good for girl that's good hey baby good to you  did you have fun

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American Vision, Chapter 9, "The Great Depression, Part 1"

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