『The 1929 Wall Street Crash』のカバーアート

The 1929 Wall Street Crash

The 1929 Wall Street Crash

著者： YesOui
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10月19日まで。※適用条件あり
Black Thursday, Black Monday, Black Tuesday. October 1929. The margin calls. The bucket shops. Charles Merrill and the warnings. The Federal Reserve's contraction. The banks that failed. The Great Depression it triggered. Hoovervilles and the Dust Bowl. Roosevelt's New Deal. Glass-Steagall. The SEC. The lessons that had to be relearned in 2008. The eight-year climb back to 1929's peak. The moment American capitalism nearly died. — a daily series with new episodes every day.© 2026 YesOui.ai 世界 政治・政府
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  • Black Thursday: The Three Days That Broke American Capitalism

    Black Thursday: The Three Days That Broke American Capitalism
    2026/10/12
    (00:00:00) Black Thursday: The Three Days That Broke American Capitalism
    (00:00:38) The Machinery of Speculation
    (00:02:35) Black Thursday, Black Monday, Black Tuesday
    (00:03:28) The Federal Reserve's Fatal Contraction
    (00:05:12) Deflation and the Debt Trap
    (00:06:59) Roosevelt, the New Deal, and the Regulatory Revolution
    (00:08:58) The Eight-Year Wait
    (00:09:43) 2008 and the Return of Familiar Patterns
    (00:11:58) What the Crash Still Tells Us

    On the morning of October 24, 1929, sell orders arrived faster than clerks could process them. Within hours, nearly thirteen million shares had changed hands and the financial architecture of the 1920s had begun to crack. Black Thursday was only the opening act. By the time Black Tuesday closed on October 29th, sixteen million shares had traded in a single session and billions in paper wealth had ceased to exist.

    This episode unpacks the machinery that made the crash possible — and inevitable. Ordinary Americans had flooded into the market on margin, borrowing nine dollars for every one they owned, creating a self-reinforcing liquidation spiral the moment prices turned. Bucket shops had seeded a culture of leveraged gambling. Charles Merrill had warned his clients as early as 1928 to reduce exposure. Almost nobody listened.

    But the crash itself didn't cause the Great Depression. What turned a financial crisis into a decade-long catastrophe was the Federal Reserve's decision to contract the money supply by thirty-one percent between 1929 and 1933 — precisely when the economy needed liquidity. Ten thousand bank suspensions erased ninety-two percent of the money supply, which existed only as deposits. When the banks failed, the money simply stopped existing.

    Deflation then made everything worse. Prices fell twenty-five percent in aggregate, meaning every dollar of debt became twenty-five percent heavier in real terms. Farmers, businesses, and households found their revenues collapsing while their obligations held rigid — a debt trap that paralysed the economy for years.

    This is the chapter where the numbers stop being abstract and the human cost comes into focus.

    This episode includes AI-generated content.
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    15 分
  • Twenty-Five Years: Why the Market Took a Generation to Recover

    Twenty-Five Years: Why the Market Took a Generation to Recover
    2026/10/11
    (00:00:00) Twenty-Five Years: Why the Market Took a Generation to Recover
    (00:01:05) The Setup: A Market Built on Air
    (00:03:05) Black Thursday to Black Tuesday
    (00:04:08) The Federal Reserve's Fatal Choice
    (00:05:16) Ten Thousand Banks
    (00:06:22) The Human Cost
    (00:07:38) Roosevelt and the New Deal
    (00:09:27) Why the Recovery Took So Long
    (00:11:29) The Lessons That Had to Be Relearned
    (00:12:53) Closing

    The standard story says Roosevelt saved capitalism. Glass-Steagall passed, the SEC was created, banks stabilised, order restored. So why did it take twenty-five years — until Eisenhower's second year in office — for the stock market to claw back to where it stood on the eve of Black Thursday? That gap is what this episode is about.

    To understand the distance, you first have to understand the height. Throughout the 1920s, the American market became a machine for speculation. Ordinary investors bought on margin, controlling a hundred dollars of stock with ten of their own money. Bucket shops — legal, unregulated, ubiquitous — let people bet on price movements without ever owning a share. Charles Merrill spent years warning that the market had decoupled from reality. Nobody listened.

    When Black Thursday struck on October 24, 1929, followed by Black Monday and Black Tuesday, the cascade was mechanical: margin calls forced selling, selling drove prices lower, lower prices triggered more margin calls. From the September 1929 peak to the 1932 trough, stocks fell eighty-seven percent.

    But the crash didn't have to become the Great Depression. That transformation was the Federal Reserve's choice. Between 1929 and 1933, the money supply contracted by thirty-one percent. Ninety-two percent of that money supply existed as bank deposits — and when ten thousand banks failed in three waves of panic, those deposits simply vanished. No federal deposit insurance. No safety net. Savings gone.

    This episode traces the full arc from leveraged euphoria to institutional collapse, asking the question that the tidy recovery narrative never quite answers: how broken does a system have to be for a generation to pay the price?

    This episode includes AI-generated content.
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    15 分
  • Before the SEC: Bucket Shops, Fraud, and the Market Reform That Saved Capitalism

    Before the SEC: Bucket Shops, Fraud, and the Market Reform That Saved Capitalism
    2026/10/10
    (00:00:00) Before the SEC: Bucket Shops, Fraud, and the Market Reform That Saved Capitalism
    (00:02:06) The Collapse and Its Causes
    (00:04:54) The New Deal Framework
    (00:06:42) The SEC and What It Changed
    (00:08:48) Lessons Learned and Forgotten
    (00:10:43) What the SEC Actually Meant

    Before the Securities and Exchange Commission existed, American markets were, in the most literal sense, an unregulated wilderness. Bucket shops operated openly in cities across the country. Margin buying ran at ten percent down. Ordinary Americans poured borrowed money into stocks they didn't understand, in companies they hadn't examined. Charles Merrill saw the danger and warned his clients. Almost no one listened.

    Then came October 1929. Black Thursday. Black Monday. Black Tuesday. The cascade of margin calls and forced selling drove the stock market down eighty-seven percent from its September 1929 peak to its 1932 trough. But the crash alone didn't create the Great Depression. The Federal Reserve's catastrophic decision to contract the money supply by thirty-one percent turned a severe market collapse into a decade-long economic catastrophe. Three banking panics swept the country. Ten thousand banks failed. Unemployment hit twenty-five percent. Hoovervilles filled the parks. The Dust Bowl stripped the Great Plains bare.

    Roosevelt arrived in 1933 with the capitalist system itself in question. The New Deal's answer was structural: Glass-Steagall erected a firewall between commercial and investment banking. Federal deposit insurance gave ordinary savers protection they had never had. And the SEC changed the foundational relationship between markets and the public — making disclosure mandatory, fraud prosecutable, and investor protection a federal responsibility for the first time.

    This episode examines what existed before the SEC, why the crash happened, how the Depression deepened, and what the New Deal reforms actually achieved — and what they left unfinished, as 2008 would eventually prove.

    This episode includes AI-generated content.
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    14 分
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