Twenty-Five Years: Why the Market Took a Generation to Recover
カートのアイテムが多すぎます
ご購入は五十タイトルがカートに入っている場合のみです。
カートに追加できませんでした。
しばらく経ってから再度お試しください。
ウィッシュリストに追加できませんでした。
しばらく経ってから再度お試しください。
ほしい物リストの削除に失敗しました。
しばらく経ってから再度お試しください。
ポッドキャストのフォローに失敗しました
ポッドキャストのフォロー解除に失敗しました
Twenty-Five Years: Why the Market Took a Generation to Recover
-
ナレーター：
-
著者：
(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.
adbl_web_anon_alc_button_suppression_t1
まだレビューはありません