In an economy, money is never really "lost" - it is only transferred. Therefore, who received all of the money that middle-class citizens "lost" during the crash?
Accurate, unsanitized takes, please.
2007-11-13 00:48:46 · 4 answers · asked by serious_searchlight 2 in Arts & Humanities ➔ History
As far as the stock market was concerned, it was a highly speculative market, grossly overvalued and like the market today many people played it in the hope of realising big financial gains. Gambling, pure and simple. Others invested more seriously either in bum stocks or in sound companies which nevertheless had to take a write-down because of over-valued assets. There were fewer regulatory controls than today . The people who really made money out of it were those who chose to sell out at the height of the market boom, before it crashed.
2007-11-13 01:06:12 · answer #1 · answered by janniel 6 · 1⤊ 0⤋
Guess? The same big money people who pull the strings all the time and get fat from the pain and suffering of the little people. The same ones who have oil at a hundred bucks a barrel and are raking in the foreclosed on homes of the working class american stiffs who sweat for their daily bread.
2007-11-13 02:29:57 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
I won't verify out the different solutions with a view to furnish an honest answer...which leads me into your question. permit's verify out Joe Kennedy (father of JFK, Ted and so on) as our occasion. He could unfold fake rumors some corporation to tension the fee down, purchase a ton of it and then unfold greater fake rumors in the different course purely to sell it at a earnings. He did this till he became a muti-millionaire till now the crash. He replaced into only one among countless thousand persons that did the style of scandulous procuring and merchandising. The effect replaced into that there replaced into no integrity to inventory procuring and merchandising itself. there replaced into no have confidence. yet there have been no accounting regulations the two. Cooking the books replaced right into a norm which justified the rumors. Banks unfold rumors besides inflicting runs on the banks which, as all of us know, cripples a financial corporation. Irony? Roosevelt appointed Joe Kennedy to be the 1st chairman of the SEC. i admire this quote "Jerome Frank likened the appointment to "putting a wolf to guard a flock of sheep."
2016-12-16 07:22:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The railroads.
2007-11-13 01:37:13 · answer #4 · answered by Jonny B 5 · 0⤊ 0⤋