BLACK TUESDAY OCTOBER 29th 1929 REVISITED?
(TUESDAY OCTOBER 29th 2002)
By Richard Lancaster
"These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again."- John D. Rockefeller on the Depression in 1933
History would suggest that once every couple of
generations there is a “cleansing cycle” that occurs within
the financial markets, society, and even within humanity as a
whole. Financial institutions collapse, diseases rage, locusts
fly, hailstones fall, earthquakes increase, volcanoes rumble,
Sunspots explode out from our heat source, wars breakout all
over and despotism reigns supreme. We appear to be entering
one of these historic cycles at this seminal point in the
maturation of the human race. Almost as if the entire planet
is vibrating out of control, has some kind of harmonic
resonance pushed us out of kilter, like we are getting
disconnected from our core and spiraling out of control? Maybe
it’s our collective lack of moral backbone precipitating these
events, as historically, such perilous times tend to follow a
period of wild excess. The last time this happened was in the
1920’s, 30’s and 40’s. It started with the Wall Street Crash
of 1929, then it moved through to the Great Depression and
ended beyond World War II. The question is: is it cyclically
returning?
On Tuesday October 29th, 1929, Wall
Street witnessed a 13% decline in the Dow Jones, an episode
that became known in financial mythology as “Black
Tuesday.” It is generally recognized that Black
Tuesday was the beginning of the Great Depression. Between
early September and the end of October 1929 the market lost a
total of 40% in less than 8 weeks. In reality Black
Tuesday was just the end of the beginning of the crash on
Wall Street. As you can see from the graph below, the market
continued to fall for several years after Black
Tuesday. By the end of the slide some pundits conjectured
that the market might actually go to zero. From its high of
386.10 in September ’29 to its low of 40.60 on July 29, 1932,
the market had lost a total of 89%!
What happened on that
day is little understood and highly controversial. What
history suggests is that the mass of investors capitulated, in
essence said, “enough is enough,” and ran from the market,
most of them never to return. But there is another version of
events that needs to be understood.
Lets look at both versions, and then you decide
which you think is the more believable:
Version One, the Official History, goes something like
this:
During the roaring 20’s there existed a climate
of “irrational exuberance” and speculative excess (does this
sound familiar to you?…Ed.). New fangled technology, like the
radio (RCA) and the car (Ford started mass production) coupled
with real estate speculation, especially in Florida (like the
Ponzi
Scheme), created an economic temperament of “get rich
quick.” Jazz was all the rage and clubs were starting up in
the major cities. Life, in general, was good in America,
although poverty was very evident. Stock prices were run up to
excessively high levels, which everyone knew (so we are told)
were unsustainable. For the first time in investing history
the masses of investors were allowed to borrow on the margin
in order to buy stocks. Industrial production was rising, and
this fueled the speculation. However, production and GDP were
rising at a much slower rate than the stock market.
Below, in order to add a little
Hollywood spice to this version of history is the voice-over
from the opening to a 1939 classic “The Roaring Twenties”
starring Cagney, Lane and Bogart . (1929) As the dizzy decade nears its end, the investors go
stock market crazy. The great and the humble, the rich man and
the workingman, the housewife and the shopgirl, all take their
daily flyer in the market. And no one seems to lose. Then like
a dark bombshell, fortune drops that never-to-be-forgotten
Black Tuesday, October 29th. " Confusion
spreads through the canyons of New York City's financial
district and men stare wild-eyed at the spectacle of complete
ruin. More than sixteen and a half million shares change hands
in a single day of frenzied selling. The paper fortunes built
up over the past few years crumble into nothing in this
disaster, which touches every man, woman, and child in
America.”
Another echoing of this version of history comes
from establishment economist John Kenneth Galbraith's
narrative on the time, The Great Crash: 1929.
“….the twenties in America were a very good
time. Production and employment were high and rising. Wages
were not going up much, but prices were stable. Although many
people were still very poor, more people were comfortably
well-off, well to do, or rich, than ever before. Finally,
American capitalism was undoubtedly in a lively phase. Between
1925 and 1929, the number of manufacturing establishments
increased from 183,9000 to 206,700; the value of their output
rose from $60.8 billions to $68.0 billions. The Federal
Reserve index of industrial production which had averaged only
67 in 1921 (1923-25 = 100) had risen to 110 by July 1928, and
it reached 126 in June 1929. In 1926, 4,301,000 automobiles
were produced. Three years later, in 1929, production
increased by over a million to 5,358,000…” (Galbraith)
Then all of a
sudden, on Black Tuesday, the rug was pulled out from
under the feet of the market. The masses lost faith in the
value of stocks and opted to sell -- all at the same time!
This caused a panic. Stocks started to decline precipitously,
leading to more selling. Investors couldn’t pay the interest
on their margin accounts causing the banks that had loaned the
money to go out of business. The house of cards came tumbling
down and we have no one to blame but our own greediness and
desire to be rich without having to work for
it.
It’s really that simple
or so we are told. Black Tuesday had such an impact
that the market did not recover from the lows of 1929 until
1954, long after WWII, 25 years later!
“A veritable
bedlam of activity reigned in leading stock brokerage houses
in Seattle today as the greatest avalanche of security selling
known to history was launched on New York exchanges.
Executives and clerks, worn by almost constant application to
duty for days past, and with little respite gained by the
Saturday afternoon and Sunday intermission breasted the great
tide of buying and selling orders with philosophical
resignation. And the orders poured in from the floors of the
board houses, over teaming batteries of telephones, and by
telegram … Curiosity seemed to prompt attendance of the
greater part of the milling throngs in the board rooms”
(The Seattle Times, October 29, 1929).
In conclusion, version one depicts a kind
of orderly human crisis brought about by “the people” – our
greed and ignorance drove us to want something for nothing and
ultimately ended in disaster, the Great Depression.
"The
nation is marching along a permanently high plateau of
prosperity."
Yale
University economist Irving Fisher (5 days later Black Tuesday
occurred!!)
Version
Two, the
Unofficial History, goes something like this:
To understand this
version of what happened on Black Tuesday it is
imperative to learn some of the history of the Federal Reserve
Bank system of the United States, where it came from, the
powers it possesses, and how it uses them to affect the
economy and markets. This is not an easy subject.
Fundamentally, the alternative history suggests that banking
manipulations caused the irrational exuberance, thus the
speculative excesses, the Crash of 1929 that followed, and
therefore the Great Depression of 1933, which then ultimately
lead to World War II.
In order to present this alternative view it is
necessary to quote from an expert source from the era. There
is no more respected and outspoken source on banking in that
period than Congressman Louis McFadden. Here’s some background
on Pennsylvania Congressman Louis McFadden and his expert
opinion on the Federal Reserve.
Louis McFadden’s brief biography:
Louis Thomas McFadden was born in Troy, Bradford
County, Pennsylvania on October 1, 1876. He attended public
schools and a commercial college. At sixteen he took a job as
office boy in the First National Bank in Canton, Pennsylvania,
a small town near his birthplace. Seven years later he
was a cashier, and in 1916 he became the president of the
bank. Meanwhile, in 1898 he had married Helen
Westgate of Canton, by whom he had three children, two sons
and one daughter. His political career began in 1914
when he was elected to Congress as Republican representative
from the 15th district. In 1920, he was appointed
chairman of the influential House committee on Banking and
Currency, a position he held until 1931. During his tenure on
the committee he learned first hand about the Federal Reserve
Bank system, its owners and operators, and subsequently became
quite passionate about the subject!
McFadden presented a long record
of Congressional speeches throughout the 1920’s and 1930’s. Here
are extracts from some of them:
“In 1912 the National Monetary Association,
under the chairmanship of the late Senator Nelson W. Aldrich,
made a report and presented a vicious bill called the National
Reserve Association bill. This bill is usually spoken of as
the Aldrich bill. Senator Aldrich (Grandfather to the
Rockefeller brothers, Ed) did not write the Aldrich bill. He
was the tool, but not the accomplice, of the European-born
bankers who for nearly twenty years had been scheming to set
up a central bank in this country and who in 1912 had spent
and were continuing to spend vast sums of money to accomplish
their purpose.
The Aldrich bill was
condemned in the platform upon which Theodore Roosevelt was
nominated in the year 1912, and in that same year, when
Woodrow Wilson was nominated, the Democratic platform, as
adopted at the Baltimore convention, expressly stated: ' We
are opposed to the Aldrich plan for a central bank.' This was
plain language. The men who ruled the Democratic Party then
promised the people that if they were returned to power there
would be no central bank established here while they held the
reigns of government. Thirteen months later that promise was
broken, and the Wilson administration, under the tutelage of
those sinister Wall Street figures who stood behind Colonel
House (Author of "Philip Dru, Administrator' Ed), established
here in our free country the worm-eaten monarchical
institution of the 'king's bank' to control us from the top
downward, and to shackle us from the cradle to the grave. "
"The Federal Reserve act destroyed our old and
characteristic way of doing business; it discriminated against
our one-name commercial paper, the finest in the world; it set
up the antiquated two-name paper, which is the present curse
of this country, and which wrecked every country which has
ever given it scope; it fastened down upon this country the
very tyranny from which the framers of the Constitution
sought to save us. "
"One
of the greatest battles for the preservation of this Republic
was fought out here in Jackson's day, when the Second Bank of
the United States, which was founded upon the same false
principles as those which are here exemplified in the Federal
Reserve act, was hurled out of existence. After the downfall
of the Second Bank of the United States in 1837, the country
was warned against the dangers that might ensue if the
predatory interests, after being cast out, should come back in
disguise and unite themselves to the Executive, and through
him acquire control of the Government. That is what the
predatory interests did when they came back in the livery of
hypocrisy and under false pretenses obtained the passage of
the Federal Reserve act.”
"The danger that the
country was warned against came upon us and is shown in the
long train of horrors attendant upon the affairs of the
traitorous and dishonest Federal Reserve Board and the Federal
Reserve banks are fully liable. This is an era of financed
crime and in the financing of crime; the Federal Reserve Board
does not play the part of a disinterested spectator."
"It
has been said that the draughtsman who was employed to write
the text of the Federal Reserve bill used a text of the
Aldrich bill for his purpose. It has been said that the
language of the Aldrich bill was used because the Aldrich bill
had been drawn up by expert lawyers and seemed to be
appropriate. It was indeed drawn up by lawyers. The Aldrich
bill was created by acceptance bankers of European origin in
New York City. It was a copy and in general a translation of
the statutes of the Reichbank and other European central
banks."
"Half a million dollars was spent on part of
the propaganda organized by those same European bankers for
the purpose of misleading public opinion in regard to it. It
also served the purpose of giving Congress the impression that
there was an overwhelming popular demand for that kind of
banking legislation and the kind of currency that went with
it. It was; namely, an asset currency based on human debts and
obligations instead of an honest currency based on gold and
silver values. Dr. H. Parker Willis had been employed by the
Wall Street bankers and propagandists and when the Aldrich
measure came to naught and he obtained employment with Carter
Glass to assist in drawing a banking bill for the Wilson
administration, he appropriated the text of the Aldrich bill
for his purpose. There is no secret about it. The text of the
Federal Reserve act was tainted from the beginning.”
Basically McFadden is saying that the creation
of the Fed was unconstitutional, that it handed the powers of
money/debt creation to a cabal of private bankers, effectively
took the US off the gold standard, and lead to excesses that
could/would be disastrous. Here are a few more excerpts from
various speeches he made regarding the Fed and the Great
Depression.
“Meanwhile and on account of it, we ourselves are
in the midst of the greatest depression we have ever known.
From the Atlantic to the Pacific, our Country has been ravaged
and laid waste by the evil practices of the Fed and the
interests which control them. At no time in our history, has
the general welfare of the people been at a lower level or the
minds of the people so full of despair.”
"Every effort
has been made by the Fed to conceal its powers- but the truth
is- the Fed has usurped the Government. It controls everything
here and it controls all of our foreign relations. It makes
and breaks governments at will.”
"No man and no body of men is more entrenched in
power than the arrogant credit monopoly which operate the Fed.
What National Government has permitted the Fed to steal from
the people should now be restored to the people. The people
have a valid claim against the Fed. If that claim is enforced
the Americans will not need to stand in the bread line, or to
suffer and die of starvation in the streets. Women will be
saved, families will be kept together, and American children
will not be dispersed and abandoned.
"The sack of these United States by the Fed is
the greatest crime in history.”
"Some people think that the Federal Reserve Banks’
a United States Government institution. They are private
monopolies, which prey upon the people of these United States
for the benefit of themselves and their foreign customers;
foreign and domestic 
speculators and swindlers; and rich and predatory
moneylenders. In that dark crew of financial pirates there are
those who would cut a man's throat to get a dollar out of his
pocket; there are those who send money into states to buy
votes to control our legislatures; there are those who
maintain International propaganda for the purpose of deceiving
us into granting of new concessions which will permit them to
cover up their past misdeeds and set again in motion their
gigantic train of crime."
"These twelve private credit monopolies (the
Regional Fed Banks, Ed) were deceitfully and disloyally
foisted upon this Country by the bankers who came here from
Europe and repaid us our hospitality by undermining our
American institutions. Those bankers took money out of this
Country to finance Japan in a war against Russia. They created
a reign of terror in Russia with our money in order to help
that war along. They instigated the separate peace
between Germany and Russia, and thus drove a wedge between the
allies in World War I. They financed Trotsky's passage from
New York to Russia so that he might assist in the destruction
of the Russian Empire. They fomented and instigated the
Russian Revolution, and placed a large fund of American
dollars at Trotsky's disposal in one of their branch banks in
Sweden so that through him, Russian homes might be thoroughly
broken up and Russian children flung far and wide from their
natural protectors. They have since begun the breaking up of
American homes and the dispersal of American children. ' Mr.
Chairman, there should be no partisanship in matters
concerning banking and currency affairs in this Country, and I
do not speak with any.' "
The most intriguing
speech that McFadden delivered to Congress was the
following:
“In 1928 the member banks of the Federal Reserve
system borrowed $60,598,690,000 (that's billions, in 1928
US$...Ed) from the Federal Reserve banks on their fifteen-day
promissory notes. Think of it! Sixty billion dollars payable
upon demand in gold in the course of one single year. The
actual payment of such obligations calls for six times as much
monetary gold as there is in the entire world. Such
transactions represent a grant in the course of one single
year of about $7,000,000 to every member bank of the Federal
Reserve System. Is it any wonder that there is a depression in
this country? Is it any wonder that American labor, which
ultimately pays the cost of all banking operations of this
country, has at last proved unequal to the task of supplying
this huge total of cash and credit for the benefit of the
stock-market manipulators and foreign swindlers?”
This speech would appear to point to a “smoking
gun” regarding the mysterious financial events that led to the
Crash of ‘29. It finds a culprit in the Federal Reserve that
financially choked the American people in order to line the
pockets of its member banks. Could this be the alternative
reason for the Depression?
McFadden continued: “A few days ago,
the President of the United States, with a white face and
shaking hands, went before the Senate on behalf of the moneyed
interests and asked the Senate to levy a tax on the people so
that foreigners might know that the United States would pay
its debt to them. Most Americans thought it was the other way
around. What do the United States owe to foreigners? When and
by whom was the debt incurred? It was incurred by the Federal
Reserve Board and the Federal Reserve banks when they peddled
the signature of this Government to foreigners for a price. It
is what the United States Government has to pay to redeem the
obligations of the Federal Reserve Board and the Federal
Reserve banks. Are you going to let those thieves get off
scot-free? Is there one law for the looter who drives up to
the door of the United States Treasury in his limousine and
another for the United States veterans who are sleeping on the
floor of a dilapidated house on the outskirts of
Washington?”
McFadden contends
that the crash and depression were brought on by the actions
of the Fed, that through its greed (or some other unknown
agenda) it usurped control of the central banking authority of
the United States government, ran up huge debts to its
international banking partners, bankrupted the country and
then subsequently forced the American taxpayer, through the
(technically) illegal income tax system, to repay the debt
over the following 20+ years!
On May 23, 1933, Congressman Louis T. McFadden
brought formal charges against the Board of Governors of the
Federal Reserve Bank system, The Comptroller of the Currency
and the Secretary of United States Treasury, for numerous
criminal acts, including but not limited to, CONSPIRACY,
FRAUD, UNLAWFUL CONVERSION, AND TREASON. The petition for
Articles of Impeachment has thereafter been referred to the
Judiciary Committee and has YET TO
BE ACTED ON.
Congressman Louis McFadden died a mysterious
death in 1936. The only reference I could find of it comes
from the excessively right wing rag of the time, “Pelley’s
Weekly,” that stated on Oct. 14th: “Now that this
sterling American patriot has made the Passing ……it became
known among his intimates that he had suffered two attacks
against his life. The first attack came in the form of two
revolver shots fired at him from ambush as he was alighting
from a cab in front of one of the Capital hotels. Fortunately
both shots missed him, the bullets burying themselves in the
structure of the cab. He became violently ill after partaking
of food at a political banquet at Washington. His life was
only saved from what was subsequently announced as a poisoning
by the presence of a physician friend at the banquet, who at
once procured a stomach pump and subjected the Congressman to
emergency treatment."
Now let us take a look at a more recent
indictment of the Fed. Congressman Dr. Ron Paul could rightly
be this new century's version of Louis McFadden in his
interpretation of the present Fed's activities. He is a
representative from Texas. First, I offer a short biography
(for his full biography click here):
Ron Paul was born and raised in
Pittsburgh, Pennsylvania. He graduated from Gettysburg College
and the Duke University School of Medicine, before proudly
serving as a flight surgeon in the U.S. Air Force during the
1960s. He and his wife Carol moved to Texas in 1968, where he
began his medical practice in Brazoria County. As a specialist
in obstetrics/gynecology, Dr. Paul has delivered more than
4,000 babies! He and Carol, who reside in Surfside Beach,
Texas, are the proud parents of five children and have sixteen
grandchildren. In the words of former Treasury Secretary
William Simon, Dr. Paul is the "one exception to the Gang of
535" on Capitol Hill. He has served on the House Banking
committee, where he was a strong advocate for sound monetary
policy and an outspoken critic of the Federal Reserve's
inflationary measures. He also was a key member of the Gold
Commission, advocating a return to a gold standard for our
currency. He currently serves on the House of
Representatives Financial Services Committee, and the
International Relations committee.
Dr. Ron Paul is well known in
Congress for his running battle with Fed Chairman Alan
Greenspan. In 1966, Greenspan, personal friend of Ayn Rand at
the time, penned a famous essay on the gold standard entitled
“Gold
and Economic Freedom." Interestingly, in it he
stated opinions and views of the Crash of ‘29. " When business
in the United States underwent a mild contraction in 1927, the
Federal Reserve created more paper reserves in the hope of
forestalling any possible bank reserve shortage. More
disastrous, however, was the Federal Reserve's attempt to
assist Great Britain who had been losing gold to us because
the Bank of England refused to allow interest rates to rise
when market forces dictated (it was politically unpalatable).
The reasoning of the authorities involved was as follows: if
the Federal Reserve pumped excessive paper reserves into
American banks, interest rates in the United States would fall
to a level comparable with those in Great Britain; this would
act to stop Britain's gold loss and avoid the political
embarrassment of having to raise interest rates. The "Fed"
succeeded; it stopped the gold loss, but it nearly destroyed
the economies of the world, in the process.
The excess credit which the Fed pumped into the
economy spilled over into the stock market triggering a
fantastic speculative boom. Belatedly, Federal Reserve
officials attempted to sop up the excess reserves and finally
succeeded in breaking the boom. But it was too late: by 1929
the speculative imbalances had become so overwhelming that the
attempt precipitated a sharp retrenching and a consequent
demoralizing of business confidence. As a result, the American
economy collapsed. Great Britain fared even worse, and rather
than absorb the full consequences of her previous folly, she
abandoned the gold standard completely in 1931, tearing
asunder what remained of the fabric of confidence and inducing
a world-wide series of bank failures. The world economies
plunged into the Great Depression of the 1930's."
So here we have the current Federal Reserve
Chairman admitting in a 1966 essay, prior to his involvement
with the government and the Fed, that “excess credit” pumped
by the Fed into the economy caused a speculative boom that
resulted in a crash and then a depression!
Most recently, Ron Paul took the Fed Chairman to
task and asked him if he stood by what he had written in 1966,
to which Sir Alan Greenspan answered he “ wouldn't change a
single word.”
Ron Paul said in a recent interview with Donald
Luskin of Capitalist
Magazine, when asked what he would do about the current
system, “What would we do for money?" Paul says, "Get the
government out of money. Let the market determine it. Let
American Express extend credit and decide what they want to
back it with. But that's sort of idealism… so if the
government is going to be involved, then government should
just maintain the integrity of the monetary unit. Government
should define the dollar as a weight in gold and maintain it.
If I'm the Secretary of Treasury, I shouldn't issue the
currency unless I've got the gold."
Finally, lets
turn to Professor Murray N. Rothbard (1926-1995), a proponent
of the Austrian School of Economics. He illustrates how this
system works:
"So now we see, at last, that the business cycle
is brought about, not by any mysterious failings of the free
market economy, but quite the opposite: by systematic
intervention by government (Fed) in the market process.
Government intervention brings about bank expansion and
inflation, and, when the inflation comes to an end, the
subsequent depression-adjustment comes into play".
OK, that ends Version Two, the Unofficial
History. I know it was long and hard reading, but if it were
easy it would probably be the Official History!!
O
SON OF BEING! Busy not thyself with this world, for with fire
We test the gold, and with gold We test Our servants."
—
Bahá'u'lláh, from The Hidden Words
In
Conclusion:
I do
realize that I have presented here far more evidence for the
“Unofficial History” of the Crash of ‘29 and subsequent Great
Depression – however it is worth noting that history, in
general, has grossly underestimated the cause of both – and
our children’s text books bare witness to this fact. As I
write, we are in the midst of a record breaking Dead Cat
Bounce: all of the markets globally are in their fourth
day of a massive bear market rally that is pumping confidence
and the desire to re-invest; and not “miss” the expected
economic recovery. Today (Oct 15th 2002) the DOW
finished up 378.28 points
or 4.8% - one of the biggest bear market rallies of all time.
In the past 4 trading days the markets have recovered
approximately 10% of their value (see chart below).
I have included the stock price of J P Morgan
Chase Bank in this chart, as they have been very instrumental
over time in plunge-protecting the markets. During the Crash
of ’29 here is what happened: On Thursday October
24th 1929 at 1:30 p.m., during panic selling on the
trading floor," Richard Whitney, vice-president of the New
York Stock Exchange and floor broker of J.P. Morgan and
Company, walked onto the stock exchange floor. Silence
descended over the crowd. Everyone expected Vice-President
Whitney to announce an early closing for the market; instead,
as representative of the House of Morgan, he asked for the
latest bid on U.S. Steel. "195," someone shouted. Whitney
promptly announced he was buying 10,000 shares at 205."
With JPM shares off nearly 50% so far this year,
due to various scandals surrounding the Derivative
Mountain they sit on top of, amongst others, it appears
very doubtful that they will have the clout to bale out the
market this time around!
It does seem highly unlikely that we are in the
midst of a recovery at all, the fundamental economic metrics
all point to a continuing decline into the 2nd
Great Depression. History shows us that excessive loose
monetary policy, which we have experienced throughout the
1990’s and early 2000’s, leads to a correction of equal
proportions, or even worse! Is the cycle repeating? Given the
extent of the easy money pumped into the US and world
economies, it is a pretty safe bet that this market rally will
be short-lived. None of us want to believe this, or indeed see
this come to pass – however, through educating ourselves we
can at least mitigate for some of the suffering these kinds of
conditions invariably bring to pass.
Could it be that we will even see a second
Black Tuesday, October 29th – but this time
in 2002 – 73 years later to the very day?
Clearly, there is a mountain of information out
there that can be accessed about these difficult and often
“dismal” topics. However, it is imperative that we, as
citizens of the “free” world, use our God-given powers to
independently investigate the truth for ourselves. This
requires commitment, time, diligence, passion, and desire. We
are all born with these qualities, let's use
them!
One author, Paul Rogat Loeb, is optimistically
committed to making a difference today in his new book, “Soul
of A Citizen.” The Philadelphia Inquirer recently said about
his navigational guide: “Brims with stirring stories of
everyday heroes who saw something wrong, heeded the voice of
their conscience, gathered support and, acting in concert with
others, changed things and made a difference." We would all
benefit from his inspirational insights for "these [seem to
be] the times that try men's souls." (Thomas Paine)
I am convinced that ONLY a spiritual solution
can fix these seemingly insurmountable human problems. No
amount of political will or secular kindness is now going to
be enough to remedy a situation that is spanning the entirety
of humanity and threatens the peace and security of all
peoples.
The good news in all of this is that after the
storm there is a lull. The forces of evil (in our definition
“man’s inhumanity to man”) run their course. Belief and Faith
in One God, One People, reinvigorates the people. The innate
goodness (nay greatness) of our species takes back the reigns.
Great things can be accomplished in the world and massive
progress made across the spectrum of human activity. Black
Tuesdays are just precursors to White Wednesdays! They are as
necessary as winter storms, forest fires and market
capitulation. Never fear for the future; stay focused on the
present; learn from the past and have faith that everything
happens for a reason!
Resources
used for this article, thanks to all
contributors:
Ayn
Rand: Capitalism: The Unknown Ideal
Paul
Rogat Loeb: Soul of a Citizen
John
Kenneth Galbraith: The Great Crash
G.
Edward Griffin: The Creature From Jekyll
Island
Eustace
Mullins: Secrets of the Federal
Reserve
Colonel
Mandell House: Philip Dru,
Administrator
Samuel
P. Huntingdon: The Clash of
Civilizations
Capitalist
Magazine
The
Ludwig von Mises Institute
ETS
LT Systems
http://www.chuckmorse.com/black_tuesday_anniversary.html
http://www.stock-trading.com/crashof1929.htm
http://www.scripophily.net/formotcomofc.html
http://www.polyconomics.com/searchbase/10-28-99.html
http://us.history.wisc.edu/hist102/lectures/lecture18.html
http://mypage.direct.ca/r/rsavill/Thecrash.html
http://www.filmsite.org/roar.html
http://www.radioblvd.com/photos.html
http://www.gold-eagle.com/editorials_00/blanchard102600.html
http://home.nycap.rr.com/useless/ponzi/
http://www.rich.frb.org/econed/fedchallenge/baltimore/dailynew.html
http://www.sweetliberty.org/issues/hoax/mcfadden.htm
http://www.afn.org/~govern/mcfadden.html#4
http://www.historylink.org/output.CFM?file_ID=1430
http://www.tpromo.com/gk/jun02/061902.htm
http://www.paulsann.org/thelawlessdecade/newcrash.html
http://www.capitalismmagazine.com/2002/march/dl_greenspan.htm
http://www.suite101.com/article.cfm/us_history_1929_1945/49379
http://www.soulofacitizen.org/
Richard Lancaster
DEPRESSION2. TV
www.depression2.tv
I would love to hear your comments on this article, you can contact me at: Richard.Lancaster@attbi.com
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