The Bull Market
In this blog post, I will be talking about The Bull Market and President Calvin Coolidge just before the stock market crash of 1929.
First things, first. President Calvin Coolidge.
In 1928, he assured American's that business was good in his address to the union. He states that America had never met with a more pleasing prospect than that which appears at the present time."
There were things that made this statement completely true. First off, the economy was doing extremely well. It seemed like the party was never going to end. People were buying and spending. They were also buying things on credit.
Items such as cars, stoves, fridges were hot commodities during this period.
Second of all, the Stock Market was like a fantasy. It seemed like everyone could get rich off the Stock Market during this period from butchers to business men. Everyone wanted a piece of the pie. I think this idea that people could get rich quickly added to the appeal of the market.
There were things that made this statement completely true. First off, the economy was doing extremely well. It seemed like the party was never going to end. People were buying and spending. They were also buying things on credit.
Items such as cars, stoves, fridges were hot commodities during this period.
Second of all, the Stock Market was like a fantasy. It seemed like everyone could get rich off the Stock Market during this period from butchers to business men. Everyone wanted a piece of the pie. I think this idea that people could get rich quickly added to the appeal of the market.
There has always been this ideology of America. That America was the place to go if you wanted to make money and get rich. The Stock Market definitely added to this ideology. If you wanted the American dream, you had to invest in the Stock Market.
People came to America for all sorts of reasons but one of the biggest was to make money, to become rich and the Stock Market appeal that even local people could make a lot of money.
I think that people thought the party would never end, I think that the wealth would just keep on flowing during this time and that things couldn't be more perfect. In my opinion, they were looking at the world through rose colored glasses.
Unfortunately, all good things must come to an end sooner or later.
People came to America for all sorts of reasons but one of the biggest was to make money, to become rich and the Stock Market appeal that even local people could make a lot of money.
I think that people thought the party would never end, I think that the wealth would just keep on flowing during this time and that things couldn't be more perfect. In my opinion, they were looking at the world through rose colored glasses.
Unfortunately, all good things must come to an end sooner or later.
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