Wall Street (1987) Wall Street: Bud Fox is a Wall Street stockbroker in early 1980's New York with a strong desire to get to the top. Working for his firm during the. The Wall Street Crash of 1929. 1987, when the Dow Jones Industrial Average fell 22.6%, was worse in percentage terms than any single day of the 1929 crash.
Wall Street (1987) Wall Street: Bud Fox is a Wall Street stockbroker in early 1980's New York with a strong desire to get to the top. Working for his firm during the.
(June 19, 1987, to January 19, 1988). In, Black Monday refers to Monday, October 19, 1987, when around the world, shedding a huge in a very short time. The crash began in and spread west to Europe, hitting the United States after other markets had already declined by a significant margin. The (DJIA) fell exactly 508 points to 1,738.74 (22.61%). In Australia and New Zealand, the 1987 crash is also referred to as ' Black Tuesday' because of the time zone difference. The terms Black Monday and Black Tuesday are also respectively applied to October 28 and October 29, 1929, which occurred after on October 24, which started the.
Timeline compiled by the. In late 1985 and early 1986, the United States economy shifted from a rapid recovery from the to a slower expansion, resulting in a brief ' period as the economy slowed and dropped. The stock market advanced significantly, with the Dow peaking in August 1987 at 2,722 points, or 44% over the previous year's closing of 1,895 points. Further financial uncertainty may have resulted from the collapse of in early 1986, which led to a crude oil price decrease of more than 50% by mid-1986. On October 14, the DJIA dropped 95.46 points (3.8%) to 2,412.70, and fell another 58 points (2.4%) the next day, down over 12% from the August 25 all-time high. On Thursday, October 15, 1987, hit the American-owned (and -flagged), the Sungari, with a off Kuwait's main oil port.
The next morning, Iran hit another ship, the, with another Silkworm missile. On Friday, October 16, when all the markets in London were unexpectedly closed due to the, the DJIA fell 108.35 points (4.6%) to close at 2,246.74 on record volume. Then- stated concerns about the falling prices. The crash began in Far Eastern markets the morning of October 19, but accelerated in London time—largely because London had closed early on October 16 due to the storm—by 9.30am the London FTSE100 had fallen over 136 points. Later that morning, two U.S. Warships shelled an Iranian oil platform in the Persian Gulf in response to Iran's Silkworm missile attack on the Sea Isle City.
Market effects By the end of October, stock markets had fallen in Hong Kong (45.5%), Australia (41.8%), Spain (31%), the United Kingdom (26.45%), the United States (22.68%) and Canada (22.5%). Was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover. The damage to the New Zealand economy was compounded by high exchange rates and the 's refusal to loosen monetary policy in response to the crisis, in contrast to countries such as West Germany, Japan and the United States, whose banks increased short-term liquidity to forestall recession and experienced economic growth in the following 2–3 years. The Black Monday decline was—and currently remains—the. (Saturday, December 12, 1914, is sometimes erroneously cited as the largest one-day percentage decline of the DJIA. In reality, the ostensible decline of 24.39% was created retroactively by a redefinition of the DJIA in 1916.
) Following the stock market crash, a group of 33 eminent economists from various nations met in Washington, D.C. In December 1987, and collectively predicted that 'the next few years could be the most troubled since '. However, the economy was barely affected and growth actually increased throughout 1987 and 1988, with the DJIA regaining its pre-crash closing high of 2,722 points in early 1989. Causes Possible causes for the decline included, and. A popular explanation for the 1987 crash was computerized selling dictated by hedges. However, economist Dean Furbush pointed out that the biggest price drops occurred during light trading volume.
In program trading, computers execute rapid stock trades based on external inputs, such as the price of related securities. Common strategies implemented by program trading involve an attempt to engage in and portfolio insurance strategies. As computer technology became widespread, program trading grew dramatically within firms. After the crash, many blamed program trading strategies for blindly selling stocks as markets fell, exacerbating the decline. Some theorized the boom leading up to October was caused by program trading, and that the crash was merely a return to.
Either way, program trading ended up taking the majority of the blame in the public eye for the 1987 stock market crash. Congressman, who had been warning about the possibility of a crash, stated that 'Program trading was the principal cause.' 's divides the causes into macroeconomic and internal reasons. Macroeconomic causes included international disputes about and rates, and fears about inflation. The internal reasons included innovations with index futures and portfolio insurance. I've seen accounts that maybe roughly half the trading on that day was a small number of institutions with portfolio insurance. Big guys were dumping their stock.
Also, the futures market in Chicago was even lower than the stock market, and people tried to arbitrage that. The proper strategy was to buy futures in Chicago and sell in the New York cash market. It made it hard – the portfolio insurance people were also trying to sell their stock at the same time.
Regulation After Black Monday, regulators overhauled trade-clearing protocols to bring uniformity to all prominent market products. They also developed new rules, known as ' or colloquially as circuit breakers, allowing exchanges to temporarily halt trading in instances of exceptionally large price declines in some indexes; for instance, the DJIA.
See also. Browning, E.S. The Wall Street Journal. Dow Jones & Company.
Retrieved 2007-10-15. caused recession, not wall street, Tom Therramus, 2009. Archived from on 2007-03-06. Retrieved 2007-10-15. Great Stock Market Crashes: Black Monday In 1987. Retrieved 8 December 2014.
Grant, David Malcolm (1997). Wellington: Victoria University Press.
Retrieved 18 July 2016. New York Times. Bialik, Carl (2008-10-01).
WSJ.com Blogs: The Numbers Guy. Bookstaber, Richard (2007). USA: John Wiley & Sons.
Furbush, Dean (2002). The precipitous price declines occurred when the normal index-arbitrage relation was most disrupted, not when index arbitrage was prevalent.
CS1 maint: Extra text: editors list ,. Albert, Bozzo (2007-10-12).
Wall Street 1987 Trailer
Remembering the Crash of 87. Retrieved 2007-10-13. Annelena, Lobb (2007-10-15). The Wall Street Journal Online. Dow Jones & Company. Retrieved 2007-10-15.
Bernhardt, Donald; Eckblad, Marshall. Federal Reserve History. Retrieved 31 July 2014. Further reading. 'Brady Report' Presidential Task Force on Market Mechanisms (1988): Report of the Presidential Task Force on Market Mechanisms. (Chairman), U.S.
Government Printing Office. Carlson, Mark (2007) Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Securities and Exchange Commission (1988): The October 1987 Market Break. Washington: (SEC). Market Volatility. Panic on Wall Street: A Classic History of America's Financial Disasters – With a New Exploration of the Crash of 1987 (E P Dutton; Reprint edition, May 1988).
Crowd gathering on after the 1929 crash The Wall Street Crash of 1929, also known as Black Tuesday (October 29), the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929 ('Black Thursday'), and was the most devastating in the (acting as the most significant predicting indicator of the ), when taking into consideration the full extent and duration of its after effects. The crash, which followed the crash of September, signalled the beginning of the 12-year that affected all Western industrialized countries. The, 1928–1930 The, the decade that followed and led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with the hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
While the American cities prospered, the overproduction of agricultural produce created widespread financial despair among American farmers throughout the decade. This would later be blamed as one of the key factors that led to the 1929 stock market crash.
Despite the dangers of, many believed that the stock market would continue to rise forever. On March 25, 1929, after the warned of excessive speculation, a mini crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker announced his company the would provide $25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis and declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble: steel production declined, construction was sluggish, automobile sales went down, and consumers were building up high debts because of easy credit. Despite all these economic trouble signs and the market breaks in March and May 1929, stocks resumed their advance in June and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the increase in value tenfold, peaking at 381.17 on September 3, 1929.
Shortly before the crash, economist famously proclaimed, 'Stock prices have reached what looks like a permanently high plateau.' The optimism and financial gains of the great were shaken after a well publicized early September prediction from financial expert that 'a crash was coming'.
The initial September decline was thus called the 'Babson Break' in the press. This was the start of the Great Crash, although until the severe phase of the crash in October, many investors regarded the September 'Babson Break' as a 'healthy correction' and buying opportunity. On September 20, the crashed when top British investor and many of his associates were jailed for fraud and forgery. The London crash greatly weakened the optimism of American investment in markets overseas.
In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24 ('Black Thursday'), the market lost 11 percent of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on the in brokerage offices around the nation was hours late, so investors had no idea what most stocks were actually trading for at that moment, increasing panic. Several leading met to find a solution to the panic and chaos on the trading floor.
The meeting included, acting head of;, head of the; and, president of the. They chose, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in at a price well above the current market. As traders watched, Whitney then placed similar bids on other ' stocks. This tactic was similar to one that ended the. It succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing with it down only 6.38 points for the day.
The rally continued on Friday, October 25, and the half day session on Saturday the 26th but, unlike 1907, the respite was only temporary. The of the in 1930, six months after the crash of 1929 Over the weekend, the events were covered by the newspapers across the United States. Cs6 master collection torrent. On October 28, 'Black Monday', more investors facing decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 13%. The next day, 'Black Tuesday', October 29, 1929, about 16 million shares traded as the panic selling reached its peak. Some stocks actually had no buyers at any price that day ('air pockets'). The Dow lost an additional 30 points, or 12 percent.
The volume of stocks traded on October 29, 1929, was a record that was not broken for nearly 40 years. On October 29, joined with members of the and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices. Due to the massive volume of stocks traded that day, the did not stop running until about 7:45 p.m. The market had lost over $30 billion in the space of two days which included $14 billion on October 29 alone. Dow Jones Industrial Average on Black Monday and Black Tuesday Date Change% Change Close October 28, 1929 −38.33 −12.82 260.64 October 29, 1929 −30.57 −11.73 230.07 After a one-day recovery on October 30, where the Dow regained an additional 28.40 points, or 12 percent, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with the Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak (i.e., ) of 294.07 on April 17, 1930. The following year, the Dow embarked on another, much longer, steady slide from April 1931 to July 8, 1932, when it closed at 41.22—its lowest level of the 20th century, concluding an 89 percent loss rate for all of the market's stocks.
For most of the 1930s, the Dow began slowly to regain the ground it lost during the 1929 crash and the three years following it, beginning on March 15, 1933, with the largest percentage increase of 15.34 percent, with the Dow Jones closing at 62.10, with an 8.26 point increase. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s.
In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The market would not return to the peak closing of September 3, 1929, until November 23, 1954. Analysis Economic fundamentals The crash followed a boom that had taken hold in the late 1920s. During the later half of the 1920s, steel production, building construction, retail turnover, automobiles registered, even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in fact for the first six months of 1929, of 36.6% over 1928, itself a record half-year.
Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation which had led hundreds of thousands of Americans to invest heavily in the stock market. A significant number of them were to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out on loan, more than the entire amount of currency circulating in the U.S. The rising share prices encouraged more people to invest; people hoped the share prices would rise further. Speculation thus fueled further rises and created an.
Because of, investors stood to lose large sums of money if the market turned down—or even failed to advance quickly enough. The average (price to earnings) ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms.
As per the economist, this exuberance also resulted in a large number of people placing their savings and money in leverage investment products like 'Blue ridge trust' and 'Shenandoah trust'. These too crashed in 1929 resulting in losses of $475 billion in today's dollars to banks. Sir George Paish Good harvests had built up a mass of 250 million bushels of wheat to be 'carried over' when 1929 opened. By May there was also a winter-wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. This oversupply caused a drop in wheat prices so heavy that the net incomes of the farming population from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street predicted for May by Sir arrived on time. In June 1929, the position was saved by a severe drought in the Dakotas and the Canadian West, plus unfavorable seed times in Argentina and eastern Australia.
The oversupply would now be wanted to fill the big gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $1.49 in July. When it was seen that at this figure the American farmers would get rather more for their smaller crop than for that of 1928, up went stocks again and from far and wide orders came to buy shares for the profits to come. In August, the wheat price fell when France and Italy were bragging of a magnificent harvest, and the situation in Australia improved.
This sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of 'stags', amateur speculators and investors. Congress had also voted for a 100 million dollar relief package for the farmers, hoping to stabilize wheat prices.
By October though, the price had fallen to $1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production.
The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, then started to falter after issued his prescient 'market crash' forecast. By the end of September, the market was down 10% from the peak (the 'Babson Break'). Selling intensified in early and mid October, with sharp down days punctuated by a few up days. On huge volume started the week of October 21 and intensified and culminated on October 24, the 28th and especially the 29th ('Black Tuesday'). The president of the Chase National Bank said at the time: 'We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying.' Subsequent actions In 1932, the was established by the to study the causes of the crash.
The following year, the U.S. Congress passed the mandating a separation between, which take deposits and extend, and, which, issue, and distribute, and other.
After the experience of the 1929 crash, stock markets around the world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of, October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, was worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929 was larger than October 19, 1987, and remains the worst two-day decline ever).
World War II The American mobilization for at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. World War II had a dramatic effect on many parts of the economy, and may have hastened the end of the Great Depression in the United States.
Government-financed capital spending accounted for only 5 percent of the annual U.S. Investment in industrial capital in 1940; by 1943, the government accounted for 67 percent of U.S. Capital investment. Crowd at New York's American Union Bank during a early in the Great Depression Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century.
Wall Street 1987 Summary
The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. And world economy, and it has been the source of intense academic debate—historical, economic, and political—from its aftermath until the present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Depression that followed. Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $853 million in deposits; in 1931, one year later, 2,294 banks went down with nearly $1.7 billion in deposits.
Many businesses failed (28,285 failures and a daily rate of 133 in 1931). The 1929 crash brought the to a shuddering halt. As tentatively expressed by economic historian, in 1929, there was no effectively present, which, if it had existed and were properly exercised, would have been key in shortening the business slowdowns that normally follows financial crises. The crash marked the beginning of widespread and long-lasting consequences for the United States. Historians still debate the question: did the 1929 Crash spark The Great Depression, or did it merely coincide with the bursting of a loose credit-inspired economic bubble? Only 16% of American households were invested in the stock market within the United States during the period leading up to the depression, suggesting that the crash carried somewhat less of a weight in causing the depression.
Unemployed men march in However, the psychological effects of the crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regards to income, naturally the propensity to consume declined. The decline in stock prices caused and severe difficulties including contraction of credit, business closures, firing of workers, bank failures, decline of the money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated the Great Depression.
True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e. The dollar), and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the, which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a.
Effect on Europe The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the, the world noticed immediately. Although financial leaders in the United Kingdom, as in the United States, vastly underestimated the extent of the crisis that would ensue, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the were soon felt throughout Europe. During 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Protests often focused on the so-called, which the government had instituted in 1931 as a way to limit the amount of unemployment payments made to individuals and families.
For working people, the Means Test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to the violation of public order.
Academic debate Economists and historians disagree as to what role the crash played in subsequent economic, social, and political events. Argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, 'Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?' They argued that there must be some setback, but there was not yet sufficient evidence to prove that it will be long or that it need go to the length of producing a general industrial depression. But The Economist also cautioned that some bank failures were also to be expected and some banks may not have any reserves left for financing commercial and industrial enterprises. They concluded that the position of the banks is the key to the situation, but what was going to happen could not have been foreseen.
Academics see the Wall Street Crash of 1929 as part of a historical process that was a part of the new theories of. According to economists such as, and, the crash was merely a historical event in the continuing process known as.
The impact of the crash was merely to increase the speed at which the cycle proceeded to its next level. 's, co-written with, advances the argument that what made the 'great contraction' so severe was not the downturn in the business cycle, or the 1929 stock market crash in themselves – but instead, according to Friedman and Schwartz, what plunged the country into a deep depression was the collapse of the banking system during three waves of panics over the 1930–33 period. See also. Retrieved August 12, 2013. Bone, James.
Archived from on May 25, 2010. Retrieved January 29, 2012. The most savage bear market of all time was the Wall Street Crash of 1929–1932, in which share prices fell by 89 per cent. 'Stock Market Crash of 1929'. Retrieved January 29, 2012. The Sunday Times.
^ Dan Bryan. American History USA. Retrieved November 10, 2013.
Retrieved September 30, 2008. Teach, Edward (May 1, 2007). Retrieved October 1, 2008. ^ Harold Bierman, Jr. (April 1998).
The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era? Greenwood Publishing Group. The Great Depression, by Robert Goldston, pages 39–40.
Wall Street 1987 Streaming
The Wall Street Journal. NYSE Euronext. Retrieved October 1, 2008. ^ Weeks, Linton. Retrieved October 1, 2008.
Retrieved October 1, 2008. Salsman, Richard M. 'The Cause and Consequences of the Great Depression, Part 1: What Made the Roaring '20s Roar', The Intellectual Activist, June 2004, p. Retrieved May 11, 2011. Finance. 'U.S. Industrial Stocks Pass 1929 Peak', The Times, November 24, 1954, p.
Perth, Western Australia:. November 1, 1929. P. 6 (Edition: Home Final Edition). Retrieved November 22, 2012. Lambert, Richard (July 19, 2008). Retrieved September 30, 2008.
At the turn of the 20th century stock market speculation was restricted to professionals, but the 1920s saw millions of 'ordinary Americans' investing in the New York Stock Exchange. By August 1929, brokers had lent small investors more than two-thirds of the face value of the stocks they were buying on margin – more than $8.5bn was out on loan. Retrieved September 30, 2008. Shiller, Robert (March 17, 2005).
Retrieved February 3, 2007. Doug Short (April 3, 2013). 'In Goldman Sachs We Trust'. Boston: Houghton Mifflin., cited in (5 April 2010). Retrieved 3 November 2017. Brisbane, Qld: National Library of Australia. October 26, 1929.
Retrieved November 22, 2012. Sydney, NSW: National Library of Australia. October 26, 1929. Retrieved November 22, 2012. Sydney, NSW: National Library of Australia. October 30, 1929. Retrieved November 20, 2012.
Selective Service System. (May 27, 2003). Retrieved September 8, 2013. ^ (December 16, 2011).
Retrieved August 25, 2015., The Washington Times. Scardino, Albert (October 21, 1987). The New York Times.
^ Financial Times. Jameson, Angela (August 10, 2005), Retrieved March 17, 2010. National Public Radio. The Times.
^ The New York Times. Financial Times.
Financial Times. ^. Retrieved 2016-11-04., The Economist (September 17, 1998).
^, The Economist (November 23, 1929). The Washington Times Further reading.
Axon, Gordon V. The Stock Market Crash of 1929. London, England: Mason & Lipscomb Publishers Inc., 1974. Bierman, Harold (March 26, 2008).
Whaples, Robert, ed. EH.Net Encyclopedia. Santa Clara, California: Economic History Association. Retrieved February 2, 2017. Once in Golconda: A True Drama of Wall Street 1920–1938. New York: Harper & Row.
'1929: New York City.' 2 (Spring 2015): 145–146. Rainbow's End: The Crash of 1929. New York: Oxford University Press. Klingaman, William K. 1929: The Year of the Great Crash. New York: Harper & Row.
Leone, Bruno. The Great Depression: Opposing Viewpoints, 14–25. San Diego, CA: Bender, David L., 1994. Pendergast, Tom. American Decades: 1920–1929. Farmington Hills, MI: UXL American Decades Publishing, 2003.
(1981 & 2008). Midland, Michigan: Mackinac Center. (PDF) (5th ed.). Auburn, Alabama:. Retrieved May 13, 2010. The Day America Crashed: A Narrative Account of the Great Stock Market Crash of October 24, 1929. New York: G.P.
The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929. Garden City, New York: Doubleday. Watkins, Tom H. The Great Depression: America in the 1930s, 22–55. New York, NY: Little, Brown & Company, 1993. External links Media related to at Wikimedia Commons., documentary.