Stock Market Quotes
Three days before the Great Depression Stock Market crash
Economics has never been a precise science which is one of the reasons it is called the “dismal science.” In the final analysis economics depends on the behavior of people—rational and irrational.
Essentially Mellon told the President to let the entire economy crash. With huge numbers of people out of work, labor would be more humble and not only settle for lower wages, but will work harder, and without "excess" income beyond their basic needs, they would not drink and engage in other immoral activities. President Hoover, a wealthy man himself, did not go along with Mellon's idea of making the situation worse, but his conservative philosophy of government would not allow the Government to "interfere" with the private economy or give any direct assistance to the citizens.
Kennedy had financed bootlegging operations and had himself been involved in many shady stock deals.
While not every person in the stock market was dishonest, a large number were, and the system itself was inherently unfair and disadvantaged the average investor. Despite the many reforms attempted over the years, as the 2008 meltdown proved, the same problem was still with us. Capone was essentially right then and even today.
Now famous comment by Greenspan on his view of what was ailing the stock market in 1996.
