The Crash Of 1929
The crash of 1929 had many contributing factors, on of which was the interventions made by the American government. In the time period from 1924 to 1929 the Federal Reserve had raised the money supply by 20 percent, due to things such as the income taxes cuts promoted by Treasury secretary Andrew Mellon (Boyer 745). The growing availability and the increase in money circulation gave way to a game with stocks. The lacking of intervention from the government on trading regulations left the opportunity for informed wealthy buyers to driver up stock prices and then sell to unsuspecting investors, causing the bottom of the stocks to fall out, causing debt to grow and more money to borrowed to get ahead. The high hopes of getting rich quick and encouraging comments from Calvin Coolidge "Stocks cheap at current price"(Boyer 745), also lead to the increase of borrowing and inflation of goods prices. This "affected the prices of capital goods required for expansion" (Nash). This in......
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