The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.
Christina RomerRelated topics
amount crash future income information large led market october people spending stock stop wealthRelated quotes
The conditions of the near future must naturally develop from those which we see today; and I think that as we look about us, unless we are terribly prejudiced, we must admit that in spite of our boasted civilization there is very much which is highly unsatisfactory. p. 324.
Charles Webster Leadbeater
