For anybody familiar with market busts, they've undoubtedly heard of The Wall Street Crash of 1929, also known as the Great Crash. And a few less know that it was what led to the end of the roaring 20's, a period of great excess and intense market speculation.
It was the first time in American history that John Q Public went from considering stock investing risky to being marketed to invest in the stock market.
One of the biggest drivers behind the wild stock speculation was the invention of the ticker tape. The opening of bucket shops) and the proliferation of stock ticker tape machines prior to the roaring 20's laid the infrastructure and gambling habits that led to insane media driven stock market speculation... Suddenly everybody had an opinion on stock, that's where the infamous Joe Kennedy shoeshine story came from.
At the time, many of the USA's most famous celebrities were being followed for their stock picks, people from Charlie Chaplin, to musician Irving Berlin, to actors like Groucho Marx, and comedian Eddie Cantor. They were all being asked to contribute to newspaper columns with their favorite stock picks.
As for the stocks that were ballooning, they were focused on the emerging technologies of the day, one company... Radio Corporation of America "RCA" even figured out how to put radio in cars! RCA, as the largest manufacturer of radio sets and also the leading broadcaster, saw its earnings grow from$2.5 million in 1925 to $20 million in 1928; its stock price rose from $1.50 in 1921 to a high of $549 in 1929.
............
I don't know about you guys, but between the Dogecoin and Bitcoin "investing", the fascination with the opinion of random celebrities, and the beyond reasonable "growth stock" valuations... It seems like it only too around 100 years for history to rhyme.
The question is... When the dust settles, where will cryptocurrencies be?
Because if history has shown us anything, it's that the US government tightens its noose on the world by claiming everything is done for safety and national security.
I dunno, it's Saturday morning and I know you guys are the few people that understand what a truly free monetary system can look like.
[link] [comments]
source https://www.reddit.com/r/btc/comments/ni7loe/roaring_2020s_anyone_celebritydriven_speculation/
No comments:
Post a Comment