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by anovikov
84 days ago
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What's more important is that before the crash there was a period of crazy market growth. So averaged out over ~10 years it didn't look all that bad. Especially accounting for deflation that happened in the same time. Arguably people who got caught in 1970s bear market had it worse. On the other hand, in 1970s no one got hungry - in 1930s they totally did - but it had very little to do with the stock market, agricultural crisis was because of unexpectedly quick recovery of European crops after WWI and consequential overproduction of US farms (i.e. production that they assumed will be easy to sell to Europe, found itself without market), that precipitated crisis of bad debt, attempts to compensate prices with quantity, even more bad debt as a result, and ecological disaster due to overexploitation of soil - but stock market had nothing to do with it. |
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