The 1929 Stock Market Crash - Black Thursday - Extra History

📜 The 1929 Stock Market Crash: Black Thursday - With our current economic climate being... dubious, we thought that it would be a good time to look at another economic disaster in American history. Just six months before Herbert Hoover gave a speech highlighting the economic success The 1929 Stock Market Crash which is closely tied to the Great Depression and felt like it came out of nowhere. But that might be a bit of a misconception. We explore what kicked off the drop, what people did to try and stop/slow it down, and why stock markets and the Economy are NOT the same thing.
* Watch Extra History ad-free & get 1-week early access on NEBULA go.nebula.tv/extrahistory
* Suggest & Vote on our next episodes, get exclusive content & 24-hour early access on PATREON bit.ly/EHPatreon
* Show off your fandom with MERCH from our store! extracredits.store/
* Interested in sponsoring an episode?* Email us: [e-mail]
TWITTER: bit.ly/ECTweet I FACEBOOK: bit.ly/ECFBPage
INSTAGRAM: bit.ly/ECisonInstagram I TIKTOK: bit.ly/ECtiktokz
BLUESKY: bit.ly/ECBlueSky I TWITCH: bit.ly/ECtwitch
GAMING: / @extracredits
Thanks for the high-quality conversations & for following our community guidelines here: bit.ly/ECFansRNice
Artist: David Hueso I Writer: Robert Rath I Showrunner & Narrator: Matthew Krol I Editor: Nick Rieth & Mac Owens I ♪ Music by Demetori: bit.ly/1EQA5N7 I ♪ "Articles of Confederation" by Sean and Dean Kiner
#ExtraHistory #StockMarket #History

[@beretperson]

Hoover: "the future of our country is bright with hope." Narrator: "it wasn't."

[@walpole6322]

It don't go down! It do go down

[@pokemonpreadythepokemonmaniac]

+Mateo Gg President Hoover has never seen such a mess

[@Spinnie1]

That was more of an ironic statement then the peace in our time speech from Neville Chamberlane.

[@nerowulfee9210]

Hoover: "the future of our country is bright with hope." Stock market: [yeets itself]

[@Flowtail]

Sometimes, foreshadowing is relatively obvious

[@guruguru687]

Buying on Margin in a nutshell: "Take all the loans, it's free money, stonks only go up!" "... But what if they go down?" And then the market imploded.

[@SimplifiedFinanceSiFi]

Not anymore since you can also margin sell

[@chrisc1140]

GUH

[@emancoy]

Sad

[@nicholasobviouslyfakelastn9997]

"It literally can't go tits up" Narrirator: "and then it went tits up"

[@tompatterson1548]

reminds me of 2008 where a stripper had 4 morgages or something.

[@theletterwynn]

"Buy buy buy! Man, this is great! The market is going to go up forever!" "But what if it doesn't?" "Oh crap, I never thought of that! Sell sell sell!"

[@Nimish204]

Oversimplified fan. Glad I was not the only one

[@elcompagenito3250]

Oversimplified reference

[@ghasthordegd1201]

ECONOMIC DOWNTURN, LET THE EMUS RULE AUSTRALIA

[@penumbra0182]

More economic downturn

[@Ygyoyu]

@@penumbra0182 and then even more economic downturn

[@RichardMoore-jg5tl]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@RossiPopa]

With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.

[@RusuSilva]

With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.

[@FusunTumsavas-cq7tp]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@RusuSilva]

Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@FusunTumsavas-cq7tp]

I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.

[@ObligedUniform]

"Stuffed with bad loans" Well glad to see wall street never actually learns their lesson.

[@jonnunn4196]

They do learn; but they forget later, especially when the next generation takes over that never experienced the original first hand. Stocks on margin in particular: That required 10% down to the stockbrokers before the crash, but in the aftermath, they raised that to 50%. (Stocks only; as far as I can tell, for Commodities the 10% down still applies.) And in this video you see the bankers who had experienced the previous Panic, try to fight the new economic war with what had worked during the previous one.

[@stevencooper4422]

When the government ensures your bank will never fail, why not make risky loans???

[@Bloodlyshiva]

@@stevencooper4422 Government and business on that level are joined at the hip-you leave one and enter the other. And if one goes down, both suffer.

[@Sniperbear13]

@@Bloodlyshiva and everyone else is forced to pickup the bills

[@Gala-yp8nx]

It’s almost as if markets should * gasp * be tightly regulated.

[@gagnepaingilly]

What I don’t understand is, on one hand we are told the stock market will crash and yet on the other we are told ways of investing in the stock market. Oxymoron or paradox? I'm considering investing over 150k, but I'm uncertain about risk mitigation strategies.

[@Lewyn298]

Don't be in a hurry to get back in. The market needs several days of strong performance to signal that the downturn might be over; It's a time to be largely, if not entirely, in cash

[@sommersalt88]

Just buy Gold and protect your assets, the stock market is a rollercoaster.

[@Curbalnk]

The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds.

[@greekbarrios]

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

[@Curbalnk]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Jennifer Leigh Hickman” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@Nakkikassi]

“History Doesn't Repeat Itself, but It Often Rhymes” - Mark Twain.

[@HughJass-jv2lt]

I don't get it...

[@edisonlima4647]

@@HughJass-jv2lt Mark Twain, the great writer. There is a saying that "History repeats itself, but Twain argued that that was not reeeally the case. Thinking that History repeats itself takes all validity to reaction, makes it "destiny" or something, when in reality there are similarities to past events in current challenges, not an unavoidable repetition. For instance, the witch trials that plagued Europe from the Renaissance onwards and 20th Century McCarthyism were far from the same thing happening again, but they "rhymed" a lot in their paranoid, moralistic, corrupt and populist characters.

[@HughJass-jv2lt]

@@edisonlima4647 appreciated ☀️☀️

[@fsdds1488]

And here we are, suffering from the almost identical problems of late 1920s as well as 1970-80s, ecological disaster, widespread diseases, energy insecurity, overpriced security market, rising interest rates, the economic powerhouses are slowly losing steam, property bubbles, except now we also have a potential demographic collapse of several major economies.

[@youngjung161]

So true. Hopefully we don't lose our reserve currency status.

[@Rochelletrem]

Perhaps many people are not expecting there to be a crash because of the upcoming selection. Forgetting that market crash should be embraced, because every crash or collapse offers an equal market opportunity if you are well prepared and knowledgeable. I've seen people accumulate up to $800,000 during crises and even pull it off with ease in a bad economy. Without a doubt, the bubble or crash has made someone extremely wealthy.

[@DavidRiggs-dc7jk]

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

[@jeffery_Automotive]

In my opinion, the effects of the US dollar's rise or fall on investments are complex, but it has never been easier to learn how to build your money than it is right now, when you can discover and experience a truly broad market passively by working with a successful Financial Consultant. Under her tutelage I have diversified my $400K portfolio across multiple markets and have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.

[@philipr1759]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@jeffery_Automotive]

My financial consultant is Julie Anne Hoover whom I reached out to after finding her on a CNBC interview where she was the guest speaker. She's provided entry and exit points for the stocks I primarily focus o

[@philipr1759]

Thank you. I just checked her out on the web browser, She seems really proficient. I'll follow up with an email. Thanks for the lead.

[@QuestionEverythingButWHY]

“Older men declare war. But it is youth that must fight and die.” ― Herbert Hoover

[@jamesphillips531]

As a senior in highschool, that hits hard.

[@user-wu6bi3ye4x]

as a fetus in the womb, that hits hard

[@Flowtail]

"Don't ever let me see or talk to the poor people who I helped in that flood or I'll fire you" ---- Herbert Hoover

[@krishshukla3700]

Why hoover did said that?

[@AnzeigenameHere]

"They have always taught and trained you to believe it to be your patriotic duty to go to war and to have yourselves slaughtered at their command. But in all the history of the world you, the people, have never had a voice in declaring war, and strange as it certainly appears, no war by any nation in any age has ever been declared by the people.” - Eugene Debs

[@dionadair8195]

Fun Fact: In the midst of the early Depression, Herbert Hoover had so mishandled the situation, that when he asked for a nickel to call a friend, he was given two nickels, and told to call all of them. Buuuurrrrn.

[@Darasilverdragon]

yikes

[@dervvy]

Sorry if i look stupid, but I don't get it.

[@bigd8924]

Damn, I FELT that burn lol

[@gigacringe8119]

Is it because he had only two friends or that the value of a nickel was so deflated he could call everyone with just two?

[@professionaldisappointment1654]

Slapped

[@frodgyofgingersnap9277]

"why i haven't been this entertained since the stock market crash of 1929"

[@vschmerz]

“So many orphans.”

[@atypicalintellectual5960]

A man of cultures eh?

[@spider8]

Ah, right where i belong.

[@frodgyofgingersnap9277]

Oh god the drug overdosed femboy is here

[@jorgecirino5396]

Biden is taking..

[@leondonald]

With Market tumbling, Inflation Soaring, Is the stock market actually getting better or could this be the regular new year market manipulation to entice new investors? I'm currently sitting on $500k inheritance and just wondering what better assets than stocks to invest in right now

[@robert-1miller]

You need a certified financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but am comfortable in my financial environment

[@donna_martins]

No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.

[@ilyaveysman.]

I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@donna_martins]

'NATALIE NOEL BURNS' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@ilyaveysman.]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@cormarine9812]

I feel as if Extra History is trying to tell us something...

[@gcn7491]

Coronavirus crisis ?

[@christopherg2347]

You mean the thing they say at 8:28?

[@kreon7472]

*chu-coughs-ckles* I'm in danger.

[@bellaj8588]

Covid-19??

[@orderofazarath7609]

But 'we came back' sounds a bit america centered...

[@benjamingrist6539]

My great-grandfather had just mechanized his farm when the depression hit. He had to sell all his mechanical equipment and some of his land just to stay afloat. He lost so much in the depression, that he and his family would have to use mule power to run their farm and were unable to re-mechanize until several years after World War 2. He was one of the lucky ones, and he knew it. He and his wife always made sure to give their farmhands a big lunch on top of their wages, because they knew that might be the only meal those men had that day.

[@EchoLoom_]

Good For Him

[@YourLocalMairaaboo]

Ouch... That seems horrific.

[@stephenbaker9645]

That was nice of him.

[@javiermendoza9607]

Comrade you can make a book or a movie with the history of your great grandfather

[@fullmetaltheorist]

Love that.

[@Raymondjohn2]

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[@bob.weaver72]

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

[@martingiavarini]

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

[@hermanramos7092]

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

[@bob.weaver72]

@@hermanramos7092 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you

[@hermanramos7092]

@@bob.weaver72 Definitely! All of this happened in less than a year after Catherine Morrison Evans told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@Matt-cz6ti]

“Man that was crazy. Could never happen again though right?” -Bankers, 2007

[@cheezemonkeyeater]

Always remember, people, the value of stocks is imaginary and does not actually represent how well any given company is doing. It merely represents how well investors THINK it's going to do in the future based on assumptions common at the time. My favorite example was that time Pixar's stock dropped because they made Up and investors believed it was going to kill the company because nobody could imagine how they would make toys based on that kind of a movie. Stocks plummeted for a few months, until it turned out Up was the most successful film that year, and then they shot right back up. It's more emotion driven than logic-driven. Also, don't take out loans to invest in companies. Investing is risky enough on its own.

[@TehSteak]

In a similar vein, I don't think Uber has turned a profit in years but it is propped up by investors

[@Carewolf]

Well, there is a real value to stocks as well. It just isn't always reflected in the current price.

[@SomeGunNerd]

Don't take out loans in general unless you're sure you can pay them off. A lot of people have ended up in a bad situation because they took out more loans than they could afford.

[@Bakanogaikokujin]

Actually its illegal in the us to take out a loan for stock. Not yet illegal to do so to buy crypto but wait for that to bankrupt a few people and maybe a fiscally responsible administration will do something about it

[@samurguy9906]

As long as something will pay for it, it technically has economic value.

[@Hotrob_J]

It's important to remember that not everyone got through those times. "We" may have survived, but many did not.

[@spacekiller2487]

Yep always the poor getting sacrificed

[@armorsmith43]

Spacekiller24 and the jews. And thousands of Polish intellectuals. And and and and. World War 2 was a horror.

[@wellthatwasdaft]

To say nothing of the political consequences. The fact that Germany was impacted so much by events beyond their borders left their people receptive to a certain charismatic nationalist.

[@pedrospegiorin4026]

As like every single day of human existence?

[@AHSANALI-tb3hs]

But elites probably made billions by almost buying the stocks free and later cashing in on them when they moved up during WW2 while small investors suffered the most.

[@michaelzheng5250]

“Special thanks to Ahmed Ziad Turk...” Man this is basically their outro.

[@SharjeelZahid1]

I guess he's a big patreon supporter?

[@jemmaisweird]

he’s a legend at this point

[@bthsr7113]

This Turk has funded a lot of education for us, I for one am grateful.

[@hiimjustin8826]

I'm glad to know I'm not the only one who's noticed that. Ahmed, props from the homies

[@diegoontour]

If someday they do a video about the Ottoman Empire or Gallipolli, he is going to be very generous in his next donation.

[@mathebulamkhize876]

What bothers me about this situation is the fact that the news and media are all going about a recession which is understandable due to the war and pandemic but still the same media still publish articles about folks in the same economy pulling off hefty 6figure profit(Averg. 200k in barely 8weeks) in this downtrend how is that possible?

[@reddytoplay9188]

Holy hell theres bot that reply to each other

[@brodynowland7762]

@@reddytoplay9188 I just seen the same convo on another vid but its pretty clever. People will wokr harder to try and scam someone that to gt an actual job

[@swayzakjoe7347]

"they recovered " -starts a bigger scarier world war -

[@jonnunn4196]

Actually the build up for WW2 is what did the most for the US to recover from the Great Depression.

[@mikerodrigues9822]

Not the buildup per si, but selling stuff to France and Britain again. All gold in Britain's treasure was in US by 1940.

[@vietimports]

@@jonnunn4196 so you're telling me we're going to go destroy iran to recover from this latest economy distress?

[@cabellones]

@@vietimports as a great man say.. "CHINA!"

[@tylerdurden3722]

Ironically, it was the war that recovered things.

[@JasonXLV1]

"remember, the stock market is NOT the economy." could you say that a little louder please? some people seem to forget this

[@TheKalihiMan]

Unfortunately, in the US there is very little practical difference. During boom cycles, the wealthiest upper class collect on their dividends, with almost none of it trickling down to the average employee (despite what proponents of trickle down economics would have you believe). However, when the stock market goes bust, everyone suffers as peoples’ livelihoods are sacrificed in order to protect profit margins. In other countries, protections have been implemented in order to ease the effects of mass unemployment, such as mandating furlough rather than mass layoffs. In the US, only some jobs are currently guaranteed, and only for six months. Come September, expect an even bigger mass layoff than in March.

[@lostwizard]

In particular the idiots that try to "stimulate" the economy by dumping money into the stock and bond markets instead of getting it into the *real* economy which is the small businesses and consumers that make everything work on a day by day basis.

[@ecpgieicg]

sure. The economy will tank way more than the stock market currently does.

[@jondoe5937]

why are the two synonymous?

[@JosephHutzulak]

A third of Americans have 401ks

[@williamsdavis.]

My opinion is when the market goes down then it's buying opportunity, If the market goes up then you are making money. If you stay invested and ignore the market's ups and downs, you'll make a lot of money in the long run; however, a severe market correction causes a lot of margin calls and sell-offs, driving the market even lower. Currently, I'm up 30% in my diversified portfolio. As crazy as it sounds some still make enormous returns from this seemingly unknown market, you have to be fearless when others are fearful.

[@Barbara0015]

Exactly what I'm personally planning on doing now the market has gone berserk, but I have no idea about stocks to buy or what assets that would yield great profits and so on. Your portfolio is freaking awesome, You seem to be doing excellent for yourself I would need your help.

[@williamsdavis.]

My funds are well-diversified, with the aid and guidance of a financial advisor known as John Desmond Heppolette. it's been a huge relief, good earnings and little to no engagement at all on my part. He's stock picks are top-notch, I don't worry about market trends anymore because he's a genius in portfolio diversification..

[@Barbara0015]

Thank you for this tip, it was easy to find your advisor. I conducted a google research of his full names on-line before messaging him. Base on his on-line resume, he appears to possess a high level of proficiency. I’m so grateful for this opportunity!

[@Agatha207]

I'm MUCH more interested in buying stocks now that they are cheap. You can't just sit on cash waiting for the market to drop 10% before you start buying. The best strategy is to start buying slowly and then gradually increase the pace of buying as the prices continue to drop. Cash isn't king at all in this Era!!

[@Hoffmanluiz.]

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $225k passively investing with John Desmond Heppolette, and I don’t have to do much work. It doesn’t matter if the market is crashing, I will always make good profit returns.

[@voldlifilm]

I love how lots of these drawings have "financial" patterns hidden in the artwork, cracks that look like the downwards line of a failing marked, factories with roofs that look like the jagged lines of graphs and statistics. That is some solid attention to detail, and I wanted to say that I appreciate that! I recognize your dedication, and I appreciate you. Have a good one!

[@atillanandorfuri3343]

Don’t mind me just prepping up for the next one

[@hedy9243]

Atilla Nándor Füri 😂

[@abthedragon4921]

Good idea

[@aturchomicz821]

@Canadian Province of Pacifica Ha...

[@lukedetering4490]

10 years from now: Just prepping for WW3.

[@warlordofvideogameglitches]

Ha i am rereading survival guides to refresh my knowledge.

[@Garvm]

The money bags, the trees, collecting oranges by shaking the tree...I think I can say what game has the illustrator playing during last weeks

[@radiance5911]

Yeah. I wondered why they used bell bags instead of the traditional $ bags for the illustrations. hMMMMMM

[@Garvm]

Ben Godbout and I wrote the comment before I saw the turnips at the end.

[@dameonpounders7211]

Doom eternal obviously lol. Who could forget shaking fruit trees to get more ammo and collecting money bags for more armor and health. Simply iconic.

[@juliaguevara4512]

So you’re telling me this is the Stalk Market crash?

[@prestonjones1653]

Harvest Moon?

[@edward.abraham]

Bad way to resume from a vacation, META down 40k, ALLP down 35k, Draft Kings down 6k, NIO down 15K, ABML down 8k, and my wife doesn’t know. I'm just hanging on to Jim Cramer's words about opportunities in volatile times so perhaps, I either wait for a recovery or pick profitable investments to substitute for my loss.

[@james.atkins88]

Same boat man, lost $230k in trading this pass year, regret a lot and have not told my wife.

[@Believer292]

There are quite frankly a number of ways to make high yields amidst volatile times, but such trades are best done under the supervision of a portfolio-coach.

[@hunter-bourke21]

I agree with you on having a portfolio coach, also patience is your best friend here. I'm a huge investor and cant afford to take the risk of investing by my knowledge, rather my portfolio is overseen by a license advisor, since late 2021 amidst corona-outbreak till date.I have made over $595k since then.

[@rebecca_burns14]

@@hunter-bourke21 My partner’s been considering going the same route, could you share more info please on the advisor that guides you?

[@hunter-bourke21]

My advisor is "Mary Onita Wier, A renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@ohfloop1555]

Alastor: Why I haven't been that entertained since the stock market crash of 1929 ah ha ha ha

[@sweetrandomcookie3624]

So many orphans...

[@ttry1152]

Lyle lipton is not happy

[@Bigfoot_With_Internet_Access]

May: Write that down, write that down

[@noahchmielewski1347]

There is still a week left in April we might still get it

[@sovietmarshmallow1283]

Oh no

[@carolinemcgovern4488]

Thankfully, the economy will fix itself much more easily and it would be easier to get countries back on their feet quickly than in the 1930s

[@dontlookatmyvideoREE]

I see you're a man of culture as well

[@KingofAwesomness14]

oh god, we are a few moments away from that aren't we?

[@jathew1]

1:47 South Seas: Hey, I've seen that before America : What do you mean, it's brand new!

[@EMBer3000]

"We came back." But nobody had learned anything, or at least, nobody remember what had been learned until 80 years later when banks issued bad loans to anybody that could sign their names again. A decade later people and companies are so in debt that they can't even live through a few months of economic slowdown which might trigger another great depression.

[@scottydu81]

Remember, the banks were forced to give those loans.

[@justinh6651]

@@scottydu81 no, they were not. The recession was caused by deregulation.

[@user-qj1bt1uv2n]

@@justinh6651 which recession are you referring to?

[@justinh6651]

@@user-qj1bt1uv2n 2008

[@user-qj1bt1uv2n]

@@justinh6651 forced is probably too strong a word on scottydu81's part encouraged is probably better. Homeownership was seen as a way of fostering prosperity so the government encouraged the banks to lend money to people banks wouldn't have loaned money to under normal circumstances. Deregulation may have been part of the cause, but the government did have a hand in causing the 2008 recession.

[@fantasy873]

I had flashbacks to my high school economics class. A class I barely passed.

[@AlteryxGaming]

I’m sure you did a better job than Hoover would have considering the great depression

[@TheGermanKnowsBest]

"The stock market isn't the same thing as the economy." Could you repeat that for the millions of Americans in the back who don't know anything about economics 101.

[@Kyle_Schaff]

*A Barn* It’s frustrating trying to have that conversation, though, because people will still go full-stupid but just in the other direction. The fact of the matter is that Main Street cannot function without Wall Street and _vice versa,_ and it’s easier for the government to enact fiscal and monetary policy that affects investment and loans rather than unemployment or wages.

[@LIETUVIS10STUDIO1]

@@Kyle_Schaff This so much this

[@dalek--ck9oy]

@Lockjaw please explain

[@Noidonteatbabiesstopasking]

You'll be relieved to know I'm not American and still don't know anything about economics 101.

[@captain_ravioli1514]

@Lockjaw that's harsh. Calm down.

[@essaboselin5252]

Reminds me of the soybean fiasco of the 70s that led to so many farmers losing their farms in the 80s. The price of soybeans began soaring in the early 70s to the point it was the most profitable (legal) crop to grow. The farmers who had fields of soybeans were raking in dough. The next year, more farmers started to grow soybeans, and they made a fortune. Farmers then started going into debt to buy more land and new equipment so they could grow more soybeans. Then the market was flooded with soybeans, the price crashed and the farmers were saddled with debt they couldn't pay.

[@sadnessofwildgoats]

thanks for reminding me of this, i think i remember being told this years ago but i geuss it got buried in my head.

[@nnovatakaren5515]

Are they idiots? Not everyone wants soybeans every hour of every day. Too much of anything not essential to life is bound to be worthless.

[@essaboselin5252]

@@nnovatakaren5515 Do you have any idea all the things soybeans are used for? Human consumption isn't the main use.

[@KasumiRINA]

It's called the Dutch disease; named after Netherlands discovering a huge gas field and focusing its exports on fossil fuel, to detriment of other sectors - which backfired when fossil fuel prices collapsed, but as you know, oil & gas consumption now is so high it totally won't crash 300 percent in one day and go into negative price... >_> YEAH... now russia, which has somewhere around 80% of their exports in oil and gas, has to literally burn fuel for nothing with giant torches as they're too poor to pay other countries to keep their low quality mix - and since they literally lived off fuel exports alone, they don't even have enough tech to develop equipment that temporarily stop the production to resume it later. Imagine having your economy completely dependent on two resources and take faith in their prices staying high so much, you don't even invest in equipment to develop them, things like tankers to hold extraneous oil, or ships that can build pipelines - russians don't have those. They literally just dug a hole in the ground in Cold War era and lived off that.

[@dixieslav1274]

@@nnovatakaren5515 The market demanded more soybeans, so farmers grew more soybeans. Those soybeans weren't enough, so they kept growing soybeans until supply exceeded demand, so prices dropped below their estimates and soybean farmers were unable to repay their loans. They weren't idiots, they just overestimated soybean demand and underestimated soybean supply, as most people would when prices don't come back down swiftly.

[@kurtcaco7151]

Weird, this video pop up my feed while the entire internet crashing the market

[@ClassyMonkey1212]

"We came back" only after the bloodiest war in human history...

[@bthsr7113]

Not the dumbest though. Those would come after, and with a far less helpful military industrial complex.

[@AlteryxGaming]

@@bthsr7113 “The dumbest wars came after WW2”. *World War 1 has entered the chat*

[@willnash7907]

@@AlteryxGaming Taiping rebellion in the corer of the tavern: "I said *a m a t e u r s*"

[@AYVYN]

Not entirely true, there was a small recovery in the late 1930s but it crashed again

[@BlueflameKing1]

Ever since the South Sea Bubble, and some classes I have learned about the Japanese markets before the 1990s, showed from what I can see as a sort of cycle of economic highs and lows that occur, everytime we hit a peak, eventually we crash, and crash hard. Great video, but it does show like a cycle of booms and crashes, whether from artificial inflation (John Blunt) or simply hitting the zenith of progress.

[@onasknox9284]

That's what I think too

[@vyrva5690]

BlueflameKing1 you are the first take this icecream 🍦

[@Emmet-sd8og]

This is called a boom-bust cycle. We currently have a system of Boom-Bust economics pivotal to capitalism. It's sad really.

[@kaeleklund6728]

It's almost like capitalism creates the conditions for its own collapse.

[@justinokraski3796]

a lot of it is because businesses acquire debt to expand business operations and fail to reduce that debt load in lieu of expansion. Companies aren't incentivized to keep large reserves of cash to prepare for uncertainty

[@millardfillmore2869]

1:26 I see this man has many *stonks*

[@iplayzfordayzdx7589]

Yeah Uhh…Alastor brought me here lol

[@peachykeen3194]

"The stock market isn't the same thing as the economy." Simple words, too often forgotten.

[@1brianm7]

Still not as bad as the Black Monday event in February 36’.

[@AlanoxDrekan]

Mein gott!

[@nicholas209]

Syndicalism hoooooo!

[@luigiff3431]

It happens so close to Alexander Kerensky dying, such unfortunate timing

[@haikalmiftah2529]

"Well, I don't feeling so good" - League of Eight Provinces -

[@testive]

JINGWEI'S KUOMINTANG IS THE ONLY LEGITIMATE GOVERNMENT OF CHINA! FIGHT FOR THE LEGACY OF DR. SUN!

[@TailcoatGames]

“Oh so manny orphans” -Alastor

[@burnerheinz]

There is the comment I was looking for

[@jonalynmisalang9447]

There it is, I've been trying to find a hazbin hotel alastor reference. Thank you good sir or madam or they

[@TheKawaiifan]

it should not have taken me this much scrolling to find a hazbin joke. what is wrong with this comment section!?

[@Cosm0ss]

I was looking for this

[@user-ft3jq5vi2l]

Who?

[@kayleighmel4554]

I am so glad you guys are doing some episodes on this, I've never understood this well and when I try to get information about it is so boring and I never really fully get it so thank you! These videos always entertaining and you guys break stuff down in a way that I can actually understand it.

[@mictoonanimation8852]

I haven't been entertained since the stock market crash of 1929

[@ttry1152]

Mmmmm.

[@TeenGohan.]

So many orphans...

[@LordBloodySoul]

I remember the crash of WW2's after effect economy from stories my grandparents told me. Apparently just one egg was worth 1.000.000 DM at one point and they had paper money in the streets, which were so worthless, they literally dumped them in barrels and burned them as cheap fuels. That was a scary time to grow up in...

[@jonnunn4196]

Particularly since for many of them; it was 1921 to 1923 all over again.

[@mjbull5156]

Wht happened in Germany was hyperinflation. The stock market crash was a trigger for a round of excessive deflation.

[@CloroxBleach-cq7tj]

@@mjbull5156 yep - money printing machine went burrrrrrrrrrrrrrr

[@cgaccount3669]

Like the trillion dollar paper bills in Zimbabwe

[@midimusicforever]

History repeating itself in 3, 2, 1...

[@weldonwin]

*(Cough Cough SOUTHSEABUBBLE)*

[@jedimasterpickle3]

Is it, though? Present day troubles are caused by businesses being ordered to shut down to avoid spreading the coronavirus. Similar outcome, yeah, but isn't the cause different?

[@Hollows1997]

An economic crash with nationalism on the rise as well as an emerging world power acting aggressively in its sphere of influence. To quote Marty McFly in Back To The Future “Hey, I’ve seen this one before... it’s a classic”

[@High5748]

Not really, the value of a dollar was backed by gold then now it's backed by debt. However we can just print money which equals higher taxes and inflation.

[@HogBurger]

Midi Music Forever the **rona virus

[@robins5828]

What I'm learning from a lot of these videos is that all of these complex systems work really, really well. Until one day...they don't. Unfortunately, the imminent collapse is often only obvious in hindsight. Otherwise, we would all be timing the market and sell at the peak.

[@jg2323]

A lot of the time it is pretty clear even at the time, it's just stupid greed. Look at Crypto. Bitcoin shot through the roof for a while. Now, most people should be smart enough to go "Okay, I have doubled what I paid in. Now is the time to sell." Instead they say "But...if I stay in a few more months I may triple it. I'll just wait a little longer." Time passes and "Now it's Triple! But...a little more and I can quadruple it..." And they hold and hold and hold long past the point it is sensible because they have an intangable dollar value that NOW is the time to sell it, when the sensible time to sell for a reasonable profit was well before.

[@jlowe8059]

Everyone can't sell at peak, that's the whole point of the market.

[@quinton1630]

The art in this episode is absolutely incredible.

[@QuestionEverythingButWHY]

"Those who do not remember the past are condemned to repeat it." --George Santayana

[@IRBitterSoB]

I can't remember who it was, but I think some guy once said: "Those who do not remember the past are condemned to repeat it."

[@doesitmakesense5696]

that's an ignorant statement. everyone remembers. its just everyone remembers it differently. example when obama does stimulus, it's socialism. trump does same thing, it not socialism

[@eavyeavy2864]

Flu only kill people with compromised immune system. Covid can kill healthy people.

[@notsm]

The problem isn't "remembering the past", with the internet that is a trivial thing. The real issue is actually *learning* from it and *applying the lessons*. Sadly that is not being done. At all...

[@nathanr.9507]

"Why I havn't been that entertained since the Stock Market Crash of 1929! Hahahahahaha! Soooo maany orphans..."

[@Thollis1987]

Referencing Hazbin Hotel, huh?😏

[@x2_uraimtrash367]

This is gold... I love Hazbin Hotel

[@yorsydigital1332]

Hahaha that only reason I'm here _

[@larrythestickman3252]

Lmao

[@jellythejellyfish7035]

I see you man of culture as well

[@randomlyamazing58]

I know these were hard times but Wow your illustration of this event was suspense filled, funny and thrilling. The pictures also made it more exciting.

[@chris-pj7rk]

Just because a stock is going up doesn’t mean it’s a good investment. just because a stock is going down doesn’t mean it’s a bad investment. there's more to a stock than just its stock price.

[@Mcdd7-_-]

These days the best way to come into the market space is reading, studying, patience and seeking guidance when necessary.

[@Jme---]

bag management is key. most traders fail because they don’t know when to book profit and when to stop their loss.

[@ShashiBala-wz4uk]

Last time I was this early the stock market was still alive...

[@matthewpuzzo8997]

5:56 - 5:58 For reference, those amounts would be almost $7,500 and $15,000 today. I used the Bureau of Labor Statistics' inflation calculator for them.

[@krankarvolund7771]

Which does not totally represent the sum at the time, I mean 15 000 $ is not a price where to sell a house.... because no house is worth that few money XD

[@nyon7209]

Yeah, that's the equivalent value, but a dollar's a dollar in LA, and in Opossum Trot. The same house isn't going to cost the same price. Gas prices outside North America converted to upwards of 4 dollars a gallon, while in Kentucky 2.50 would have been an awful price in January, and oh boy have they dropped since then. Basically, those amounts may be equal, but they aren't representative of what you can do with them.

[@patrickpichardo9047]

Checking this out since we’re about to face this pretty soon

[@eagleeye5189]

It is so utterly frustrating to think about how economics is portrayed as this all-powerful, self-directing force of nature like the weather or something, as if it wasn't created by humans and is being run by humans. The fact that the actions of a handful of people can cause disastrous and life-ruining circumstances for millions, even billions of people should be something that has everyone up in arms, yet we've just been taught that it's how things work.

[@shudheshvelusamy7644]

Man, Herbert Hoover was doing the whole "America is God's Greatest country" shtick before it was cool.

[@89Crono]

Nope. You're thinking about Woodrow Wilson. That trope wouldn't even exist if it wasn't for him

[@CoverofWinter]

But that has always been a thing since the Puritans you know?

[@thompkins6796]

That shtick is as old as the country, with Winthrop's "city on a hill", manifest destiny, the anti-masonic party, etc.

[@abloogywoogywoo]

Didn't the Great Western Railway also flout that too? God's Wonderful Railway? Its a bad omen I tell ya.

[@carnifex2005]

And why wouldn't he. By teh 1910's the US was by far the biggest economy in the world and because of WW1, the US was so far and away from every other country economically, it was an easy boast to make. WW2 made that boast even easier to make.

[@troll-td8nh]

damn, was watching the south sea bubble then this showed up in my recommended "10 minutes ago"

[@sztypettto]

It's all connected. You may want to trace back to the age of antiquity. Extra History covered the subject pretty well. You'll scratch your head and conclude that people (or merchants/traders) never learn.

[@DaveGIS123]

@7:35 "Then, as today, its important to remember that the stock market isn't the same as the economy". So true.

[@otakurt1149]

Ah ye 1920's A pandemic An economic crash 2020's Wanna see me do it again?

[@dogguy8603]

Our economic crash is due to forced lockdowns when we really didn't need them

[@alankoh807]

You forgot about 2008 USA housing mortgage crisis

[@skar9556]

*Financial crisis of 1929* Or as historians in the future will call it, "2020, the prequel"

[@sadnessofwildgoats]

The great deppression 2: electric boogaloo

[@Mitaka.Kotsuka]

that way of thinking is what guide investors directly into the crash

[@archiebellega956]

More like 2008, the prequel. Giving bad loan for: '20s-stock, '08-housing, and then collapsed. 2020 is the most likely sequel, but I still don't know what bad loan out there that has been exposed by the pandemic.

[@Lord_Of_Beans]

Such a fitting subject in these times, maybe even *Too* fitting...

[@SanDiego_Railfan]

Lol

[@storm479]

Well lad lets hope that never happen again

[@khalidgagnon8753]

I'm a finance major. I had cash put aside for a reason

[@juanmam.2113]

Studing history made me realize how weak our civilizations really are. Now that coronavirus has arrived my buddies understand what I mean

[@patriciacastaneda6940]

"I haven't been that entertained since the stock market crash of 1929 hahaha!" - Alastor

[@eyeofthewickedlord6631]

I came here just to see this

[@dizzyclowd670]

liza tajuddin same

[@user-ft3jq5vi2l]

Who?

[@eyeofthewickedlord6631]

@@user-ft3jq5vi2l go watch hazbin hotel and you will understand, it's on youtube

[@hannajung7450]

now i know why he's so amused. there was literal chaos everywhere lol

[@sebastian20600]

This is the best illustration of the '29 crash that I have seen. Thank you, Extra History!

[@ebinshumate3132]

Matthew: “it keeps going down, down, down” Me: 🎶 to the bottom of the sea! 🎶

[@JasonXLV1]

voltaire?

[@sabotabby3372]

*laughs in rising sea levels*

[@RoyalFusilier]

Where's my Line Goes Down Gang

[@MrAshCarr]

Down, down to Goblin Town

[@andyjay729]

"It all returns to nothing It all comes tumbling down, tumbling down, tumbling dowwwwn..."

[@kaceywooster3866]

My Grandpa was born in early 1929 and a lot of what he had to do at his home during the Great Depression still affect him today.

[@Everythingz127]

Im here just because of Alastor 😭😭

[@Midnight_Star1021]

?

[@SetOfAllSets]

??

[@Midnight_Star1021]

"I haven't been this entertained since the stock Marley crash of 1929! So many orphans"

[@Xainlrd]

Who here is from 2022 watching this as we are about to get some interest rate increases to hopefully pop this bubble we're in?

[@HughJass-jv2lt]

*FAKE NEWS!* ❤😁❤

[@Canhistoryismylife]

it is we who plowed the prairies, built the cities where they trade, dug the mines and built the workshops, endless miles of railroad laid, yet we stand outcast and starving mid the wonders we have made.

[@dmechanicodude3960]

What was that from?

[@williamtang899]

Dmechanico Dude Solidarity Forever, an old Union hymn from the IWW, I believe.

[@alexr6705]

Break the chains!

[@FlyingFox1994]

@@dmechanicodude3960 Solidarity Forever, a Depression era strikers anthem. Now largely synonymous with American socialist movements.

[@Mercure250]

This is giving me vibes of : "And on the pedestal these words appear : *My name is Ozymandias, king of kings: Look on my works, ye Mighty, and despair!* "

[@davea.9927]

There was a great quote from a Great Courses Plus video on Rome. Unfortunately I don't recall who said it, went along the lines of; "on a mattress of luxury do such kingdoms fall." The intro made me think of it.

[@flameBMW245]

The art has gone back to the classic ages of extra history. It gives me nostalgia to an older time

[@markvincentbonachita8950]

Good to know this kind of video is being produced by you. Love it.

[@minecraftcomrade4738]

I have a feeling this will become his most popular video or up there

[@miguelmontenegro3520]

South sea bubble: *Explodes* Everyone: *Forgets how blind investment is dangerous* Also everyone: *Histeric Screaming*

[@GiordanDiodato]

"What we learn about history is that no one learns from history" -Otto von Bismarck

[@ttry1152]

@@GiordanDiodato that yeah. Yeha

[@elanortriestoart6447]

Yes, please! Please do an episode on the Great Depression! None of my history books ever covered it in depth, and if I recall correctly, it was a very interesting time. Thank you!

[@user-zx2wk7yd9i]

3:58 Me and the boys selling stock

[@gussyd1000]

1929: stuffed with bad loans 2008: stuffed with bad loans 2020:...

[@andyjay729]

And stock buybacks for 2020! Don't forget the stock buybacks!

[@Roxor128]

Probably also stuffed with bad loans, just of a different type. Do you really think the banks weren't making loans like crazy once there started being some recovery from the last crash? After all, loans are where they make their money (and where the interest in your savings account or term deposit comes from).

[@krh6239]

It's like no one ever learns.

[@cageybee7221]

@@andyjay729 stock buybacks paid for with loans no less

[@igorvski]

It's just regular financial market life (and death)

[@pikarat_nova]

As much as I love this Extra History episode, it was the old art style that captured my heart and soul for this one! Thanks again EH

[@joshuahunter4353]

This is insane! I wonder what the recent history right now will be told as? (The “meme” stock war)

[@teddybar66]

This decade will be remembered as the crypto age. Same as the beanie baby craze.

[@apeacep5326]

I'm so happy I fell into this Site, I love all the INFO and how they do the animation 🙏🙏🙏🙏😷😷😷😷😷

[@snakes3425]

Trader: I can still hear the screaming....the wild look in their eyes....the horror...the horror

[@laurenhawes7201]

Okay but would he be reflecting on his own mistakes, the state of society, or that he couldnt continue selling his stocks? (Read heart or darkness for class, where 'the horror' quote comes from)

[@sonfox]

"I haven't been that entertained since the stock market crash of 1929. So many orphans." -- Alistor

[@rommelcandiani6358]

Alastor

[@andrewvarney5687]

Hazbin Hotel reference.................nice!

[@ttry1152]

Lyle lipton disapproves

[@andrewgrasham4604]

Thank you for this video. I needed to hear the end.

[@Limit_Efficient]

So this was basically the GameStop situation, but in 1929

[@MLGCaptainVirgil]

Thank you for being objective about the history of stock market crash, we need more level-headed commentary now more than ever.

[@LuinTathren]

Thank you so much for making this video. For stressing that our country has survived so many things. And, if we work together, we will definitely get through this.

[@switchplayer1016]

Markets rise and markets fall. It's the natural cycle of an economy that relies on markets. The only economy exempt from that is a command economy. And in that there is no market. And in that system economic freedom is greatly reduced.

[@Austrian9876]

First of all, great videos I really appreciate your work! If you ever need an video idea, pleas look into the Vormärz periode, it is so full of history and great people, and I think only you guys can make it justice. Hope you are doing well!

[@CStone-xn4oy]

A good message at the end there. We have gotten through worse crises than this one and we will get through this crisis too.

[@DarkTider]

The first minutes of this video gave me SERIOUS South sea bubble flashbacks!

[@GentlemansCombatives]

Its almost like noone has learned anything over hundreds of years

[@MegaBradster1]

Meanwhile in New York Guy 1: Buy! Buy! Man this is the great! The market will continue to grow forever! Guy 2: But what if it doesn’t? Guy 1: Oh CRAP! I hadn’t thought of that! Sell! Sell!

[@blobydude420productions4]

And the Stock Market Crashed which led to economic downturn, which meant banks stopped loaning everyone money, which led to more economic downturn, which meant people stopped buying things, which led to more economic downturn

[@pickled_bacon]

Huh, Interesting. Not like this could happen today with redditors

[@bringsik100]

oh $hit!

[@KDH-br6hy]

@@bringsik100 it's not the same

[@dervvy]

6:55 "It keeps going, Dow, Dow, Dow."

[@bellaj8588]

I love your videos so much... you guys being joy to my day keep doing what you are doing!❤😊

[@craigkdillon]

Until the Great Depression, Herbert Hoover was considered a great man - a great humanitarian. He had organized the feeding of Europe after WW1. His failure to effectively respond to the Great Depression destroyed his reputation for all time.

[@MoondustManwise]

I haven't been this entertained since the stock market crash of 1929!

[@ttry1152]

So many orphans. Hah hah hah

[@Joshrivers2010]

That's probably a lack of nonsense, I have to believe that one attack on New York had much of an impact then this

[@lu881]

I swear this channel illustrates global crises in a light that heavily relates to current affairs. It's crazy seeing the exact same strategies implemented then being implemented now.

[@jmlkinc]

Anyone else also having their youtube algorithm just keep recommending plague videos and stock market crash videos? Stay safe out there.

[@theanii_waffles3343]

Hoover: "The future of our country is bright with hope." Narrator: Usodearu

[@sztypettto]

I had to look that one up.

[@XerosXIII]

2022: déjà vu

[@letthou5540]

I really love the art in this episode! so cartoonish and colorful. Kudos to the artist