Trust in the Lord (4)
Series: Life Verses
Tony Thomas
Proverbs 3:5-6
Today is October 29, and 88 years ago today the Stock Market crashed ushering in The Great Depression. It was totally unexpected. For most of the Roaring 20s, the economy roared! The innovations of radio, aviation, the automobile, the telephone, and electric power changed us forever.
State-of-the-art companies like RCA and General Motors saw their stocks soar! Wall Street bankers floated investments by leveraging debt margin. There was no need to worry: the stock market had grown six-fold in a single decade!
In 1921, the Dow Jones Industrial Average stood at 63.9 - but by September 3 it had grown to 381.2! Americans were working! Americans were getting rich! But that all changed over five dreadful days, and it would take 25 years for the Dow Jones to recover.
How did it happen? How could America's economy devalue by 89% so quickly? There had been subtle hints for weeks, but when the market dropped by 12.8% on October 24, people panicked!
The deluge of selling overwhelmed the ticker-tape-system that normally gave investors the current prices. Telephone lines and telegraphs were clogged and this information vacuum only led to more panic. The technology of the New Era, which had been celebrated by investors, now served to let them down.
October 29 was a day of chaos! Overextended investors flooded the exchange. Crop prices fell 60%, construction ground to a halt, over 5,000 banks failed, and drought and erosion ushered in the Dust Bowl. Lionel Robbins, a British economist, coined a new term, The Great Depression.
Proverbs 23 ...
5 Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle.
We're in a new series called Life Verses and we're using your favorite Bible verses to convey God's truths. In September I asked you to share your Life Verse with me. I was hoping for eight. Instead, you suggested 45 verses ...
Series: Life Verses
Tony Thomas
Proverbs 3:5-6
Today is October 29, and 88 years ago today the Stock Market crashed ushering in The Great Depression. It was totally unexpected. For most of the Roaring 20s, the economy roared! The innovations of radio, aviation, the automobile, the telephone, and electric power changed us forever.
State-of-the-art companies like RCA and General Motors saw their stocks soar! Wall Street bankers floated investments by leveraging debt margin. There was no need to worry: the stock market had grown six-fold in a single decade!
In 1921, the Dow Jones Industrial Average stood at 63.9 - but by September 3 it had grown to 381.2! Americans were working! Americans were getting rich! But that all changed over five dreadful days, and it would take 25 years for the Dow Jones to recover.
How did it happen? How could America's economy devalue by 89% so quickly? There had been subtle hints for weeks, but when the market dropped by 12.8% on October 24, people panicked!
The deluge of selling overwhelmed the ticker-tape-system that normally gave investors the current prices. Telephone lines and telegraphs were clogged and this information vacuum only led to more panic. The technology of the New Era, which had been celebrated by investors, now served to let them down.
October 29 was a day of chaos! Overextended investors flooded the exchange. Crop prices fell 60%, construction ground to a halt, over 5,000 banks failed, and drought and erosion ushered in the Dust Bowl. Lionel Robbins, a British economist, coined a new term, The Great Depression.
Proverbs 23 ...
5 Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle.
We're in a new series called Life Verses and we're using your favorite Bible verses to convey God's truths. In September I asked you to share your Life Verse with me. I was hoping for eight. Instead, you suggested 45 verses ...
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