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This day in history

KipKip Posts: 852
in Precious Metals
October 28 1929image
UCSB Electrical Engineering....... USCG and NASA

Comments

  • 57loaded57loaded Posts: 4,967 ✭✭✭
    i was married to my wife of 19 years and thankfully still counting.....image

    October 28, 1989

    the Giants were also swept by the A's in the Quake delayed "Bay Bridge Series"
    the A's were a better team, yet Tony LaRussa used his #1 and #2 pitchers in games 3 and 4 and the Giants did not..... (BOOOOO)
  • KareemofwheatKareemofwheat Posts: 200
    Yes..the crash on wall street and the start of the Great Depression.
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    On October 28, 1919, Congress passed the Volstead Act providing for enforcement of the Eighteenth Amendment to the Constitution, ratified nine months earlier. Known as the Prohibition Amendment, it prohibited the "manufacture, sale, or transportation of intoxicating liquors" in the United States.

    Edited out my dumb question. image
    imageQuid pro quo. Yes or no?
  • BigRedBigRed Posts: 716
    what percent did the market lose in 1929?
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    By the market close on 10/29, the Dow had lost 39.6% since its market high on September 3rd. By early November the Dow had broken down to new lows. The ultimate low did not come until July, 1932. By that time the market had lost almost 89% of its value.
    imageQuid pro quo. Yes or no?
  • BigRedBigRed Posts: 716


    << <i>By the market close on 10/29, the Dow had lost 39.6% since its market high on September 3rd. By early November the Dow had broken down to new lows. The ultimate low did not come until July, 1932. By that time the market had lost almost 89% of its value. >>

    Thanks, I did not know that. We have a ways to go to get to that point.
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>

    << <i>By the market close on 10/29, the Dow had lost 39.6% since its market high on September 3rd. By early November the Dow had broken down to new lows. The ultimate low did not come until July, 1932. By that time the market had lost almost 89% of its value. >>

    Thanks, I did not know that. We have a ways to go to get to that point. >>




    Just give it time, the market will continue to fall.

    We may see a brief rally after the election, but it will be shortlived. No matter who wins.

    Inflation starts next year and the market will continue it's slide for some time.

    I don't think it will ultimately lose 89% of it's value, but 70-75% seems possible to me.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • cinman14cinman14 Posts: 2,489 ✭
    Oct 28 2007

    I was paying about the same for silver as I am now... Only the spot is about half of what it was..image
  • BearBear Posts: 18,953 ✭✭✭
    On October 24 1929, Joe Fenegreek, was

    eating rutabagas for dinner.
    There once was a place called
    Camelotimage
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