The 'Crash of '29' was the most devastating stock market crash in the history of US stocks and the harshest economic crisis capitalism has ever suffered in history, many people are been ruined and have lost everything.Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay This crash was followed by a major crisis known as the “Great Depression.” On October 23, 1929, without warning, New York stock market prices collapsed. This is because there were no buyers and all investors wanted to sell their shares, so prices started to fall. Investors were surprised, because for five years the stock market had done nothing but go up. In 1919 the United States emerged victorious from the First World War, which caused great economic growth in the country, that is, new technologies were implemented and there was a great increase in consumerism in the population. It also developed installment sales to encourage society to purchase from consumption and do it on credit. With the ease of obtaining credit and the increase in disposable income, the population was looking for new ways to get rich. An elite group of Wall Street bankers decided to put corporate bonds and stocks on the market, since they had an audience willing to invest in them to raise capital for private companies participating in the New York Stock Exchange, this way they would also obtain a large profit. From this, all types of audiences were able to invest in stocks and lost their stigma. This was made possible by technology, as tapes with quotes were found all over the United States. People had so much confidence that they started borrowing to invest in stock exchanges. This way of purchasing shares was known as “purchasing securities on credit”. The close relationship between elitist bankers and politicians has helped the government minimize control of Wall Street. The law of the market itself and the usual internal abuse meant that the stock market of the 1920s was not fair or democratic. In March 1929, Herbert Hoover assumed the presidency, who was alerted to what was happening on Wall Street, but did not have the political courage to intervene, so when he became president, he did nothing to stop it, he was not willing to regulate the market, although he wasn't the only one who had this thought. Unlike Herbert Hoover, banker Paul Warburg issued a small warning, but people ignored it. The more astute bankers noticed that the market was overheating, so they decided to leave during the summer. As John Kennedy said, "If the boot cleaner knows as much as I do about the stock market, maybe it's time for me to go." Herbert Hoover seeing the situation, asked a group of elite bankers if he should worry about the Wall. The situation in the streets, and one of them replied that the market would correct itself, he saw no need for government intervention. Five days later the stock market crashed. On October 24, 1929, “Black Thursday” began. People were afraid because the market kept falling. The popular reaction was: "This can't happen." Seeing the situation, the bankers knew they had to do something. Charles Mitchell, president of the "National City bank", entered the offices of JP Morgan, as he had done before being summoned to attend the meeting to be held. Four other big bankers sat at the table. Among them was Richard Whitney, vice president of the New York Stock Exchange, and the meeting was chaired by Thomas Lamont. At that meeting, they planned to invest $250,000,000. Such funds would be used for a list of key values. Whitney bought,.