Free The Wall Street Crash In 1929 Essay Sample
The article entitled The Wall Street Crash, 1929 appears in the website of EyeWitness to History authored by Jonathan Norton Leonard. This article also appears in the books entitled Three Years Down in 1994 and in the book entitled Since Yesterday: the 30’s in America in 1972 (EyeWitness of History). It is understood that this article is created to describe the activities in the Wall Street during the crash in 1929. Also, this will show how the financial downfall occurs, the reactions of the investors, the business establishments and even people around. Millions of dollars are involved to the financial aspect of the society.
Leonard was born in 1903 and died in 1975. Leonard is a creative journalist and writer. Leonard studies the books for the Saturday Review of Literature. Several newspapers were also reviewed by Leonard. Among the ideas with regard to literature, science, art, food and history are the interests of Leonard (Corn). Leonard is also a reporter who wrote the article entitled “This was real panic” (EyeWitness of History). During the 1950s, Leonard was involved in writing with regard to solar system, planets, spaceflight and rocketry. Consequently, the book Flight into Space was published in 1953. Leonard is also the Time magazine’s science editor in the same year (Dickson).
Also, Leonard’s creativity in writing manifested to the article through using the words to describe the issues. As a journalist, Leonard discuss on the detailed events like the how the business establishments are doing and going through like the barbershops and the restaurants. It is discussed in the article how the people involved in finance struggle in the sleepless nights monitoring the stocks in the market.
According to the history on 1920s, millions of shares were traded by investors. Also, during this time the stock market of the United States engaged in expanding swiftly. Consequently, there is the decrease in the production and increase in unemployment rate, causing the stocks to decline its value. Along with these events, there are the unending debt, wages are low, agricultural struggles, and increase of the loans in the banks. With these, banks and companies involve in investing tried to even out the stock market through stock buying. But, it does not completely materialize and the stock continuously rise therefore regaining was substantial during this time. However, the prices begun to drop continuously which resulted to the increase in the probability of the economy to downfall (Geisst).
More Americans invest a lot of the money in stocks which made the growth in the economy. There is an increase in the stock prices; however, the activities did not required cash to join the activities. Its collateral is the value of the stocks for borrowing the purchased stock. Around billions of dollars are invested. The rollercoaster movements of rising and dropping of the stocks triggered the investors and even people around to get panic desperately (EyeWitness of History).
The continuous downfall of the stock market paves way for the people to act dreadfully. The author shows the real happening during the rollercoaster movement of these stocks. The reactions of the people are significant to the behaviors and actions in contributing solution to the issues during that time. Detailed description was created unlike in the history the description is in general form. It is also stated how the people react when the stock market is down and also when the stocks reached its high.
The busy day of the street was surrounded by busy people in uproaring the businesses. And at night, it was surrounded by lights as well as sleepless people who are securing the stock market activities. The stock market board became the focus which shows the rollercoaster ranging from up to down and from down to up. This became a very alarming issue for the people. The Wall Street became a Christmas tree for the lights are turned on during the night. Business establishments were engaging in businesses and those people involved in the finance were kept unslept during the night to monitor the stock market. Everyone knew of the present situation including the banks. Some people are trying to save the economy even pressure exist. The real panic and helplessness attacks the environment. The businesses are forced to buy stocks in order to stabilize the situation but it did not materialized (EyeWitness of History).
The article is worth examining because it provides the reader the reality during time of the crash. This could even exhibit the feelings of the people towards the stock market activities. The feeling of panic was genuine in the environment especially to this kind of economic crisis. The activities of the stock market are relevant up to this time. The rollercoaster movements of the market which includes the up and down are happening today in every state. The feeling of panic was not that much in presence today but in real everyday life did exist. Another is the involvement of the media in reporting the event to the public. As stated in the article, the pictures that should be posted need to be the cheerful one, but in fact, there is an important and great event that was about to come. Considering this input in media, people would not know of the true situation that was happening in the United States or everywhere in the world if and only if it is not through this kind of channel. The importance role of media is to give the public the real situation whether it is a bad or whether it is a good one.
American Writing on Aviation and Spaceflight: Into the Blue. Ed. J. J. Corn. New York, Literary Classics of the United States, Inc.: 2011
Dickson, Paul. Sputnik: The Shock of the Century. United States of America: Walker Publishing Company, 2001. Print.
Geisst, Charles. Wall Street: A History from Its Beginnings to the Fall of Enron. United States of America: Oxford University Press, Inc., 1997. Print.
“The Wall Street Crash, 1929”. EyeWitness to History. 2008. Web. 27 Mar. 2015. <www.eyewitnesstohistory.com>