John Moser

Taxes were reduced drastically.

There wasn't much in the way of regulation.

There were some problems with investing.

Much of the process of the sale of securities, stocks and bonds, was almost entirely unregulated.

And we know that there were shenanigans there.

Whether that was enough to bring about the disaster

of 1929 to 1939.

I tend to doubt it, but it's a contributing factor.

The thing is, there are so many contributing factors.

There is a perfect storm of bad stuff that goes on from 1929 to 1933.

Yeah, although the banking crisis took a little while longer to take place.

The Federal Reserve reacted to the crash by pumping money into the banks, and it probably saved them.

The problem is they didn't keep doing that.

And there were a wave of bank failures.

The first of several waves of bank failures, major ones, because bank failure was also

Bank failures happened all the time.

It was just part of life.

There was a major wave in 1930, but that was tied more closely to a drought in the southeastern part of the United States.

And a major investment house in Tennessee, Caldwell and Company, collapsed.

and pulled down a lot of other banks with them.