美国股市崩溃原 the collapse of the US stock market.docx
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美国股市崩溃原thecollapseoftheUSstockmarket
1929美国股市崩溃原(1929thecollapseoftheUSstockmarket)
IhopetheCommissionandtheseniorleadershipinlearning:
thelandlord1929U.S.stockmarketcollapse
GoodViagrapublishedinSoufangwangOwnersForum-Shanghai-propertyownersforumtopic
Infact,theeconomicdevelopmentoftheUnitedStatesin1929therehavebeenseriousdifficulties.Duetotheslowdevelopmentofthetraditionalindustrialsectorin20s,thelackofconstructionhasseriouslyhamperedthedevelopmentofothersectorsoftheeconomy,whichhasledtoagreatrecessioninthewholeeconomy.ButtheNewYorkstockmarketthroughcontinuousdriveupinthefirsthalfof1929,thepricehasbeenrising.TheUnitedStateshasbeenabarometerofeconomicdevelopmentcannotreflecttherealsituationoftheAmericaneconomy.Asweknow,thestockmarketistosupportinvestorconfidenceandhopeforthefuture.ButthiskindofconfidenceandhopeinlateOctober1929,duetotheeconomicdownturnandcompletelyshattered.Themajorityofinvestorsbegantosellstockscrazily,thestockpricesfellfast,andeventheautomaticquotationmachinewastoolatetoquote.Thestockmarketcollapsed.Thestockmarketcrashtriggeredaseriesofchainreaction.Thewealthofthevastmajorityofinvestorsalmostdisappearedovernight,forcedbylivelihoodandconfidenceshaken,peoplerushedtothebankexchangedeposits,whichdirectlyledtobankfailures.Afterthebankruptcyofthebank,thenormaloperationofalargenumberofbusinessenterprisesalsodeclaredbankruptcybecauseofthelossoffinancialsupport.Asaresult,theworkersareunemployedandthelivingstandardsofthepeoplearegreatlyreduced,andtheyareunabletobuygoodsinthemarket.TheUnitedStateseconomybegantoentertheviciousspiral.1929:
WallStreetstockmarketcollapseinOctober1929,whentheAmericansstillrevelintheirfiction"permanentprosperity"ofthedream,astockmarketcollapseastheforerunneroftheseriouscrisiswiththesuddennessofathunderboltburstinamerica.ItdestroyedthefinancialinstitutionsoftheUnitedStates,acrossallsectorsoftheeconomy,pushtheUnitedStateseconomyonthebrinkofcollapse.Foratime,miserableconditions,theU.S.economyfromnineteenthCenturyStarvingpeoplefilltheland.......thelast30yearstostartaleapingdevelopment.AfterenteringtwentiethCentury,themomentumisstillunabated,itisnotonlytheBritishandFrenchleftfarbehind,butalsomakeuptheFranceandJapantocatchup.BytheeveofthefirstWorldWarin1913,theindustrialproductionoftheUnitedStateshadaccountedfor1/3oftheworld'stotal,exceedingthesumoftheproportionofBritain,France,Germanyandjapan.Withstrongeconomicstrength,theUnitedStatestookanactivepartinthefirstWorldWarinwhichthemajorimperialistcountriessplituptheworldmarketandtheworldterritory.ThreeyearsaftertheoutbreakofWorldWarII,theUnitedStatestoabandontheso-calledneutralposition,announcedinthewar.Inthewar,althoughthelifeandpropertyoftheAmericanpeoplesufferedacertainloss,butonthewhole,theUnitedStatesisabigwarwealth,theeconomyisstillrising.ThewarmadeAmericancompanieshypeforproduction,domesticemployment,exportsincreasedrapidly,tradesurplusincrease,theinternationalbalanceofpaymentssituationhasgreatlyimproved,theUnitedStatesbythedebtortocreditor.Atthispoint,NewYorkhasbecomeanimportantfinancialcenterintheworld,andthedollarinsteadofthepoundhasbecomethemainmeansofinternationalexchange.Americanbankersandbusinessmenbeganexportinglargeamountsofcapitaloverseas.By1929,theUnitedStateshadalong-termoverseasinvestmentofnearly15billion400millionUSdollars,ofwhich$7billion800millionwastheforeignsecuritiesownedbytheUnitedstates.The"wartimeeconomy"andthe"prosperity"nurturedastrongspeculativeatmosphere.AnyAmericanhasthereasontobelievethattheUnitedStateswillbe"permanentlyprosperous"intwentiethCentury,andtheiroptimismisfirstmanifestedininvestmentinrealestateandstockmarkets.Inthemiddleofthe20s,theunprecedentedprosperityofrealestateinFloridacompletelyconqueredtheAmericansofthewholecontinent.Fromtheinvestmentenvironment,Floridaisattractive.Loosecreditconditionsalsocontributedtothespeculativefrenzy.TherewerereportsoflandonPalmBeach,worth$800thousandin1923,$1million500thousandin1924,and$4millionin1925.Inthehottestperiodofspeculationin1924-1925years,thepriceofrealestatewillbedoubledinaboutafewweeks.InthelightofMiamiisarealestateagentis75000,
1/3ofthewholecity.Everyonebelieves:
"thereisnoriskoffallinginthismarket."."Likeallspeculativemania,theinevitable