Sign New York Banking Medical History Myself

Industry sign banking new york medical history myself

[Music] hello everybody welcome to another episode of business plays in this one did they jump the stock broker suicides of 1929 Thank You Tube Georgina for putting this script together for today's video and let's just jump into it oh I should say that this one I was interested in 1929 is the famous Wall Street Crash let up so you kind of Great Depression all of that stuff I want to know to people actually kill themselves or is that just kind of a myth let's find out on October the 24th 1929 the New York Stock Exchange crashed stockbrokers were panic selling at this point as investors continue to lose confidence in the free-falling stock exchange on this day alone investors suffered losses of more than five billion dollars collectively that's almost seventy four billion in 2019 dollars once you've adjusted for inflation approximately 13 million shares were traded on this day which was more than three times the average daily volume traded at that time this day became known as Black Thursday and the selling frenzy it was characterized by confusion anxiety and panic the situation was made much worse when reports emerge that distraught investors and bankers were throwing themselves off of high-rise buildings rumours spread like wildfire that 11 people have committed suicide on this day as a direct consequence of losing their wealth in a stock market crash losing your wealth sucks is it really time to jump off a building this is wrong I love it skeptical if I lost my money I'd be like okay cool I mean it that that sucks real bad I'll start again it's alright it'll be a challenge hopefully I've kept enough money in cash they don't starve it's not difficult to imagine people opting to kill themselves rather than face the alternative which is financial ruin becoming financially crippled in just one day can push anyone over the edge even those we least expect I don't think you can push it push anyone over the edge and that's kind of my point the years before Black Thursday sore stock prices rise and investor confidence grew as a result everyone including industry experts thought the stock market could only go up citizens bought shares in the stock market by the hordes hoping to take advantage of this upward trends ah what goes up must go down though many of the investors borrowed cash in order to be able to purchase these stocks they knew that investing in the stock market was a sure thing hence they borrowed consider amounts of cash from banks invested in the stock market and waited for the profits to arrive they were quite sure they would be able to pay the loans with the profits generated from there sure deal investments these sure deal investments sound like super risky investments like borrowing money for a bat from a bank to invest in the stock market I mean unless you really know what you're doing even then I'm not sure I'd do that I definitely wouldn't do that I don't do that however on October the 10th 1929 a slight improvements in the Dow Jones Industrial Average led brokers to start selling stocks in order to reclaim some profits for their clients by Thursday the 29th of October the situation had - generated into mass hysteria with everyone selling their stocks in order to avoid more losses the situation it was catastrophic for everyone involved including the brokers their clients and the banks that had got given out the loans most of which now couldn't possibly be repaid and that's the thing is that also you borrowed all this money and you invested in the stock market you lost all this money it's like you did it wasn't your money to begin with the bank's really the one that's screwed you can just declare bankruptcy and be like maybe this is a 90 2009 I'm not sure about that but you can just start again it's not you going to prison there's not it's not we're a little bit beyond debtors prison at this point the situation it was definitely dire but was it dire enough to spark mass suicides across the country see I just thought they were in New York but across the country maybe that's the actual myth did people really kill themselves because of the consequences of this stock market crash was it just too much too bad did Black Thursday really result in an epidemic of suicide the answer is a definitive no the stock broker suicides of 1929 are Burton F Polk Taylor's story that is just a part of the 1929 legends there was no suicide wave in fact the number of suicides between October and November of 1929 were the lowest recorded in that year more suicides have been reported during the months before the crash than immediately after still the false rumors about Wall Street suicides persisted to the point that the chief medical examiner of New York had to publicly set the record straight according to the medical examiner 44 suicides had been reported in Manhattan within the first four weeks to mid-november however this number was lower than the 53 that had been recorded during the same period a year earlier there's a pretty definitive no it was in fact it seems less people killed themselves during the stock market crash hence the stock market crash of 1929 the predecessor of the Great Depression of the 1930s did not result in mass suicides of stockbrokers or other individuals for that matter but where exactly did this myth emanate from believe is an art Winston Churchill the man same man that same guy the guy who would become the prime minister of the UK and ensure Britain's victory in the Second World War he might have started the rumors or at least he fueled them accidentally of course Winston a reporter at the time was in New York City staying at the Savoy Plaza Hotel on the day of the stock market crash early that morning he witnessed the apparent suicide of a man throwing himself out of a 15 story building in December the Daily Telegraph published an article penned by Winston that described his Black Thursday experience including the suicide that he had witnessed it was later discovered the church was referring to the death of dr. Otto Massey's chemist who was staying at the same hotel on the 16th floor his death was indeed a suicide but it was not a result of the stock market crash yeah I think it occurred in the morning right and the crash wasn't till later what Winston apparently forgot to mention in the article in The Daily Telegraph was that this unfortunate okay I should read these before I read them what wins it apparent field to mention is asking for the Daily Telegraph was that this unfortunate event happened in the early hours of October 24th shortly before several hours before the crash occurred comedians also helped fuel the rumor mills about the suicide waves sweeping the country after the stock market crash a day after the crash a quote by Will Rogers appeared in the Starr Gazette and it read when Wall Street took that tailspin yet to stand in line to get to a window to jump out of an speculators were selling space for bodies in the East River very dark Eddie Cantor another comedian and a victim of the crash jokes that when at a New York hotel he had requested a room on the 19th floor the clerk responded by asking whether it was for sleeping in or for jumping out of jokes like these too definitely on people's minds racing and the state of shocked the country was undergoing made it easy for people to believe the rumors however just because the rumors of mass suicide immediately after the crash were not true does not mean that the crash did not have devastating effects on the public psyche nervous breakdowns became the norm as millions of people lost their jobs there and their savings citizens began building and settling into shanty towns commonly referred to as Hoovervilles after Herbert Hoover the US president at the time Black Thursday is estimated to have cost the American people as much money as the country spent during the entirety of the first world war it remains a dark period in American history and now a couple of bonus facts for you number one black Thursday was not the worst day of the 1929 crash October the 29th 1929 a day that came to be known as black Tuesday saw investors lose 14 billion dollars the equivalent of a hundred and ninety nine billion dollars today number two bonus fact - in 1987 fifty-eight years after the crash of 29 the month of October brought on another stock market crash the stock market began to decline on October the 14th culminating on October the 19th 1987 a day referred to as black Monday on this day Wall Street experienced its worst single day loss in continuous trading so stockbroker suicides in 1929 just a legend this was business blaze that do hope you liked this episode if you did hit that thumbs up button below also comment below if you got a subject you're likely to tackle on this channel or let me know in the comments and we'll get into it and yeah subscribe like and I'll see you next time you