{"id":347,"date":"2018-10-18T18:29:00","date_gmt":"2018-10-18T18:29:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=347"},"modified":"2023-06-22T20:01:07","modified_gmt":"2023-06-22T20:01:07","slug":"causes-stock-market-crash-1929","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/causes-stock-market-crash-1929\/","title":{"rendered":"What Caused the Stock Market Crash of 1929?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"347\" class=\"elementor elementor-347\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49633d6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49633d6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-404f97d\" data-id=\"404f97d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36ed778 elementor-widget elementor-widget-template\" data-id=\"36ed778\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71f8449 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71f8449\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7610b13\" data-id=\"7610b13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2643f8f elementor-widget elementor-widget-text-editor\" data-id=\"2643f8f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>By the end of the October\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/the-1929-stock-market-crash-an-ultimate-guide\/\">1929 stock market crash<\/a>, investors had lost $25 billion \u2013 $364 billion in today\u2019s terms. Why did the stock markets crash? Are the causes of the crash true today?<\/p><p>The answer is that it\u2019s complicated. Rather than a single catalyst, mounting pressures from multiple factors contributed to the crash. These included:<\/p><ol><li><strong data-redactor-tag=\"strong\">Overpriced stocks.<\/strong>\u00a0Overpriced stocks are frequently cited as a main cause of the crash. However, pre-crash stock prices were not wildly out of line with the reality of their economic fundamentals. Stock prices increased by 120% between 1925 and the third quarter of 1929, an average annual increase of about 22%. This is a big increase but in the context of a period of tremendous economic growth, it is not unreasonable. It\u2019s also worth noting that price increases were not uniform across sectors \u2013 stocks with strong fundamentals, like airplanes and utilities, saw the biggest increases. Additionally, financial reports showed that corporations were on solid footing and\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/p\/price-earningsratio.asp\">price-to-earnings (P\/E) ratios<\/a>\u00a0did not indicate overvaluations. In 1929, the average P\/E ratio of stocks was around 15. In January 2018, the S&amp;P 500\u2019s P\/E ratio was just under 23. It may be more accurate to say that it was the\u00a0<i data-redactor-tag=\"i\">perception<\/i>\u00a0of overpricing that contributed to the crash as public figures and news headlines expressed this view.<\/li><li><strong data-redactor-tag=\"strong\">News headlines.<\/strong>\u00a0In early October 1929, newspapers stoked concerns with sensational headlines. Most notably, on October 3, 1929 Britain\u2019s finance minister, Phillip Snowden, called the U.S. stock market a \u201cperfect orgy of speculation\u201d and the next day, The Wall Street Journal and The New York Times ran stories agreeing with him. The New York Times\u2019 page one headline blared \u201c<a href=\"https:\/\/www.nytimes.com\/1929\/10\/04\/archives\/years-worst-break-hits-stock-market-trading-of-1500000-shares-in.html\">Year\u2019s Worst Break Hits Stock Market<\/a>.\u201d On October 17, The Washington Post ran a headline \u201cCrushing Blow Dealt to Stock Market\u201d following a market dip the previous day. Associated Press stories \u2013 which were picked up by other outlets and therefore widely read \u2013 focused on the poor performance of public utilities, which generated significant worry among investors. Public utilities stocks were more than triple their book value in 1929 so these headlines did generate valid concerns. In the run up to Black Thursday, major newspaper headlines continued to focus on market dips, the lack of alarm among Washington officials about these dips, and the rising panic of investors. Newspapers cannot be faulted for reporting the news but the headlines certainly heightened people\u2019s fears. The effect of these news headlines was roughly the equivalent of yelling \u201cfire\u201d in a crowded movie theater. Could this happen today? There is no shortage of reasons for instability in the world today from a trade war with China to more war in the Middle East.<\/li><li><strong data-redactor-tag=\"strong\">Margin buying.<\/strong>\u00a0In times of fear, people stash money under their mattress. In times of optimism, they invest it. In the Roaring Twenties, optimism and affluence had risen like never before and investing in the stock market became like baseball \u2013 a national pastime. Everyone wanted to get in on the action and credit was readily available. In particular, businesses and individuals borrowed money to buy stocks \u201con margin.\u201d Buying on margin meant that an investor could put down 10-20% of their own money and borrow the rest from their stock broker. This type of leverage was extremely risky because if the stock price fell below the loan amount, the stock broker could issue a \u201cmargin call,\u201d requiring immediate repayment of the loan. Despite this risk, even banks were buying stocks on margin, and, since no law prevented it, some used their customers\u2019 deposits to do so. Before the crash, nearly 40 cents of every dollar loaned in America was used to\u00a0buy\u00a0stocks, typically through margin buying. When the market started to take nosedives, brokers began to make their margin calls and borrowers were often unable to pay up. When that happened, brokers simply sold those stocks, wiping out savings and increasing panic.<\/li><li><strong data-redactor-tag=\"strong\">Trouble in London.<\/strong>\u00a0On September 20, 1929, the London Stock Exchange suspended shares of the Hatry group after its leader, Clarence Hatry, was found to have purchased United Steel Companies with fraudulent collateral. The Hatry group collapsed, costing investors billions and sending the London Stock Exchange into a tailspin. This news put US investors on edge.<\/li><li><strong data-redactor-tag=\"strong\">Federal Reserve policy.<\/strong>\u00a0Economists and historians have long argued that Federal Reserve policy contributed to the crash. In 1928 and 1929, the Fed raised interest rates in an effort to limit securities speculation. Higher rates caused economic activity to slowdown in the US. The Fed\u2019s actions also had unintended global consequences. Because of the international gold standard, foreign central banks were forced to raise their interest rates as well, and this monetary tightening triggered recessions in several countries and caused global commerce to contract. In 2002,\u00a0Ben Bernanke (then a member of the Federal Reserve Board of Governors) publicly acknowledged the Fed\u2019s role in the crash, saying that the Fed\u2019s mistakes contributed to the \u201c<a href=\"https:\/\/www.federalreservehistory.org\/essays\/great_depression\">worst economic disaster in American history<\/a>.\u201d<\/li><li><strong data-redactor-tag=\"strong\">Lack of legal protections.<\/strong>\u00a0The legal protections we have today through the FDIC and SEC on bank deposits and securities transactions did not exist in 1929. After the crash, banks were only able to honor 10 cents on the dollar because they had used customers\u2019 deposits to purchase stocks without their knowledge. Additionally, investors had no recourse to recover funds if their brokerage firm went out of business.<\/li><\/ol><div>\u00a0<\/div><p>Hindsight is always 20\/20 but in the run-up to the crash, there really were no glaring signals of severe economic weakness. Instead, news headlines created nervousness, risky borrowing fueled panic and the Federal Reserve\u2019s interest rate hike caused an economic slowdown at exactly the wrong moment. While we like to think that consumer protections and lessons learned will insulate us from another crash, we also know that black swan events can always happen.<\/p><p>So if markets crashed tomorrow, how could investors protect their assets? One option is to make sure that your portfolio has a sufficient allocation to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/investing-in-bonds-introduction\/\">bonds<\/a>\u00a0or bond like instruments such as\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-a-cd-certificate-of-deposit\/\">certificate of deposits<\/a>. With fixed income instruments such as these, your principal is protected while you earn a fixed rate of interest. The key insight is to make sure your portfolio is sufficiently diversified away from the risk of a stock market crash.\u00a0<\/p><p>For many, a crash would also lead to an increased focus on maximizing\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">Social Security benefits<\/a>. There are many strategies to do so, but we suggest as a first step using an online\u00a0<a href=\"https:\/\/www.simplywise.com\/socialsecurity\" target=\"_blank\" rel=\"noopener\">Social Security benefits calculator<\/a>\u00a0to test out different scenarios.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45b872a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45b872a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f14de90\" data-id=\"f14de90\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2134183 elementor-widget elementor-widget-template\" data-id=\"2134183\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By the end of the October&nbsp;1929 stock market crash, investors had lost $25 billion \u2013 $364 billion in today\u2019s terms. Why did the stock markets crash? Are the causes of the crash true today? The answer is that it\u2019s complicated. Rather than a single catalyst, mounting pressures from multiple factors contributed to the crash. These [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":348,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Caused the Stock Market Crash of 1929? - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"We all know about the 1929 stock market crash, but what led to it? And are some of those precursors present today? 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