On Oct. 29, 1929—Black Tuesday—the stock market crashed, erasing billions and marking the dawn of the Great Depression.https://t.co/wt1bCTfEWD https://t.co/KYNwEWwcum ...

Core Insights - The article discusses Andrew Ross Sorkin's new book "1929," which explores the events leading to the Great Crash of 1929 and its cultural impact on society [1][2][17] - The narrative highlights how the stock market dominated the culture of the time, with widespread participation from various social classes, including billionaires and everyday citizens [3][4][5] Group 1: Cultural Impact and Participation - The stock market was a central aspect of American culture in 1929, with significant involvement from the elite and the general public [3][4] - The book illustrates that many prominent figures, including Groucho Marx, were heavily affected by the market's downturn, showcasing the widespread nature of the crisis [4][14] - The optimism of the era was fueled by technological advancements, leading to a belief that capitalism could elevate everyone to millionaire status [5][6] Group 2: Key Figures and Their Roles - Charlie Mitchell, a significant figure in the financial landscape, promoted the idea of democratizing finance and was instrumental in the creation of modern credit systems [7][10] - Contrasting views emerged from various financial leaders, with some, like Charles Merrill, advising caution as early as 1928, while others believed the market was stable [9][11] - The book details the actions and decisions of influential figures during the crash, including Carter Glass, who warned against the practices that led to the financial collapse [10][12] Group 3: Market Dynamics and Policy Responses - The article emphasizes that the market's decline was not a singular event but a series of failures and poor policy decisions that followed the crash [13][16] - By the end of 1929, the stock market was only down 17%, indicating that the initial impact was not as severe as commonly perceived [13] - The lack of regulatory frameworks at the time, such as the absence of the SEC, contributed to the chaotic trading environment [15][16]

Economic Indicators in Fashion - The hemline index suggests skirt hemlines rise during economic booms and fall during downturns [3] - The lipstick effect demonstrates increased sales of affordable luxuries during tough economic times [4] Historical Fashion Trends and Economic Context - The 1920s saw rising hemlines and loose dresses reflecting post-World War I freedoms [6][7] - The Great Depression led to simpler, more functional clothing made from cheaper materials [8][9] - World War II rationing resulted in shorter hemlines and women wearing trousers [10] - The post-World War II boom brought back high-end fashion with full skirts and fitted bodices [11][12] - The 1960s economic flourishing led to casual styles like miniskirts and trousers [13] - The 1970s oil crisis recession resulted in more structured styles and durable fabrics like denim [14] - The 1980s saw power suits reflecting women entering the workplace [16] - The 2008 financial crisis brought a shift towards quiet luxury and practical office wear [18][19]

Where are all the geniuses that promised us a Great Depression a few months ago?! ...

Demographics & Economic Impact - Nearly 50% of young adults are living at home with their parents [1] - This is the highest rate since the Great Depression [1]

The economists were talking about the Great Depression and instead we got 3% GDP growth.Stop listening to people who have no skin in the game. ...

Presidency & Press Corps - The analysis suggests the current US presidency is perceived as exceptionally unintelligent, surpassing even fictional portrayals, and is accompanied by what is considered an equally inept White House press corps [1] - The report claims the White House press corps has become complicit accessories to the president, both in a criminal and a fashion sense, used to evade questions and disseminate misinformation [1] - The analysis highlights an instance where the president responded to a question with "I don't know, why don't you tell me?", which the author views as evidence of the president's stupidity and the press corps's failure to hold him accountable [1][2][3] - The report points out that some reporters who are considered aggressive towards previous administrations have altered their behavior to maintain access to the current White House, compromising their journalistic integrity [2] Tariffs & Economic Impact - The analysis asserts that the White House press corps consistently fails to challenge the president's false claims about tariffs, specifically the notion that foreign countries pay them [4][5] - The report emphasizes that tariffs are paid by American companies in American dollars, ultimately increasing costs for American consumers [4] - The analysis references the Smoot-Hawley tariffs of 1930, enacted by Republicans, as a historical example of tariffs exacerbating the Great Depression, contradicting the president's alleged misrepresentation of history [4][5] - A poll indicates that 81% of Americans are concerned about the impact of tariffs on their personal finances, suggesting a disconnect between public awareness and the press corps's understanding of the issue [5]

Climate change is already twice as economically painful as the Great Depression, and it’s only going to worsen, @markgongloff says (via @opinion) https://t.co/gULdfs69Ln ...