The Depression did more than fix the immediate problems concerning corruption and chaos of the stock market. It changed the attitude of the American public as well. Few before the crash would have agreed that the government should closely supervise every transaction. It was the exact opposite after the crash. Today we take for granted the fact that the government controls our national economic and financial policies. Bank deposits are secured, stock operators cannot lie and steal from the investor, and banks cannot gamble on stocks. The current system, however, is not perfect and never will be. There will always be abuse and corruption concerning our financial system as long as those with money still have the power. The government, no matter how many regulations that it passes, is still at the hands of the rich.
Many ask one question when discussing the Stock Market Crash of 1929: Can it happen again? The answer has to be a yes because there is always the possibility that the stock market will out grow industry once again. The likelihood, however, that it will happen again diminishes as time goes on. People today are more informed than ever. They make wiser decisions and can act rationally instead of rushing to sell at a moment?s notice. The government also has better control of Wall Street with every passing year. Economists understand how the market is related to industry and vice versa, so they can control it better by recognizing that something is wrong further in advance. This is proven in that the country is wealthier now than ever and still is able to operate normally. People become less panicked when faced with a dip in the stock market because they realize that it cannot always rise, they just relax and wait for their stock to climb back up. With more control placed in the government?s hands, the stock market is a proven way to make money. It has become many people?s career to examine and control the market. With the government in control it is an investor?s market, and is available to make a lot of money or to lose some. As long as it is practiced in moderation, it should never turn into a disaster like the Stock Market Crash of 1929.
Works Cited
1. Axon, Gordon, V. The Stock Market Crash of 1929. New York: Mason & Lipscomb Publishers, Inc. ?1974
2. Galbraith, John Kenneth. The Great Crash of 1929. Boston: Houghton Mifflin Company. ?1972
3. Kaplan, Charles J. Stocks and the Stock Market Resource Center. [Online] Available http://www.e-analytics.com/stockdir.htm February 1st, 1998
4. Klingaman, William, K. 1929 The Year of the Great Crash. New York: Harper & Row, Publishers. ?1989
5. McElvaine, Robert S. The Great Depression. New York: Times Books. ?1984
6. Sherrow, Victoria. Hardship and Hope. New York: Twenty-First Century Books. ?1997
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