Andrew Ross Sorkin
The 1929 stock market crash was not just an economic collapse but a human drama driven by unchecked speculation, easy credit, and the hubris of powerful financial leaders.
The rise of consumer credit in the 1920s normalized personal debt and fueled stock market speculation.
To keep National City stock above the price needed for its Corn Exchange deal, Mitchell ordered share purchases that left the bank holding about $32 million in stock it could not pledge as collateral.
A chaotic information vacuum during the crash worsened the panic as traders struggled to get accurate, real-time stock prices.