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Chapter 110 – On the Brink of Collapse

In early October 1929, while I was making a fuss over striking oil in Texas, America’s Dow Index was wrapped in a subtle yet eerie excitement.
Everyone was watching the stock movements, which kept repeating small rises and falls.

On October 1, at the annual meeting of the American Bankers Association, the chairman hinted, “The increase in small loans outstanding is becoming a problem.” So there were indeed wise men present.
But, of course, there were also those who could not be called wise.

In response, on the 5th, a certain professor of economics declared, “Stock prices will rise significantly within a few months.”

Later studies concluded that U.S. industrial production had already been in decline, and it was analyzed that this professor had simply failed to pay attention to the real economy.