The American Economy. 01/29/2005
Wall Street, probably best thing that ever happened to people of power and money. That was a place very rich people could go, invest their money and gain at expense of other people, and those other people were not of elite, ruling class where access to Congressmen or high level corporate heads was allowed. Big names on Wall Street then, are still with us today.
Wall Street --- a close chum of United States government, able to get laws passed protecting it, best thing that ever happened to world was America's Wall Street. Wall Street makes world go around as it ensures American dominance over world where Wall Street money is spent and that money can make or break a nation of people.
Up unto 1929, economic games played by big players on Wall Street in America (the corporations and very rich people), went unchecked. Games played well could make people very, very rich. It was a game even played by foreign powers. When there is only so much money within a economic system, to have a winner, you must have a loser. The economic games caused people to decide to buy or sell: mostly sell. Rumors spread by big investors, or friends of big investors, would cause panic selling of shares soon to be gobbled up by characters standing back in shadows, adding to their spoils, pennies on dollar. But then, in October 1929, game melted down. People will agree or disagree on how Great Depression started, but no one can ever deny effects rumors or scare tactics had then (or now) on Wall Street when it came to how and why stocks were traded.
In a few years, country's economy was on ropes. Not only did America's economy hit rock-bottom, it also brought down with it a good portion of free world. Economic recovery from First World War, for other countries, had not progressed enough yet to insolate those countries from effects of American Great Depression, so suffering was world-wide. The foundations of governments started dissolving as conditions worsened.
An issue that came up in America at this time were States in Northwest. By mid-1030s, there was a strong moment (in some areas of country) to break-away and from their own government. Those people had had their fill of U.S. Federal government and its inability to mend economy. The rich people watched, still investing or sitting on their nest eggs, as Hitler came to power. With additional financial backing of some very rich British and Americans, Hitler finally gave cause for America to go to war and that probably saved Republic and Constitution. President Franklin Delano Roosevelt was once asked, during Great Depression, about his new and radical programs that were geared to save economy. President Roosevelt was told that if his policies were successful, he would be greatest American President ever. President Roosevelt, in return, stated that if his programs failed, he would be last. Since then, laws and rules have come into play, supposedly, removing chance that Wall Street will again be manipulated, but power of money is very strong.