Events, Verisoph

1928 Death of Benjamin Strong rejected ai_extracted 1 cit. Strong returned to New York and underwent surgery for intestinal bleeding on October 15, 1928, dying the next day of a hemorrhage at age fifty-five. His death removed the dominant figure in the Federal Reserve. ●●

1928 Wall Street bubble breaks free of economic reality ai_extracted 1 cit. no story In the early summer of 1928, with the Dow near 200, stock prices detached from underlying earnings and began a speculative climb. Over the next fifteen months the Dow nearly doubled to 380. ●●

1928 Fed raises rates to check speculation ai_extracted 1 cit. no story Recognizing that its 1927 easing had been a mistake, the Federal Reserve raised its discount rate from 3.5 percent in February 1928 to 5 percent by July 1928 to curb the stock boom. The market kept rising anyway. ●●

1928 Marthe Hanau arrested in Paris financial scandal ai_extracted 1 cit. no story Marthe Hanau, who ran a Paris stock tip sheet promoting near-worthless companies, was arrested in December 1928 and forced into bankruptcy owing $25 million. Her fraud gripped France as the Young Conference convened. ●●

1928 0 By 1928, most Americans paid no federal income tax at all.51 Americans we... rejected ai_extracted 1 cit. no story 0 By 1928, most Americans paid no federal income tax at all.51 Americans were grateful, and a heady “buy now, pay later” consumer society emerged. ●●

1928 In 1928, Coolidge had stated that stock market speculation should not cause... rejected ai_extracted 1 cit. no story In 1928, Coolidge had stated that stock market speculation should not cause alarm, which dovetailed with Young’s policies of leaving the banks alone. Under Young the Fed had not... ●●

1928 Mykola Lebed INSCOM Dossier No. C 804 3982, “Extract from rejected ai_extracted 1 cit. no story Mykola Lebed INSCOM Dossier No. C 804 3982, “Extract from par 2, MOIC Sub-Region MARBURG, file III-M-1928 Subject: Formation of a Ukrainian Government in Exile,” July 7, 1948 (secr... ●●

1928 Soviet grain requisition crisis begins ai_extracted 1 cit. no story In 1928, the Soviet state implemented official requisition policy that placed it on a collision course with the peasantry. The mandated delivery price was one-fifth of the market price, and the regime resorted to police methods as peasant resistance stiffened. ●●

1928 US experts plan giant Soviet mechanized wheat farm ai_extracted 1 cit. no story American agricultural experts Wilson, Ware, and Riggin planned a giant 500,000-acre mechanized wheat farm for the Soviet Union in two weeks in a Chicago hotel room. The plan embodied abstract high-modernist principles disconnected from local conditions. ●●

1928 Freeport, N.Y.: Books for Libraries Press, 1928 rejected ai_extracted 1 cit. no story BIBLIOGRAPHY BOOKS AND ARTICLES Adams, Frederick B.; Jr. An Introduction to the Pierpont Morgan Library. New York: Pierpont Morgan Library, 1964. ●●

1928 For a long time, the conspirators wouldn’t admit rejected ai_extracted 1 cit. no story For a long time, the conspirators wouldn’t admit the meeting had even occurred. Writing in 1928, Paul still abided by the oath of secrecy. ●●

1928 Writing in 1928, Paul still abided by the rejected ai_extracted 1 cit. no story Writing in 1928, Paul still abided by the oath of secrecy. ●●

1928 Garden City, N.Y.: Doubleday, Doran rejected ai_extracted 1 cit. no story Garden City, N.Y.: Doubleday, Doran and Company, 1928. Agar, Herbert. ●●

1928 When he wrote her from a Rome hotel at Christmas 1928, he... (1928) rejected ai_extracted 1 cit. no story When he wrote her from a Rome hotel at Christmas 1928, he said nothing more than “Merry Christmas” and that she should give the children whatever presents they wanted.14 Until the end, Aby never lost the mutually reinforcing egotism of the genius and of the pampered, spoiled eldest son. ●●

1928 In 1928 and 1929, she met Aby and Bing when Aby returned to... (1928) rejected ai_extracted 1 cit. no story In 1928 and 1929, she met Aby and Bing when Aby returned to his old “repair shop,” the Heinsheimer clinic in Baden-Baden, for cures. ●●

1928 In 1928, when Aby briefly considered his first American... (1928) rejected ai_extracted 1 cit. no story In 1928, when Aby briefly considered his first American trip since the 1890s—a project vetoed by Dr. ●●

1928 Hence, when Weizmann wooed Max in Berlin in 1928, he... (1928) rejected ai_extracted 1 cit. no story Hence, when Weizmann wooed Max in Berlin in 1928, he proceeded in low-key style. ●●

1928 In 1928, the party had polled a scant 810,000 votes (1928) rejected ai_extracted 1 cit. no story In 1928, the party had polled a scant 810,000 votes. ●●

1928 (Kirstein’s father helped to form Federated Department... (1928) rejected ai_extracted 1 cit. no story (Kirstein’s father helped to form Federated Department Stores aboard Walter’s yacht.) Along with John Walker III, Eddie and Lincoln rented space above the Harvard Co-op in 1928 and launched an enterprise called the Harvard Society for Contemporary Art. ●●

1928 Then she turned to sculpture in 1928 after Max shipped her... (1928) rejected ai_extracted 1 cit. no story Then she turned to sculpture in 1928 after Max shipped her off to Florence to break up a love affair. ●●

1928 10. AW. Family Correspondence, letter from Albert Einstein rejected ai_extracted 1 cit. no story 10. AW. Family Correspondence, letter from Albert Einstein, September 10, 1928. ●●

1928 14. AW. Family Correspondence Folder 1928–1929, letter to rejected ai_extracted 1 cit. no story 14. AW. Family Correspondence Folder 1928–1929, letter to Mary Warburg, December 21, 1928. ●●

1928 15. AW. Family Correspondence Folder 1928–1929, letter to rejected ai_extracted 1 cit. no story 15. AW. Family Correspondence Folder 1928–1929, letter to Mary, Saxl, Wind, December 29, 1928. ●●

1928 16. Warburg, Letters to His Sons, letter to rejected ai_extracted 1 cit. no story 16. Warburg, Letters to His Sons, letter to Edward M.M. Warburg, November 27, 1928. ●●

1928 21. MMW Ka IV, letter from Siegmund to rejected ai_extracted 1 cit. no story 21. MMW Ka IV, letter from Siegmund to Karl Warburg, January 3, 1928. ●●

1928 Arthur Ponsonby publishes Falsehood in Wartime ai_extracted 1 cit. British MP Arthur Ponsonby publishes Falsehood in WarTime, a direct refutation of Allied propaganda lies during World War One, exposing government deception. ●●

1928 in Berlin, where he was a Privatdozent at the University of Berlin and a confidant and partner in pr rejected ai_extracted 1 cit. no story in Berlin, where he was a Privatdozent at the University of Berlin and a confidant and partner in practical invention of Albert Einstein, Szilard had read Wells’ tract The Open Conspiracy. ●●

1928 a German physicist, Walther Bothe, “a real physicist’s physicist” to Emilio Segrè, and Bothe’s stude rejected ai_extracted 1 cit. no story a German physicist, Walther Bothe, “a real physicist’s physicist” to Emilio Segrè, and Bothe’s student Herbert Becker began studying the gamma radiation excited by alpha bombardment of light elements. ●●

1928 1928: of general relativity concurrently with Einstein. At a 1928 conference rejected ai_extracted 1 cit. no story of general relativity concurrently with Einstein. At a 1928 conference, Hilbert posed three fundamental questions about any formal system of mathemati ●●

1928 Einstein befriends Queen Elisabeth rejected ai_extracted 1 cit. no story Einstein befriends Queen Elisabeth ●●

1928 Information history in 1928 rejected ai_extracted 1 cit. no story ir special destiny, after their egos had been bruised by Darwinism. “It becomes absolutely necessary,” wrote the French philosopher Édouard Le Roy in 1928, “to place [man] above the lower plane of nat ●●

1928 from losing most of a foot to a Munich streetcar in 1928 rejected ai_extracted 1 cit. no story His limp, from losing most of a foot to a Munich streetcar in 1928, had grown more pronounced, just as memories of his Hungarian youth had become more ●●

1928 International population science organization founded ai_extracted 1 cit. no story Scientists and statisticians from multiple continents form international professional organization to promote population science ●●

1928 and 45. At one point, Davenport considered securing rejected ai_extracted 1 cit. no story and 45. At one point, Davenport considered securing data from banks about how much money was in each individual’s account and cross-referencing this information against eugenic standards.41 The 1927-1928 Jamaica race-crossing investigation was the first time IBM devised a system to track and report ●●

1928 oblem.” In short order, Fischer was invited to rejected ai_extracted 1 cit. no story oblem.” In short order, Fischer was invited to join the committee. Davenport would chair the panel.43 The campaign to identify mixed-race people of all varieties across America began on November 14, 1928, with one of the ERO’s well- honed, massive letter-writing efforts. Beginning that day, scores ●●

1928 mbarrassed by Laughlin’s immigration rantings throughout the 1920s. rejected ai_extracted 1 cit. no story mbarrassed by Laughlin’s immigration rantings throughout the 1920s. But he tolerated them for the greater agenda of the eugenics movement. However, Laughlin struck a particular nerve in the spring of 1928, while Merriam and a U.S. government official were touring Mexican archaeology sites. During th ●●

1928 on and as a eugenical question-but it is candidate ai_extracted 1 cit. no story on and as a eugenical question-but it is in politics now, and that means that the institution has to preserve a neutrality.”11 Yet Laughlin did nothing to restrict his vocal activities. By the end of 1928, Merriam convened an internal committee to review the value of the Eugenics Record Office. In e ●●

1928 Dowell, pp. 8,10. 44. MacDowell, p. 12. Carnegie rejected ai_extracted 1 cit. no story Dowell, pp. 8,10. 44. MacDowell, p. 12. Carnegie Institution of Washington Administrative Files, Biography of Charles Davenport, pp. 1-2. 45. MacDowell, pp. 19,27. See also autographed photograph, c. 1928 in March 1944 Eugenical News. 46. MacDowell, pp. 8, 14, 33. Kevles, p. 52. 47. Letter, George M ●●

1928 ekiel Cheever, School Issues (Baltimore: Warwick & York, rejected ai_extracted 1 cit. no story ekiel Cheever, School Issues (Baltimore: Warwick & York, Inc., 1924): CIW Genetics: Eugenics Record Office Misc. Correspondence 2 of 2. 10. Letter, Charles B. Davenport to Harry H. Laughlin, 16 April 1928 as cited by Frances Janet Hassencahl, “Harry H. Laughlin, ‘Expert Eugenics Agent’ for the House ●●

1928 igning and executing Hitler’s efforts to identify Jews, rejected ai_extracted 1 cit. no story igning and executing Hitler’s efforts to identify Jews, find their assets, and deport them. Ironically, IBM’s Nazi technology was actually first tested by the company in a pilot program in Jamaica in 1928, five years before the Hitler regime. The Carnegie Institution’s 1928 Jamaica Race-Crossing Pr ●●

1928 Carnegie's Jamaica Race-Crossing Project ai_extracted 1 cit. no story ets, and deport them. Ironically, IBM’s Nazi technology was actually first tested by the company in a pilot program in Jamaica in 1928, five years before the Hitler regime. The Carnegie Institution’s 1928 Jamaica Race-Crossing Project introduced the race classification card that evolved into the SS ●●

1928 Carpenter, The Forging of Bureaucratic Autonomy: Reputations, Networks, and Policy Innovation in Exe rejected ai_extracted 1 cit. no story Carpenter, The Forging of Bureaucratic Autonomy: Reputations, Networks, and Policy Innovation in Executive Agencies, 1862–1928 (Princeton: Princeton University Press, 2001), pp. ●●

1928 In 1928, rather than the Germans it was the Americans and most notably the chairman of the US Federa candidate ai_extracted 1 cit. no story In 1928, rather than the Germans it was the Americans and most notably the chairman of the US Federal Reserve, Benjamin Strong, who began to push for the renegotiation of Germany’s reparation obliga- tions before the full annuities owing under the Da ●●

1928 In 1928, therefore, despite the presence of elements such as Hitler and his party, the Weimar Republ rejected ai_extracted 1 cit. no story In 1928, therefore, despite the presence of elements such as Hitler and his party, the Weimar Republic had a functioning parliamentary system and a government committed to pursuing the revision of the Versailles Treaty under the good auspices of the ●●

1928 American lending to Germany begins to fall ai_extracted 1 cit. no story From 1928 onwards long-term American lending to Germany began tofall, as rumours swirled about the future of reparations and interest rates in the United States rose.” Germany continued to borrow in 1929 and to sell shares in German firms to foreigne ●●

1928 Schuman, American Policy Toward Russia rejected ai_extracted 1 cit. no story Schuman, American Policy Toward Russia Since 1917 (New York, 1928), p ●●

1928 Their work included activity against rejected ai_extracted 1 cit. no story Their work included activity against the outlaw leader Sandino in 1928 ●●

1928 War or conflict rejected ai_extracted 1 cit. no story Murray Rothbard reminds us that, on the eve of depres- sion in 1928, ten years after the end of war, the banking system held more government bonds tha ●●

1928 Bernays defines the invisible government contested ai_extracted 2 cit. In the opening of Propaganda, Bernays argues that the deliberate manipulation of mass opinion is a normal and necessary part of democratic society. He claims that those who do this work form an unseen ruling power he calls the invisible government. ●●●

1928 Bernays' definition of modern propaganda ai_extracted 1 cit. Bernays offers his own working definition of the new propaganda. He frames it not as a single message but as an ongoing effort to shape events and thereby the public's relationship to an idea, group, or enterprise. ●●

1928 Bernays names the public relations counsel ai_extracted 1 cit. Bernays describes how the growing complexity of society concentrated propaganda work in a new kind of specialist. He gives that specialist the title of public relations counsel, the self-description he used for his own trade. ●●

1928 Bernays applies Freudian psychology to selling ai_extracted 1 cit. Bernays, a nephew of Sigmund Freud, argues that people act on hidden motives they will not admit to themselves. He tells the propagandist to work from these true motives rather than the reasons people give, treating a purchase as a symbol of some suppressed desire. ●●

1928 Selling pianos through the music room ai_extracted 1 cit. Bernays gives the piano as his model of indirect selling. Instead of promoting pianos, the propagandist makes the music room fashionable, so that owning one leads people to want a piano as if it were their own idea. ●●

1928 The NAACP dramatizes its anti-lynching campaign ai_extracted 1 cit. Bernays offers a social-service example in which the NAACP fought lynching and discrimination in the South. As a matter of technique it staged an annual convention, held in Atlanta, to concentrate national attention on the problem. ●●

c. 1928 Moi's father dies and Tuitoek becomes his guardian 3 cit. Moi's father died while Moi was still a child. Sources disagree on whether Moi was about two or four, but they agree that his older brother Tuitoek took a guardian role and that Moi's childhood remained tied to a poor herding household rather than a wealthy colonial patron family. society ●●

1928 Pyrethrum joins the settler cash-crop basket 1 cit. Pyrethrum cultivation was introduced in Kenya in 1928 and became another highland cash crop. Like coffee and tea, it depended on altitude, land control, regulated marketing and state boards. It made the highlands more valuable and tightened the link between agriculture, title, labour and export revenue. economy / politics ●●●

1929 New York stock market crash of 1929 ai_extracted 2 cit. The 1929 New York stock market crash had borderless fallout: distressed banks worldwide withdrew loans, bankrupting much of the corporate sector and producing deflation and mass unemployment, which cast doubt on the capitalist paradigm. ●●●●●

1929 U.S. deposit withdrawals throw Germany into depression ai_extracted 1 cit. After the U.S. credit crunch that began in 1929, U.S. banks pulled their deposits from German banks and the Reichsbank made banks call in loans to German industry, forcing firm closures, mass unemployment, and Germany's plunge into the Great Depression. ●●●●

1929 The world abandons the gold standard, 1929-1936 ai_extracted 1 cit. no story Between 1929 and 1936 the countries of the world went off gold, preferring to balance international payments through fluctuating exchange rates rather than domestic price deflation. ●●

1929 Young Plan and Bank for International Settlements (1929) ai_extracted 1 cit. no story The Young Plan, named after Morgan agent Owen D. Young and drawn up in 1929, set a 59-year reparations schedule and established the Bank for International Settlements at Basle as a central bankers' bank. ●●

1929 Wall Street crash opens the decade of destruction (October 1929) ai_extracted 1 cit. no story Quigley marks the New York stock market crash of October 1929 as ending the decade of reconstruction and cutting off the American loans that let Germany appear to pay reparations. ●●

1929 Bank for International Settlements created ai_extracted 1 cit. no story To help manage payments among the era's several financial centers, the Bank for International Settlements was created in 1929. ●●

1929 The Hatry Case triggers the Wall Street collapse ai_extracted 1 cit. no story On September 26, 1929, a minor financial panic in London (the Hatry Case) led the Bank of England to raise its rate sharply. British funds left Wall Street and the overinflated market began to sag. ●●

1929 Merger of Deutsche Bank and Disconto Gesellschaft ai_extracted 1 cit. no story Quigley illustrates German banking control of industry through interlocking directorates. In 1929 the merged Deutsche Bank and Disconto Gesellschaft held directorships in 660 industrial firms. ●●

1929 The great depression of 1929-1934 ai_extracted 1 cit. no story Quigley argues the automatic economic process failed to stabilize during the great depression of 1929-1934 because income disparity was so wide that much of the population would have been driven to want before savings fell to the level of investment. ●●

1929 Rhodes House opens at Oxford ai_extracted 1 cit. no story When Rhodes House opened in 1929, colonial-history books were moved there from the Bodleian. The Beit Professor was given an office and lecture hall in the new building. ●●

1929 Irwin announces the Round Table Conference and Dominion status (31 Oct 1929) ai_extracted 1 cit. no story Lord Irwin's announcement in India on 31 October 1929 of a Round Table Conference and the goal of Dominion status brought a storm of protest in England from Liberals and Conservatives alike. ●●

1929 Gatto's grandfather ruined in the 1929 crash ai_extracted 1 cit. no story Gatto recalls that his grandfather Pappy was financially wiped out in the 1929 stock market crash, which shamed his mother about the family's reduced circumstances. ●●

1929 Gatto's mother graduates high school in 1929 ai_extracted 1 cit. no story Gatto's mother graduated from Monongahela High as a cheerleader in 1929, a few months before the market crash that ruined the family. ●●

1929 David Starr Jordan publishes Your Family Tree, 1929 ai_extracted 1 cit. no story Gatto notes that as late as 1929 Stanford president David Starr Jordan published Your Family Tree, tracing American industrialists' descent from Aryan royal houses. ●●

1929 Turkey adopts a new alphabet under Ataturk ai_extracted 1 cit. no story Gatto describes Kemal Ataturk's alphabet reform in Turkey, stating that from 1929 on all books, newspapers, and schooling used the new alphabet. He argues it cut a generation off from the classics of Persia, Arabia, and Turkey. ●●

1929 Stock market crash of 1929 and the Great Depression ai_extracted 1 cit. no story The book asserts Federal Reserve money flowed into stocks, inflated the 1920s bubble, and led to the 1929 crash and the Great Depression. It presents this as further altering the life of an entire people. ●●

1929 Paul Warburg warns of coming collapse ai_extracted 1 cit. no story On March 8, 1929, Paul Warburg, a founder of the Federal Reserve System, issued a public warning that speculative overexpansion would end in distress and a general depression. He was accused of undermining American prosperity. ●●

1929 Raskob's “Everyone Ought to Be Rich” published ai_extracted 1 cit. no story In August 1929, former General Motors treasurer John J. Raskob published a manifesto in the Ladies' Home Journal urging ordinary people to invest in stocks. It captured the popular mania just before the crash. ●●

1929 Coolidge calls stocks “cheap” ai_extracted 1 cit. no story In February 1929, as he prepared to leave office, President Calvin Coolidge publicly declared that stocks were cheap and conditions sound. The remark undercut efforts to cool the speculative bubble. ●●

1929 Norman urges the Fed to break the market ai_extracted 1 cit. no story Montagu Norman arrived in New York on January 27, 1929, and pressed the Federal Reserve to raise U.S. rates sharply to prostrate the stock market. The scheme assumed a boom could be pricked without harming the economy. ●●

1929 Federal Reserve Board's “direct action” directive ai_extracted 1 cit. no story On February 2, 1929, the Federal Reserve Board directed member banks not to borrow from the Fed to make or maintain speculative loans. Made public four days later, it briefly dented the market before it recovered. ●●

1929 Charlie Mitchell defies the Fed ai_extracted 1 cit. no story At the end of March 1929, National City Bank chief Charles Mitchell, himself a New York Fed director, publicly pledged $25 million into brokers' loans to prop up the market. The move destroyed what credibility the Fed had left. ●●

1929 Germany slips into recession ai_extracted 1 cit. no story The drying up of American credit, drawn home by the U.S. stock bubble, together with weak business confidence, drove Germany into recession in early 1929. It came just as reparations payments were set to rise. ●●

1929 Allies agree to a new reparations conference ai_extracted 1 cit. no story By late 1928 Gilbert had persuaded the Allies to convene a conference in Paris in February 1929 to settle Germany's reparations once and for all. It became the Young Conference. ●●

1929 The Young Conference opens in Paris ai_extracted 1 cit. no story On February 11, 1929, the reparations conference chaired by Owen Young opened at the Hotel George V in Paris. It brought together delegates from the Allied powers, Germany, and others to revise Germany's payments. ●●

1929 Schacht opens with a low reparations offer ai_extracted 1 cit. no story On the second day of the Young Conference, Reichsbank president Hjalmar Schacht offered $250 million a year for thirty-seven years. France demanded far more, exposing a huge gap between the sides. ●●

1929 Young Plan creates the Bank for International Settlements ai_extracted 1 cit. no story The Young Conference's compromise set up the Bank for International Settlements, jointly owned by the major central banks, to administer and securitize Germany's reparations payments. It became a permanent club for central bankers. ●●

1929 Run on German gold forces Reichsbank rate hike ai_extracted 1 cit. no story During the Young Plan talks Germany suddenly lost $100 million in gold in ten days, forcing the Reichsbank to raise rates to 7.5 percent despite deep recession and two million unemployed. Schacht blamed a French-orchestrated raid. ●●

1929 Keynes predicts the Young Plan will fail ai_extracted 1 cit. no story John Maynard Keynes dismissed the newly agreed Young Plan, predicting it would not prove workable and forecasting a crisis in 1930. The prophecy proved close to the mark. ●●

1929 Bank of England raises rates as gold drains ai_extracted 1 cit. no story In February 1929 the Bank of England lifted its rate a full point to 5.5 percent to defend sterling, despite unemployment above 1.5 million. Money was being pulled toward Wall Street's high returns. ●●

1929 Fed raises discount rate to 6 percent ai_extracted 1 cit. no story On August 8, 1929, the New York Fed raised its discount rate from 5 to 6 percent. The Dow fell 15 points the next day, its largest daily decline yet, but recouped the losses within a day. ●●

1929 The Dow tops out ai_extracted 1 cit. no story The Dow reached its peak on September 3, 1929, yet only 19 of 826 listed stocks hit all-time highs that day. The market's advance had narrowed to a handful of glamour stocks. ●●

1929 Labour wins power; Snowden replaces Churchill ai_extracted 1 cit. no story In June 1929 British voters ousted the Conservatives and installed a minority Labour government. Philip Snowden, a bitter critic of France, replaced Churchill as chancellor of the exchequer. ●●

1929 Snowden clashes with France at The Hague ai_extracted 1 cit. no story At the August 1929 Hague conference finalizing the Young Plan, Chancellor Snowden called the French finance minister's arguments “ridiculous and grotesque.” The insult severely strained Anglo-French relations. ●●

1929 Dow closes at record high of 381 ai_extracted 1 cit. no story On September 3, 1929, the Dow closed at a record 381. Few realized it marked the top of the great bull market. ●●

1929 Roger Babson forecasts a crash ai_extracted 1 cit. no story On September 5, 1929, forecaster Roger Babson told a Massachusetts business conference that a terrific crash was coming and would bring a serious depression. The Dow fell about 3 percent that afternoon. ●●

1929 Collapse of Clarence Hatry's empire ai_extracted 1 cit. no story On September 19, 1929, the business empire of British financier Clarence Hatry collapsed with about $70 million in losses. The failure forced British investors to liquidate U.S. holdings, adding pressure to Wall Street. ●●

1929 Irving Fisher's “permanently high plateau” ai_extracted 1 cit. no story On October 15, 1929, Yale economist Irving Fisher declared that stocks had reached a permanently high plateau. The forecast became famous for its spectacularly bad timing. ●●

1929 Black Thursday and Lamont's “little distress selling” ai_extracted 1 cit. no story On Black Thursday, October 24, 1929, a flood of sell orders triggered the first true panic. Morgan partner Thomas Lamont downplayed it as “a little distress selling,” a phrase that became a byword for Wall Street self-delusion. ●●

1929 Black Monday ai_extracted 1 cit. no story On Black Monday, October 28, 1929, the Dow fell 40 points, about 14 percent, the largest single-day percentage drop in its history. Some $14 billion was wiped off U.S. stock values. ●●

1929 Black Tuesday ai_extracted 1 cit. no story On Black Tuesday, October 29, 1929, selling continued unabated as over 16 million shares changed hands. The New York Fed injected tens of millions to steady the banking system. ●●

1929 Harrison insists the exchange stay open ai_extracted 1 cit. no story As bankers debated closing the stock exchange during the crash, New York Fed governor George Harrison insisted it stay open and pledged to supply all needed reserve funds. He had the city banks absorb brokers' loans to prevent a meltdown. ●●

1929 First major crash without a bank failure ai_extracted 1 cit. no story Though the October 1929 crash was the most severe of the many panics since 1869, it was the first to occur without a major bank or business failure. Harrison's swift injections of cash forestalled a banking crisis. ●●

1929 Macmillan Committee established ai_extracted 1 cit. no story In November 1929 the Labour government appointed the Macmillan Committee under Lord Macmillan to investigate British banking and its poor economic performance. Its members included Keynes and other critics of the gold standard. ●●