Press Release Summary = Thehistorybox.com is a non-profit, educational website devoted primarily to New York City and New York State history, though it also contains an extensive exploration of American history in general.
Press Release Body = Although its reach is large, thehistorybox.com focuses a particularly long lens on economic events and other related matters affecting or contributing to New York City\'s development and growth.
Panics, Depressions, Economic Crisis, resulting in bankruptcies of companies and individuals, where millions are unemployed, homeless and reduced to beggary, is the greatest nightmare feared by all; the wealthy, the investors, the businessmen as well as the working class population. Over the centuries New York City, which is the financial center of the United States, has passed through several notable ones. Some attribute these panics to overexpansion and debts, overextended notes and discounts, overinvestment and falling prices, etc. The Panic of 1929 and the ensuing depression were the most terrible the nation had ever suffered. \"The stock market crash on October 23, 1929 wiped out an average of more than a billion dollars worth of paper values a day. A staggering total of 15 million were unemployed, and those who continued to work did so under greatly reduced wage scales.\" The flow of capital into productive enterprise slowed down to a trickle. The country was suffering from under consumption not overproduction. Banks were weighted down with government bonds, real estate mortgages based on greatly appreciated valuations, and highly speculative securities. Mass hysteria reigned.
The image of the once powerful, self-confident, successful men walking briskly to and fro is now replaced by one of nervous pacing, distress and cries of despair as they witness the crumbling of their world. The arrogant egocentric individual, ignoring sound advice and warning signs of the forthcoming economic crisis, would experience the full impact of the fatal plunge. Unable to cope with their losses, there were those that suffered a heart attack, or committed suicide, leaving their families financially unprotected and homeless. Yet throughout the business world, opportunists, having foresight into the economic conditions plaguing the nation, were busy preparing themselves to ride it out. These cunning individuals, employing unscrupulous tactics would exploit the misfortune of others to their advantage.
The Panics section is located in the New York City Main Directory of thehistorybox.com.
TheHistoryBox.com is a source of trustworthy information for literary scholars, writers, historical societies and academic institutions.
In her capacity as the Website creator and administrator, Miriam Medina is a member of the following societies: The New York Historical Society, The New York Genealogical and Biographical Society, Urban History Association, the Sheboygan County Historical Research Center, American Association for State and Local History, the National Law Center On Homelessness and Poverty, as well as the National Council for History Education.
History is Miriam Medina\'s passion, and she loves nothing more than sharing its long-term relationship with you.
2022
