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Aired Last month 39:11
The Great Depression - The Crash | 1
The Roaring Twenties came to a screeching halt on October 29, 1929, with the collapse of the U.S. stock market. A year earlier, president Herbert Hoover had coasted to victory by promising the American people “a chicken for every pot” and “a car in every backyard.” Lured by the promise of skyrocketing markets, many first-time investors got caught up in margin trading, borrowing money to make bigger stock purchases than they could actually afford. It was a foolproof way to make money, so long as stock prices kept rising. But then, on the morning of Tuesday, October 29, more than sixteen million shares changed hands on the floor of the New York Stock Exchange. By the market’s close, investors had lost tens of billions of dollars — and kicked off a decade that would reshape American institutions, even as labor unrest, racial tensions, and the dark shadow of nativism pushed back from all sides.
American History Tellers
Aired 4 months ago 7:45
Will fresh pressure force Italy to compromise on controversial budget?
(Global Edition) From the BBC World Service… All eyes are locked on Italy this morning as the European Commission readies an assessment on the country’s budget proposal. If it rejects the plan, Italy could face fines or even sanctions. But reports suggest the nation might finally be ready to compromise. Then, the OECD is out with new data that says global growth has peaked. What exactly does that mean? Plus, New York Stock Exchange President Stacey Cunningham crashed through Wall Street’s glass ceiling this year to become the first woman to lead the exchange in its 226-year history. She tells us why she was so surprised by the reaction to her appointment and shares what fears keep her up at night.
Marketplace Morning Report with David Brancaccio
Aired 6 months ago 59:43
Nobel Prize Winner Joseph Stiglitz, Hugo Chavez, and the Return of Socialism
For a quarter of a century, Gene Epstein was the economics editor and a columnist at the business magazine Barron's. Before that, he served as an economist for the New York Stock Exchange. Now, he runs The Soho Forum, a monthly Oxford-style debate series held in New York that covers topics of special interests to libertarians. (As a co-sponsor, Reason records and releases audio and video versions of each debate. Go here for a full archive). Epstein has just published a major essay in City Journal, the magazine of the Manhattan Institute, about the long and error-prone career of Nobel Prize-winning economist Joseph Stiglitz, whom he calls "continually mistaken" but "chronically admired." Stiglitz, writes Epstein, is the apotheosis of "elite myopia" when it comes to trusting government over free markets to improve the lives of the poor. Read the article here. In the latest Reason Podcast, Nick Gillespie talks with Epstein about the continuing influence of Stiglitz, a former adviser to Bill Clinton and chief economist at the World Bank who is a favorite of progressive Democrats such as Sen. Elizabeth Warren (D–Mass.). We also talk about Epstein's upcoming October 15 debate in New York with Bhaskar Sunkara, the editor and publisher of the left-wing Jacobin magazine, about whether socialism or capitalism is the better system for making people more free and prosperous. To buy tickets, which must be purchased in advance, go here now. Audio production by Ian Keyser.