armers.The last reason Galbraith gives is the poor state of economic intelligence. President Hoover, in an attempt to boost spending, lowered taxes. This had little effect, since the amount of money the lower tax brackets (the bigger spenders) were to save was not really an great amount at all. Such ideas as lowering the dollar and interest rates were thrown around, but were not done. These explanations lead to a lack of spending by the people, who really had no money to spend and did nothing to get the country out of depression.Besides these five reasons, many other things came into play which were not discussed. Things such production slowdowns which occurred in the summer of 1929, psychological reasons such as newspaper headlines like the one in the financial pages of the New York papers on September 22 which read, " Most investors make money in a bull market, only to lose all profits made..." These quotes and many like it put doubts in peoples minds, enough so that many people would end up selling their shares, just incase. Another event which contributed to the fall was the refusal on October 11, 1929 of the Massachusetts Department of Public Utilities to allow Boston Edison to split its stock four to one and went as far to say that no one would buy the stock anyway. This was a negative blow to the companies in general and to deny them the split was unprecedented.The Crash of 29 was clearly brought on by numerous factors, however, had there been a fundamentally sound economy in place at the time of the crash, the country may have been able to pull through it. This was not the case of course and for the next several years, people in the United States experienced something which not even the Harvard Economic Society could predict ( try as they might) and because of this great event in American history, the people who restrained from jumping off those New York city high rises, were stronger for it....
