Gary Richardson, an economics professor at the University of California Irvine and a former historian for the Federal Reserve, has researched the Fed’s role in the 1929 crash and the ensuing Great Depression. … “People could see in 1928 and 1929 that if stock prices kept going up at the current rate, in a few decades they’d be astronomic,” says Richardson. The question was less about whether the meteoric stock market rise was going to end, but how it would end.

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