Chapter 36 (1/2)
On September 25, the stock market was still falling uncontrollably. Just as everyone was selling like crazy, five heavy faced men were sitting in the office of No. 23 Wall Street.
Four of them are New York's most famous bankers. Sitting opposite them is Richard Whitney, vice president of the New York Stock Exchange.
And in the middle of the table was Thomas Lamont, the largest shareholder of the Morgan group, who brought them together.
They are also at the top of the pyramid of the United States, with a total wealth of $6 billion.
”Mr. Lamont, things are getting more and more serious. People are losing confidence in the stock market. We can't let him go on any more.” Richard Whitney's deep voice echoed in the office.
”Every hour, millions of shares are sold. If this goes on, people will lose confidence not only in the stock market, but also in the overall economy.” One banker looked at the crowd with a worried look.
Everyone knows what he's worried about, and that's what they're worried about - a crazy run.
”We have to come together and give people a renewed sense of confidence in the stock market.” Thomas Lamont rapped on the table and said categorically.
At the end of the meeting at lunchtime, the bankers decided to invest $250 million in capital into the stock market to boost the market and restore confidence.
Just after lunch time, Richard Whitney, vice president of the NYSE, returned to the exchange and came to the trading counter and yelled, ”JP. Morgan decided to buy 25 million shares of American steel.”
At the counter, amid the uproar, Richard Whitney turned again to another trading desk and exclaimed, ”Mr. Rockefeller has decided to hold 20 million Ford shares.”
In the cry of Richard Whitney, the market is falling madly, and there are signs of rebound.
Although this sign only lasts for a moment, but it is to stop the downward trend.
Bankers and financial entrepreneurs are optimistic that all this will soon be over, as do optimistic Americans.
”Boss, the stock market has stopped falling. Morgan and Rockefeller, including many bankers, have jointly rescued the market. The massive selling has stopped.”
When the news of the joint rescue came back to Chicago, Ben became a little upset.
think tank has a dispute. Jonny thinks that the joint rescue of Morgan and Rockefeller will restore confidence to the market, simultaneous interpreting the two names in the US.
Malton praised the cost view, and the financial bubble has arrived. No one can prevent this disaster, even Morgan and Locke Faith.
Looking at Ben with uncertain attention in front of him, Li Zitao just asked him, ”do we lose money now? Or has it been sold out? ”
”Of course not.” Ben looked at him in surprise.
”There's nothing to be hesitant about. Just keep looking.” Instead of having confidence in himself, Li Zitao made a choice between 5.57 million and hundreds of billions.
If he can't participate in this feast, then 5.57 million dollars and penniless will be no different to him.
”Things have happened. I don't believe you can do things now if you can't do them in your last life.” When Ben left, Li said with his fist clenched.
The time quietly arrived on October 1, the turbulent stock market seemed to be reinvigorated by the injected funds, and the think tanks were nervous every day, staring at the telephone on the desk.
It was on this day that a peddler from the Bronx read a piece of news in the newspaper about some speculation about the Bank of the United States.
Picking up the newspaper, the peddler trotted to the New York branch of the United States, the second bank since the independence of the United States.
Although it eventually became a state bank that could only operate in New York State for some reason, no one could deny its glorious history.
The peddler came to the counter and said to the bank clerk, ”I'm going to sell my shares in this bank.”
No one knows what they said afterwards, but after the peddler left, a rumor spread in New York: ”they refused to let me sell my shares.”
More panic came, and within an hour, 25000 depositors showed up in front of the branch, and until the bank closed, a run of $2 million was made.
No one knows that the Bank of the United States, because of its investment failure in real estate, has been losing money, relying on false accounts to support.
So, when the next day branches in Manhattan, Queens, Brooklyn, and other places also faced a run, the Bank of America, with its glorious history, went bankrupt.
As the news spread, people questioned the strong banking system in the United States.
Boom!
The stock market plummeted again, but no one is paying attention to it at this moment, because the disaster is sweeping through the American economic system, and the Great Depression officially begins.
In the rich area, the appearance is bright and colorful, and the interior is decorated with high-grade furniture and accessories. In the villa, wrestling, smashing things and quarreling between husband and wife have become the new theme of life.Every night, new families join in, and it's happening in every city, not just in a particular area.
Bang!
When the famous economist, Phil, drank his last glass of red wine and put the muzzle of his gun into his mouth in his luxurious office, despair became the only emotion.
His suicide is just a beginning. The news of bank bankruptcy has become a new favorite on the news page. Every day, bankers choose to commit suicide because of bankruptcy.
The outside world is howling, unemployment, bankruptcy, drinking, complaining, even suicide. Life still needs to go on.