Talk:Crash of 1929

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Revision as of 12:46, 9 June 2010 by imported>Russell D. Jones (→‎Mild Downturn???: more statistics)
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 Definition:  the sharp fall in prices on the New York Stock Exchange that contributed to the severity of the Great Depression [d] [e]
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Mild Downturn???

Friedman and Schwartz noted that during the sixty days prior to the Crash, productivity was falling at annual rate of 20%, prices were falling at an annual rate of 7.5%, and personal income was falling at an annual rate of 5% <1963, p. 306>. Raburn Williams <1994, pp. 138-9> notes that the index of industrial production declined from 125 in June to 118 in October, which is an annualized drop of around 27%. If a 20% (or 27%) annualized decline is "mild" I'd hate to see what is meant by severe. Russell D. Jones 18:29, 9 June 2010 (UTC)

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