Abstract
The author discusses important causes of the 1929 stock market crash. The first was excessive attempts by important people and the media to stop stock market speculators. Without this, there would probably not have been a crash (although likely some decline). The second cause was the great expansion of investment trusts, public utility holding companies, and the amount of margin buying, all of which fueled the purchase of public utility stocks and drove up their prices. Public utilities, utility holding companies, and investment trusts were all highly levered, using large amounts of debt and preferred stock.
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