Black Tuesday Research Articles

Great Depression: Black Tuesday, Impact & Response

This paper will cover the cause of the Great Depression, including the stock market crash on Black Tuesday and how it affected stockholders, deflation on pricing of goods, fall of banks caused by increasing numbers of default loans, and bankruptcy of businesses. The end of the Great Depression will be explained with how the New Deal program and WWII war time economy helped soothen the US economy and hardships of the people, and how it finally ended after the US government minimize the control on the country’s economy. Impact of the Great Depression will also be examined. Including how the depression caused homelessness, poverty, unemployment, health concerns and loss of hope for millions of people at the time. Lasting impacts of the Great Depression also affected the future generations, including acts passed during the Great Depression that are still viable today, lasting landmarks, how the Great Depression left a psychological effect within past generation’s mind, and how the case set an example for historians and economists to study for preventing potential depression in the future.

Buffetology's Use in Stock Trading Amid the COVID-19 Pandemic

The impact of the COVID-19 Pandemic has affected the whole of human life, including the world capital market and all its problems. COVID-19 has influenced trading patterns in the capital market, both in terms of trade rules that are superstructure and capital market infrastructure itself. Indonesia's economic turmoil is not only caused by the pandemic COVID-19, but also by several financial scandals such as the Jiwasraya, Asabari and several moral hazards by stock market brokers. The moment of capital outrage at the moment is like a honeymoon in stock trading that occurs during an extreme event. Some events that have caused the world capital market to fall deeply, are the Black Tuesday 1988, the monetary crisis in Indonesia and Asia in 1998, the global financial crisis in 2008, and most recently the pandemic COVID-19 phenomenon that began in 2020. The extent to which Buffettology's role in investment decision making by Investment managers in the Indonesian capital market is the aim of the author's research. The main finding of this study is the prospectus of vigilant leader company as a determinant in making investment decisions both in normal situations and in the midst of a pandemic. This research will be very essential for investment and financial decision makers and for the Financial Services Authority (OJK) in Indonesia. This is because the wrong decisions of investment managers, as well as the company's performance with a stock price characterized by Roller Coaster (called saham gorengan) is a special concern for OJK to take decisive action for the sustainability of a healthy and conducive Indonesia Capital Market for investors.

In Memoriam: Jack D. Thompson (1929–2019)

Thirty days before Black Tuesday (29 October 1929), the day that brought the crash heard ’round the world, ushering in the Great Depression, Jack D. Thompson was born. So, first the good, and then,...

Blood, Bodies, and Violence: Gender and Women's Embodied Agency in the Egyptian Uprisings

Blood, Bodies, and ViolenceGender and Women's Embodied Agency in the Egyptian Uprisings Kathrine Van Den Bogert (bio) December 2011. It is only my first week in Egypt when Omar and Amir take me for a tour to Tahrir Square.1 At that moment there are no massive protests or marches, but the whole square still breathes revolution: many street sellers with Egyptian flags, scarves, and T-shirts; tents; a stage with a protest singer and supporters; dolls that represent Mubarak and Tantawi;2 and maybe the most striking for Tahrir Square: no traffic. It feels like an amazing festival atmosphere with elated people, but signs of the violence that happened there are still very much present: some buildings in the square have been destroyed by fire, the Egyptian Museum is partly damaged, Amir points to the rooftops from which snipers were shooting at the protestors, and the bullet holes in the buildings and street signs are uncountable. The blocks and barbed wire that were raised in the streets to prevent protestors from entering give me the feeling of a war zone. But only when Omar shows me the spot where he was hiding during the shooting by the military, and when he tells about a friend who died in his arms, do I realize how violent the protests were in Tahrir Square for all the protestors involved, men and women.3 A couple of weeks later I have my first interview with Amir: The first day I felt like I witnessed war. It was the 2nd of February, the black Tuesday, with the camels and horses. Yeah it was really … war. You see soldiers everywhere … And even women they were doing something. For example, after three or four hours of thugs attacking us from all around Tahrir Square, I just sat there. Because you just see every two minutes somebody that is being carried away, and a lot of blood. Somehow, I just sat there and I was watching. Maybe I was shocked. And then one woman distributing sandwiches came and said: "Why are you like that? Don't be desperate, we are powerful, and if they want to come inside to kill us, those people at the front lines will get tired. And if you get tired, we [End Page 62] will lose. So if they want to kill us, we will fight back." Actually she really boosted me with energy and I just started again … throwing either one or two stones at the front line and then going back. —Amir4 introduction Omar and Amir are two protestors who participated in the Egyptian revolution that started 25th of January 2011.5 After Tunisia, Egypt was the second country where a dictator resigned after days of protest by millions of people in what was soon called the Arab Spring. They protested against the corrupt government, the lack of freedom and of free elections. When the revolution started in Tunisia and dictator Ben Ali was unseated, this accelerated the waves of protest in Egypt that were already going on against the regime, and it resulted in the decisive events from January 25 to February 11, 2011, when Hosni Mubarak was ousted as president of Egypt.6 Although this revolution became known as a relatively nonviolent one, there were many violent clashes between the regime and the protestors.7 The Mubarak regime ordered the police to prevent people by force from entering and staying in Tahrir Square in the first days of the revolution; and the regime released prisoners and ordered them to attack the protestors in the square by horses and camels on the 2nd of February, also known as the camel battle.8 These prisoners were called baltagiya, an Egyptian colloquial term often translated as thugs in English, and referring to poor and criminalized men who were hired by the regime to do the dirty work of attacking the protestors.9 After Mubarak was ousted in February 2011, the military forces (SCAF) were in charge. Field Marshal Tantawi promised a peaceful transition period until the parliamentary elections took place. Many people trusted the SCAF at first, but they failed to come with a concrete and democratic transition...

The Nature of Economic Turbulence: The Power Destructing Economies, with Application to Shipping

Studying the history of “economic turbulence”, we ended up with the certainty that the statistical methods used so far, by economists, are unsuitable to model it. We have mainly the methods of Normal distribution and Random Walk in mind. Moreover, the picture of reality we get from time series depends on the time-frame of the data used… Different time-frame data, different reality… In addition, econometricians provided a whole family of econometric models to approach reality, starting in early 1980s, with “autoregressive models—AR” combined or not with MA (moving averages). But even its 1986 flagship, the GARCH, with its many variations, cannot cope with a number of characteristics, one of which is leptokurtosis (small alpha, higher peaks and long tails), though some argue that it can cater for outliers. Economic turbulence, low or high—despite its characterization by Science as rare—became frequent since 1987 (Black Monday)... In late 1990s e.g. the global financial system underwent 6 crises—which have been called “near turbulences”—over a number of countries, including Russia in 1998. The next turbulence will not be one generation apart—we reckon. This paper is an attempt to invite writers to write a “theory of economic turbulence”. Turbulence is a nightmare, which wakes people up suddenly, and unexpectedly, but it is something people wish to forget… till it strikes again: turbulence stroke in 1929 on (Black) Tuesday, then in 1987 on (Black) Monday and in end-2008, the Great Recession—on 29th September. In Black Monday stock markets around the world crashed losing a huge value in a matter of very short time (Hong Kong, Europe, and USA). The Dow fell ~23%. At that time OPEC collapsed in 1986 and the price of oil doubled… The dry cargo shipping sector entered a turbulent situation since 1989, which has been deteriorated since 2015 reaching finally an alpha equal to ~1.43 < 1.70 by 2035…

The Myths about Forecasting, Business Cycles and Time Series, Which Prevent Economists to Forecast: With an Application to Shipping Industry

People did not forgive economists for not forecasting the two great depressions. Especially the second one in end-2008—which followed the 1929-1933 “Great Depression” (starting on 29/10/1929: the “Black Tuesday”). Keynes in 1936, wrote a book on “economics of depression”, and showed the way how full employment—through marginal efficiency of capital—can be achieved. He was bypassed by: his death (1946) and his disciples’ efforts to “model economic growth” (Harrod, 1939 and Domar, 1946). Progress in capitalistic economies cannot be achieved…without Keynes’ animal spirits. The “wrong beliefs” of my fellow economists, which we called them “myths” for sensation, were showed: “myths” about business cycles, time series and forecasting. Though in the long run we are all dead, economic history…remembers. The “trade cycle” theory, which eventually became “business cycle”, was in scientific focus from 1907 to 1941, and then disappeared. Cycles made the life of shipowners difficult since 1741: one cycle every 10 years! Ships, however, are assets of long life, living 3.2 times the typical shipping cycle—and we said—for the first time—that the “duration of a shipping slump is related to the durability of ships”...Moreover: cycles are influenced by the state of technology; this stated also for the first time; cycles do not go up x years and exactly x years down. Maritime economists by this made shipowners and shippers happy: but, as shown, most freight rate’s peaks lased 1 - 2 years and troughs lasted up to 12 years (1947-2016)…Cycles, early in history, attracted the attention1 of many writers (we counted 449 writers, including Keynes with 12 papers). Most believe that “trade cycle theory” started with Jevons (in 1909), but as Mandelbrot and Hudson (2004; 2008 preface [1]) wrote, Bible described a cycle of 7 years up and down; cycles cannot be predicted and their trends and turning points cannot be found. We have showed that these are not true. Myths concerned also time series like: time series have no memory; they move at the square root of time (H = 1/2)—as proved by Einstein (1905)—and they are best represented by “bell” curve. Hurst (1951) showed that Einstein’s case is a special one, and time series can move faster or slower than that. More important was that if H > 0.50 ≤ 1, time series have to produce cycles: this is an important finding. The general formula shown here includes coefficients: alpha (fat tails; risk), beta (skewness), gamma (scale) and delta (location). Alpha indicates the height of a distribution and the longevity of its tails—indicating what the real risk is, when a variable falls beyond 3σ—“Dow” fell 22s away on Black Monday 1987, and the freight rates index ~10σ in end-2008 meltdown…. The myths about forecasting are connected with the fact that econometricians prefer to predict nonlinear time series using linear tools (e.g. GARCH2). We did the opposite: we forecast the nonlinear (shipping) time series index of dry cargoes 1741-2015 (7 years inside the sample and 5 years outside it) testing 5 nonlinear methods and eventually selecting the best one (i.e. the “Kernel density estimation”). The deviations obtained were from 2% to 10% (yearly) from actual—we also indicated a falling trend. In fact there is no turning point up in shipping dry cargo market…by 2020…

INVESTASI SEKURITAS DERIVATIF DI PASAR MODAL INDONESIA

The world will never forget about the big shock in capital market in America “Black October event” or Black Tuesday that occurred in 1929 and known as The Great Depression that cause fall in world economy. However, there is always have a wisdom behind an event, that is the birth of a new investment product called derivative instrument. The derivative instrument is a financial instrument that constitute derivative asset from the underlying asset, both derived from stocks and bonds. There are There are several kinds of derivative securities which warrant, right, option, forward, futures, and swap. In Indonesia, although it is still new, investment od derivative instrumen looks like the “fresh wind” for investor amid tight and hard competition finance business. The proof, many big companies are investing in derivative securities such as, Quaker Oats were issued Future, Indosat Warrant issued, as well as issuing the Right of Niaga Bank.

FRAUD DAN AKUNTANSI FORENSIK (UPAYA MINIMALISASI KECURANGAN DAN REKAYASA KEUANGAN)

he accounting scandal is the real picture of the accounting frauds in the global world. These frauds are mostly difficult to detect through only regular accounting check or audit. This problem has not been solved until now. Enron Corporation, Lehman Brothers bankruptcy, and the wildered situation of Citigroup feel like dejavu of the Black Tuesday in 1929. Indonesia also feels the same situation. Begins with the Century Bank unsolved case to PT Ades Alfindo and PT. Indofarma problematic situation. The accounting forensic is the answer of those challenges. The “problembased” nature of the accounting forensic is hoped to be the solution for those fraud problems and to prevent those frauds to make bigger damage for the related sides. The accounting forensic is the use of accounting skill with the investigative capability to solve a problem or a fraud suspect. In this case, fraud is the deliberate mistake to gain fortune from the other party.

Financial Crisis, Fall and Financial Theory

Dear readers, in September, the summer holiday ended, then the time for autumn has began and financial crisis has visited us. On 15th September, 2008 Lehman Brothers Holdings Inc. announced it intended to file chapter 11 bankruptcy petition. Then the riding on a runaway bull had been started. However, in relation to the fact that the bull market is denoted as market which is being accompanied with stock growth, we should talk about the escape ahead of bears from mountains directly down to the valley or gorge. The fact that crises appear obviously in autumn represents phenomenon which can be investigated in detail. After all, American English use for autumn another term: "fall". Stock market crash, which got started Great Depression, happened on 29th October, 1929 (Black Tuesday). Other famous stock market crash broke up on 19th October, 1987 (Black Monday). Probably, stockbrokers use summer only for relaxing on the beach and when autumn alias fall ask them what did you do in summer, they lost not only memories but also money. Though what about future. Let me quoted Chance the Gardener from the film Being There (1979): "In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again." We can not go round with movies quotation for very long time. Notwithstanding that Chance the Gardener (acted by Peter Sellers) is simple-minded gardener who is considered to be financial expert, so excellent expert that even the president of the U.S.A. refer to his prediction. Financial theory must settle many questions. General public is interested mainly in causation of crisis, length of crisis, incidence of crisis and solutions of crisis. However, theory must primarily search into depth of own theoretical conscience. How did financial theory acted before origin of crisis? Was good and fair advisor who warned in face of crisis? Or did it deepened and accelerated crisis by tale about kind market and future success? Or was it neutral and silent observer? By other words it arises question whether financial crisis is not crisis of financial theory? Yes, I know. There were bad financial theorists and there were good financial theorists. But why good financial theorists were such discrete? It is not academic question but very top practical. If we can not persuade to world of our usefulness we lost arguments for our existence. But I can not take a dim view of it. Therefore, let me quote gardener: "after every fall spring is always coming".

Black Tuesday (review)

Reviewed by: Black Tuesday Deborah Stevenson Colebank, Susan Black Tuesday. Dutton, 2007264p ISBN 0-525-47766-7$16.99 M Gr. 7-10 Black Tuesday is the day Jayne's life changes: she starts out as an overburdened workhorse focusing on Harvard, but that all comes to a screeching halt along with her car—which she drives through a red light and into another vehicle, resulting in the hospitalization and eventual death of the six-year-old girl riding in the passenger seat. Jayne's controlling and polished anchorwoman mother sets Jayne up with a great attorney, so her punishment is limited to loss of driver's license and performance of community service (she also perfunctorily attends counseling with a family friend). In the aftermath, she begins to ease up on her long-term habit of diligent striving and attention to rules, doing the rebellious piercing and edgy-hairstyle thing and reveling in the attentions of a sexy guy she meets at the youth outreach center where she's performing community service. While the story has some thematic commonality with Cooney's Driver's Ed (BCCB 9/94), the superficial writing and muddled emotional exploration preclude the book's effectiveness as either emotional drama or ethical investigation. Jayne is largely unsympathetic, starting out as a sour and complaining martyr and then acting out her pain in preteen-styled brattiness, and characterization overall is handed out rather than established. What's more, the actual consequence of Jayne's action, the death of the little girl, is only peripherally touched upon as something that has repercussions for Jayne, and the people around the victim are oddly villainized (there's a whiff of homophobia in the book's approach to the girl's sister, who is Jayne's classmate, and her friend, though it's never actually clear if they're lesbians). Ultimately, it seems [End Page 458] less like Jayne worked through her personal and family issues than she got off easy because of that very good-girl history she's trying to reject, and cynical readers will wonder if they, too, can increase their chances of Harvard admission by screwing up as catastrophically and with as little consequence as Jayne. Copyright © 2007 The Board of Trustees of the University of Illinois

Consumerism and American Girls' Literature, 1860-1940

List of illustrations Acknowledgments Introduction: 'buying into womanhood' Part I. Emergence: 1. The fate of modesty 2. Magazines and money 3. Dramas of exclusion Part II. Fulfillment: 4. Romantic speculations 5. Preparing for leisure 6. Serial pleasures Part III. Revision: 7. The clean and the dirty 8. 'Black Tuesday' Conclusion Notes Index.

Historical Dictionary of the Great Depression, 1929–1940. By James S. Olson. Westport, CT: Greenwood Press, 2001. Pp. viii, 355. $90.00.

In recent years James S. Olson has become the historical profession's leading producer of historical dictionaries. Beginning with his volume on the New Deal in1985, he has gone on to produce similar reference works for the 1920s, 1950s, 1960s, and 1970s, for the ethno-history of China, Africa, and the Indians of Central and South America, and for such diverse topics as U.S. economic history, European imperialism, and the British and Spanish empires. The work under review is the latest addition to this reference shelf and like its companion volumes should be a useful tool in all types of academic libraries, from high school up. Like the others, it is geared to provide quick, concise, sound, and clearly written references to the details of a particular body of historical experience. In it one can consult some 479 short, alphabetically arranged, Olson-authored essays, ranging in length from four lines (“Black Tuesday”) to three pages (“Roosevelt, Franklin Delano”), and take from them the essential facts about and historical significance of the people, events, laws, agencies, products, and other topics deemed worthy of inclusion. In addition, cross-references are marked by asterisks within the essays; each essay is followed by at least one “suggested reading”; and appended at the end are a list of acronyms, a useful chronology, a brief but good general bibliography, and a well-constructed index.

Conjuring with Islam, II

recall Tuesday September 11, 2001, as Tuesday, the day when commercial airplanes were turned into weapons of mass destruction as suicidal bombers destroyed two major monuments of United States commercial prowess in New York City, damaged a wing of the United States central military command in Washington, D.C., and took their own lives as well as those of nearly three thousand persons, many, but not all, of them American citizens. Black Tuesday was the worst terrorist attack on American soil. Its agents were identified as nineteen Arab men, all Muslim and all linked to a global terrorist network, Al-Qaeda, based in Afghanistan but directed by a Saudi dissident in exile, Osama bin Laden. Since black Tuesday Islam has been invoked, written about, challenged, and defended in a variety of forums. It is almost as if a new religious tradition had come onto the everyday screen of middle-of-the-road Americans. On Friday September 14, with the ravages of Tuesday still fresh in mind, got a phone call from my former college roommate, a retired businessman. He was aghast at the carnage, but he was also eager to get behind the episode and to grapple with its causes. Look, he reasoned, I am Joe Six-Pack. I'm your average work-hard, play-hard American. want to know about Islam. want to learn the ABCS of the Arab world, want to understand why they hate us so much. Though the question seemed new to Joe Six-Pack, it is in fact a very old question, one confronting Americans at least since the Iranian revolution of 1979-1980. The return of an aging cleric from Paris to Tehran, the toppling of a supposedly invincible American ally, the eighteen-month Iranian hostage crisis-all brought Islam onto the television screens and into the headlines, into the awareness and imagination of average Americans over two decades ago. What is interesting now, six months after September 11, is the pervasive amnesia about that earlier crisis. Most Americans, including most American scholars and certainly nearly all journalists, do not link the two periods. think the linkage between the periods is one of the instructive lessons of history, and will focus on it in the pages that follow. In the confusion and perplexity that marked first the Iranian revolution, then the Iranian hostage crisis, Clifford Geertz, the distinguished anthropologist from Prince-

The modern medical school graduate and general surgical training: are they compatible?

In the August 1987 issue of the New England Journal of Medicine, Dr McCarty referred to the soaring number of unmatched internal medicine residency spots as Black Tuesday. 1 Now, nearly 15 years later, general surgery is facing the same dilemma, as the number of unmatched categorical positions has increased 10-fold in the last 4 years, and more than 100 vacant positions are anticipated in the 2002 match (Figure 1). 2 A multitude of changes in the demographics and desires of graduating medical students, coupled with a relative lack of change in surgical training programs, have forever changed the applicant pool from which general surgery departments recruit their trainees. As a result, the number of applicants to general surgery programs has decreased by 30% in the last 9 years, and there are no data to suggest that this trend will stop (Figure 2). 2 The decreasing number of applicants to general surgery training programs may reach critical proportions unless corrective action is taken.

Politics and 'Black Tuesday': Shifting Power in the Cabinet and the Decision to Withdraw from East of Suez, November 1967-January 1968

On 16 January 1968, the Wilson government announced that the British would swiftly depart from what had long been considered one of the country's most vital strategic assets—the east of Suez network. Traditional scholarship maintains that the decision was driven by economic scarcity and the jolts that repeated financial crises gave to the body politic. Whilst economic pressures were real, this essay utilizes newly released government records to argue that political concerns played an even more important role. The rising political power of reformers such as Chancellor Roy Jenkins and their coalition‐building efforts in the Cabinet must be included in any compelling explanation of the east of Suez decision.

'I couldn't stop crying'

It was dubbed Black Tuesday - the night four people were shot dead during protests against World Bank structural adjustment policies in Papua New Guinea. The University of PNG journalism newspaper Uni Tavur published a special edition on 30 July 2001 with several students' accounts of their experience. Here are the stories of two young women.

Rhetoric as Currency: Herbert Hoover and the 1929 Stock Market Crash

Popular wisdom has it that following "Black Tuesday," October 29, 1929, the nation began its irrevocable descent into the Great Depression. This did not happen. Instead, armed with a highly rhetorical understanding of macroeconomic behavior, Herbert Hoover orchestrated a campaign for what he termed economic confidence. The campaign was premised on the assumption that collective beliefs about the future were part and parcel to creating collective economic reality in the present. The campaign was an unequivocal success in the short run. In the long run, though, the campaign contained the seeds of its own failure.

The Russian Banking System

This year, the Russian banking system turned five years old. The foundation for its formation was laid by the August 17, 1990, order of the chairman of the board of the RSFSR State Bank that transformed Administrations [Upravleniia] of the USSR State Bank [Gosbank] into Administrations of the RSFSR State Bank. Many problems were overcome in the years that elapsed. Reciprocal nonpayments, the "gold fever" of easy money, "Black Tuesday," and many other problems were left behind. And despite everything, the Russian banking system not only stood its ground but grew even stronger. With over 2,500 commercial banks registered in Russia at the end of September, it is just as difficult to compare its present might with the situation in 1991 as it is to look at a tiny river in the Urals and see the vastness of the Volga in the Samara region.

Training Physicians: The Case of Internal Medicine

On Black Tuesday in 1987, many prestigious internal medicine residency programs failed to fill for the first time ever with US medical school graduates. This led to an intensive examination of residency training by chairpersons, deans, and others. As part of this effort, the authors launched an analysis, summarized in Training Physicians , to try to understand the reasons for the lack of popularity of what had been regarded (at least by internists) as the premier residency. The book draws from three diverse sources: a 17-year survey of internal medicine residency programs carried out by the University of Chicago Center for Health Administration Studies, interviews with 55 prominent internists, and a literature survey. Over the six years in which it was prepared, the authors developed larger objectives, and they attempt to use the material they gathered on internal medicine residency training to formulate insights into what has gone wrong with American

Stabilizing the rouble: Is there a case for a new Fisher rule?

The management of the exchange rate by the Russian authorities obviously lacks both effectiveness and efficiency. “Black Tuesday” has vividly shown how vulnerable the rouble is to speculative attacks. In this article, a “classical” proposal is evoked and is discussed as an alternative to the present exchange-rate policy from the sustainability point of view.