Deals of the Century: Wall Street, Mergers, and the Making of Modern America

Great Depression: Causes, Effects and Timeline

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It is seen as the greatest financial catastrophe of the entire 20 th century, the only event even approaching its disastrous nature being the Great Recession of the late s. How could such a monumental collapse of the economy occur? As a massive recession that devastated the country and subsequently the entire world , it's hard to pin down one single fault for the Great Depression. It was a number of factors all coalescing into more than a decade economic misery.

There are several theories as to how the economy was able to collapse, but the most obvious occurrence that portended doom and started the depression was the stock market crash that happened in October of Panicked investors began selling their shares in an unprecedented volume; the Dow had been gradually declining since its peak in early September of that year and investors feared the worst. Black Thursday wasn't the worst, though. That Thursday the Dow closed at Further panic set in, and the next day - Black Tuesday - the market fell even further.

Pandemonium ensued on the New York Stock Exchange, and nothing was able to stop the panic and immediate impulse for investors to sell their shares lest it fall further. The Dow would continue to decline for 3 years in the wake of these three disastrous days. Confidence in the economy was shattered. Wall Street and the banks were no longer seen as reliable.

Deals of the Century: Wall Street, Mergers, and the Making of Modern America

Many refused to put money into stocks, choosing instead to buy gold. Had one looked, there were signs that the market of the Roaring Twenties was unsustainable. Manufacturing was starting to slow, and unemployment was starting to rise. But the same thing that caused these problems was the same thing that helped the corporate profits that led people to believe in the stock market: income inequality.

Of course, a stock market crash doesn't just happen on its own, completely out of nowhere. There were several problems with the economy that many didn't see and, more importantly, many others ignored.

One major economic issue of the time is one that still greatly affects America today: Income inequality. Economic growth would inevitably stall. The Roaring Twenties meant great employment numbers throughout the decade as industries expanded rapidly, but the wages of workers did not increase to the same degree that corporate profits increased. Products were being made, but many were no longer able to afford them. Spending slowed, playing a part in stock prices declining. Sound familiar?

A large financial sector creates lots of new vehicles through which consumers and businesses can take on debt, and the rise of debt levels creates vulnerability in which small shocks to the economy can translate into huge swings. The central job of banks, investment firms and the like is to funnel capital toward its most productive uses, and there is scant evidence that the sector did that job better when it was a bigger share of the economy, as in the s and s, than in the preceding decades.

Cecchetti said. Research from Thomas Philippon of New York University suggests the United States financial industry has become less efficient over the last years at channeling capital toward productive use.

See a Problem?

And this same phenomenon may be a major contributor to rising inequality. The proper role of the financial sector is even shaping up to be a major political clash in and beyond — though one that cuts across the usual ideological lines. Financial lobbyists and their allies in Congress say that the regulations already being adopted are extremely burdensome and obstacles to growth. People who work in recruiting for the industry describe rising opportunities, even as the details of who is hiring shift. Banks that would once poach executives by offering guaranteed two- and three-year contracts will now commit to only one.

And many of the opportunities are not in the household name Wall Street firms, many of which do still have smaller staff levels than before the crisis. Holt said. It shows up in real estate in New York and other financial centers. Brookfield Place, the former World Financial Center, may have ended up with the equivalent of the Empire State Building in vacant space after Merrill Lynch consolidated with its parent company Bank of America in Midtown.

Deals of the Century: Wall Street, Mergers, and the Making of Modern America

But it has filled up in the last two years with new tenants, including Jane Street Capital, a proprietary trading firm, and the Bank of New York Mellon. Throughout history, mergers and acquisitions have been the major game played on Wall Street—the grand chess game that dominates all others. The effects and by-products have had far-reaching effects, more than most commentators or financiers are publicly willing to admit. Throughout history, mergers and acquisitions have been the major game played on Wall Street.

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