How did the stock market collapse of 1929 have a lasting effect on the American society?
Answer ：
The generation that grew up during the depression became “savers”. They did not spend money but saved it for “a rainy day”. They did not even spend for health care.
The next generation saved their money for a specific item – homes, cars, appliances. When they had the money, then they purchased what they needed.
The next generation, mine, motto was “Charge”. We charged everything.
The next generation, my children, spend and spend.
The next generation saved their money for a specific item – homes, cars, appliances. When they had the money, then they purchased what they needed.
The next generation, mine, motto was “Charge”. We charged everything.
The next generation, my children, spend and spend.
This is simplifying it but basically this is it.
Posted: August 11th, 2010 under US Stock Market.
Tags: Stock market