The 1920s, often referred to as the “Roaring Twenties,” marked an exciting era in American history. While the name creates images of flapper fashion, jazz music, and the glitz of The Great Gatsby, it was also a period of profound significance for the financial world. The Roaring Twenties Bull Market, which unfolded during this decade, is etched in history as one of the most iconic and transformative periods in the world of finance.
I. The Roaring Twenties Bull Market: Significance and Impact
The Roaring Twenties Bull Market wasn’t just a surge in stock prices; it was a profound shift in the nation’s economic and cultural landscape. Here’s a glimpse into the significance and impact of this historic bull market:
- Economic Prosperity: The 1920s saw a remarkable surge in economic growth. After the turmoil of World War I, the United States experienced a period of stability and expansion, setting the stage for a booming stock market.
- Technological Advancements: The era was marked by groundbreaking innovations, including the widespread adoption of electricity, the automobile revolution, and the birth of the aviation industry. These advancements fueled investor optimism and industrial growth.
- Rise of Consumerism: With newfound prosperity, consumerism surged. People had more disposable income, leading to increased spending on automobiles, radios, household appliances, and leisure activities.
- The Stock Market Boom: The stock market soared to unprecedented heights. The Dow Jones Industrial Average, which had been hovering around 100 points at the beginning of the decade, reached nearly 400 points by the end of the 1920s.
- Speculation and Excess: The Roaring Twenties also witnessed rampant speculation in the stock market. Investors, driven by the allure of quick riches, engaged in speculative trading and margin buying, which further inflated stock prices.
- Cultural Impact: The stock market’s success had a profound cultural impact. It symbolised the American dream and the pursuit of wealth. People from various walks of life dabbled in stocks, and stockbrokers became celebrities.
- The Great Crash of 1929: The euphoria of the Roaring Twenties came to a crashing halt in October 1929 when the stock market experienced a devastating crash. This event led to the Great Depression, which reshaped the nation’s economic policies and regulations.
The Roaring Twenties Bull Market left an indelible mark on the collective memory of the nation. It encapsulated an era of boundless optimism, excessive speculation, and ultimately, a harsh lesson in market volatility. While the decade ended with a sobering crash, the legacy of the Roaring Twenties continues to influence financial markets and investment strategies to this day.
II. The Roaring Twenties Unveiled: The Post-War Economic Boom
To truly appreciate the significance of the Roaring Twenties Bull Market, one must delve into the economic backdrop of the 1920s. This transformative era was set against the backdrop of the aftermath of World War I, a conflict that reshaped the global economy and laid the foundation for the economic boom that followed.
The End of World War I and Its Influence on the Economy
The end of World War I in 1918 marked a pivotal moment in world history. As the Great War came to a close, the world faced the daunting task of rebuilding. The war had ravaged economies, led to massive debt burdens, and left countries in shambles. The post-war period presented both challenges and opportunities, and the response to these challenges set the stage for the economic surge of the 1920s.
- Demobilisation and Economic Transition: The end of the war led to the demobilisation of troops and the shift from wartime production to civilian production. Industries that had been dedicated to wartime efforts now turned their focus to meeting the demands of a consumer-driven economy.
- Technological Advancements: The war accelerated technological innovations, particularly in the fields of aviation, communication, and manufacturing. These advancements, now repurposed for peacetime applications, fueled economic growth.
- Global Influence: World War I reshaped the global economic order. The United States emerged as a major creditor nation, providing loans and financial assistance to war-torn European countries. It bolstered the U.S. economy and also cemented its position on the global economic stage.
- Fiscal Policies: Governments implemented various fiscal policies to stimulate economic recovery. Low tax rates and reduced government intervention in the economy encouraged investment and business expansion.
- Consumerism: The return of soldiers and the resurgence of families led to an increase in demand for consumer goods. This surge in consumerism, combined with newfound prosperity, became a driving force behind economic growth.
- Financial Exuberance: The financial sector saw significant growth and innovation during this period. The availability of credit and the rise of instalment buying made it easier for individuals to participate in the stock market and purchase consumer goods.
All of these factors converged to create an economic environment ripe for growth. The 1920s witnessed a flourishing economy, setting the stage for a period of remarkable expansion in various sectors, including the stock market. It was against this backdrop of economic prosperity and optimism that the Roaring Twenties Bull Market unfolded, forever leaving its mark on the financial history of the United States and the world.
III. The Roaring Twenties on Wall Street: A Meteoric Rise in Stock Prices
The stock market boom of the 1920s is a legendary chapter in the history of finance, characterised by an astonishing surge in stock prices that seemed to defy gravity. This section will delve into the remarkable rise in stock prices during the Roaring Twenties and examine the factors that fueled this unprecedented growth.
Remarkable Rise in Stock Prices
The 1920s witnessed a stock market boom of historic proportions. Key highlights of this remarkable ascent included:
- The Dow Jones Industrial Average: At the beginning of the decade, the Dow Jones Industrial Average, which represents the performance of 30 major American companies, stood at approximately 100 points. By the end of the 1920s, it had skyrocketed to nearly 400 points. This exponential growth in the index mirrored the general trend of soaring stock prices.
- Investor Enthusiasm: The era was marked by an overwhelming enthusiasm for investing in stocks. People from all walks of life flocked to the stock market, driven by the allure of substantial profits. Stockbrokers became celebrities, and the public’s fascination with the market reached new heights.
- Margin Buying: Margin buying, a practice that allows investors to purchase stocks with borrowed money, was prevalent during this period. This practice fueled speculation and allowed investors to leverage their investments, potentially leading to significant gains.
Factors Contributing to the Stock Market’s Growth
The stock market’s unprecedented growth during the Roaring Twenties can be attributed to several key factors:
1. Technological Innovations: The 1920s were marked by significant technological advancements, including the proliferation of electricity, the automotive revolution (led by companies like Ford), and the rise of the aviation industry. These innovations fueled investor optimism and underpinned substantial growth in related industries.
2. Expanding Industries: Industries such as manufacturing, telecommunications, and consumer goods experienced tremendous growth. Companies like RCA, General Electric, and AT&T became stock market darlings, driving up share prices.
3. Foreign Investments: The United States attracted substantial foreign investments during this period. Capital flowed into American companies, further boosting stock prices.
4. Government Policies: Government policies played a role in supporting economic growth. Reduced taxation and limited government intervention in the economy encouraged investment and expansion.
5. The “New Economy” Narrative: A narrative of a “new economy” emerged, with the belief that technological advancements had fundamentally changed the rules of business. This narrative contributed to the soaring valuations of technology and industrial stocks.
6. Speculation: Speculation was rampant, with investors buying stocks not based on their fundamental value but on the expectation that prices would continue to rise. This speculative behaviour further inflated stock prices.
As stock prices continued their meteoric rise, it seemed as if the bull market would never end. However, beneath the surface, signs of excess and unsustainable valuations were building.
IV. The Roaring Twenties Frenzy: A Culture of Speculation
The Roaring Twenties Bull Market was not only a period of unprecedented economic prosperity and stock market growth but also an era defined by the culture of speculation and the psychology of investors. In this section, we will delve into the culture of speculation and explore the factors that fueled excessive optimism during this historic era.
The Culture of Speculation and Investor Psychology
The 1920s witnessed a culture of speculation that permeated every facet of society. It was an era marked by the following elements:
1. Mass Participation: The stock market was no longer the exclusive domain of the wealthy. People from all walks of life, including taxi drivers, homemakers, and office clerks, became amateur investors. The market became a national obsession.
2. Get-Rich-Quick Mentality: The prevailing sentiment was that anyone could become rich overnight by investing in stocks. The promise of quick and substantial profits lured individuals into the market.
3. Speculative Mania: Investors were often driven more by rumours and tips than by careful analysis of a company’s fundamentals. Stock prices detached from their intrinsic values as speculative fervour took over.
4. “New Era” Belief: A prevailing belief emerged that the stock market had entered a “new era” of permanently high prices. This mindset contributed to a willingness to invest heavily, even at inflated valuations.
5. Margin Trading: Margin trading, the practice of borrowing money to buy stocks, became commonplace. While it amplified potential gains, it also exposed investors to significant risks if the market turned downward.
The Role of Margin Trading and Excessive Optimism
Margin trading played a pivotal role in fueling the culture of speculation and excessive optimism during the Roaring Twenties. Here’s how it worked:
1. Leverage: Margin trading allowed investors to control more shares than they could afford with their capital. A small down payment, known as a margin, was required to control a larger position.
2. Amplified Gains and Losses: While leverage amplified potential gains, it also intensified losses. If stock prices rose, margin traders could make substantial profits. However, if prices declined, they could quickly find themselves in a perilous financial situation, as they were required to repay borrowed funds.
3. Excessive Optimism: Investors were often overly optimistic about the market’s direction. The ability to leverage investments led to a sense of invincibility, encouraging investors to pour more money into stocks.
4. Margin Calls: When stock prices declined significantly, margin calls were issued, requiring investors to deposit additional funds to cover their losses. It triggered a cascade of forced selling, further driving down prices.
The culture of speculation and excessive optimism eventually reached a tipping point. The stock market’s unsustainable rise could not defy economic realities indefinitely.
V. Government Actions in the Roaring Twenties: Shaping the Economy and Stock Market
The Roaring Twenties were a time of remarkable economic growth and stock market exuberance, but they were also a period shaped by significant government policies that had a profound impact on the economy and stock market dynamics. In this section, we will explore the policies of the government and the Federal Reserve and their influence during this pivotal era.
Government Policies and Their Impact on the Economy and Stock Market
The government played a crucial role in shaping the economic landscape of the 1920s through various policies:
1. Fiscal Policies: The post-World War I period saw a shift towards lower tax rates and reduced government intervention in the economy. This pro-business environment encouraged investment, job creation, and economic growth. The Revenue Act of 1921, for example, significantly reduced income tax rates, spurring economic activity.
2. Tariff Policies: The Smoot-Hawley Tariff Act of 1930, while enacted after the Roaring Twenties, had its roots in the protectionist policies of the 1920s. Tariffs on imported goods aimed to protect domestic industries, but they also sparked retaliatory tariffs from other countries, hampering international trade and contributing to the Great Depression.
3. Banking Regulation: The Federal Reserve Act of 1913 established the Federal Reserve System, the central banking system of the United States. During the 1920s, the Federal Reserve adopted policies aimed at stabilising the banking system and controlling inflation.
4. Monetary Policies: The Federal Reserve played a significant role in influencing the money supply and interest rates during the Roaring Twenties. It used open market operations and discount rate changes to manage economic conditions. At times, the Federal Reserve’s policies were accommodating, providing ample liquidity to the financial system.
The Policies of the Federal Reserve and Their Influence
The Federal Reserve’s policies during the 1920s were marked by a delicate balancing act:
1. Economic Expansion: The Federal Reserve sought to support economic growth by maintaining relatively low-interest rates and ample liquidity in the financial system. This accommodative stance contributed to the stock market boom by making it easier for investors to access credit for margin trading.
2. Inflation Concerns: As the stock market and economy surged, concerns about inflation emerged. The Federal Reserve occasionally tightened monetary policy to curb inflationary pressures. However, these tightening measures were often short-lived.
3. Stock Market Speculation: The Federal Reserve was aware of the speculative excesses in the stock market but hesitated to intervene directly. It was concerned that a sharp contraction in credit could trigger a market crash and economic downturn.
The Federal Reserve’s approach to monetary policy during the Roaring Twenties has been a subject of historical debate. Some critics argue that the central bank’s reluctance to rein in speculation contributed to the eventual stock market crash of 1929. Others contend that the Federal Reserve faced a complex set of challenges and constraints in managing the economy and stock market dynamics.
VI. Icons of the Roaring Twenties Bull Market
The Roaring Twenties Bull Market was not only a time of soaring stock prices and economic prosperity but also an era that witnessed the rise of several prominent figures in finance and industry. In this section, we will shine a spotlight on some of the famous individuals who played pivotal roles during this iconic period, including notable names like Charles Ponzi and Joseph P. Kennedy.
Charles Ponzi: The Master of Schemes
Charles Ponzi is perhaps one of the most infamous figures associated with the Roaring Twenties Bull Market. He gained notoriety for perpetrating the eponymous “Ponzi scheme,” a fraudulent investment scheme that promised high returns with little risk to investors.
Legacy: Ponzi’s scheme involved using new investors’ funds to pay returns to earlier investors, creating the illusion of profitability. His scheme eventually unravelled in 1920, leading to his arrest and imprisonment. The term “Ponzi scheme” has since become synonymous with fraudulent investment scams.
Joseph P. Kennedy: The Shrewd Investor and Patriarch
Joseph P. Kennedy, patriarch of the Kennedy political dynasty, was a figure of influence and prominence during the Roaring Twenties. He made a name for himself as a shrewd investor and businessman.
Role in the Stock Market: Kennedy was known for his astute investments in stocks, commodities, and real estate. He successfully navigated the volatile stock market of the 1920s, amassing significant wealth. His financial acumen and success contributed to his rising stature.
Regulatory Role: Later in his career, Joseph P. Kennedy played a pivotal role in government service. He served as the first chairman of the U.S. Securities and Exchange Commission (SEC), established in the aftermath of the Great Crash of 1929. In this role, he worked to restore confidence in the financial markets and implement regulations to prevent fraud and manipulation.
Other Prominent Figures:
While Charles Ponzi and Joseph P. Kennedy stand out as notable figures of the era, the Roaring Twenties Bull Market also saw the rise of other influential individuals in finance, industry, and entertainment:
1. John J. Raskob:
Raskob was a financial executive known for his association with General Motors and the construction of the Empire State Building. He also authored the influential article “Everybody Ought to Be Rich” in 1929, reflecting the prevailing optimism of the era.
2. Andrew Mellon:
As the Secretary of the Treasury under three U.S. presidents during the 1920s, Andrew Mellon played a crucial role in shaping economic policies, including tax cuts that fueled economic growth.
3. Al Capone:
While not a figure in finance, Al Capone, the notorious Chicago gangster, was emblematic of the era’s excesses and lawlessness. His illicit activities and wealth symbolised the underbelly of the Roaring Twenties.
These prominent figures, along with many others, left an indelible mark on the Roaring Twenties Bull Market, contributing to its legacy as a time of both extraordinary wealth and eventual reckoning.
VII. The Great Crash: Unraveling the Roaring Twenties Bull Market
The Roaring Twenties Bull Market, characterised by soaring stock prices and rampant speculation, came to a sudden and devastating halt with the infamous stock market crash of 1929. In this section, we will examine the factors that led to this catastrophic event and explore its profound effects on both investors and the broader economy.
Factors Leading Up to the 1929 Stock Market Crash
The Great Crash of 1929 was the culmination of several key factors:
1. Speculative Excess: The culture of speculation had reached unsustainable levels. Investors were buying stocks at inflated prices, often with borrowed money, fueled by unrealistic expectations of perpetual growth.
2. Overvaluation: Stocks were trading at price-to-earnings ratios far above historical norms. Many companies’ valuations were disconnected from their actual earnings and fundamentals.
3. Margin Trading: Margin trading, which had been prevalent during the bull market, left investors highly leveraged. As stock prices declined, margin calls triggered massive sell-offs, further depressing prices.
4. Fragile Banking System: The banking system of the 1920s was fragile, with many banks operating with inadequate reserves. As depositors rushed to withdraw their funds in the wake of the crash, numerous banks faced insolvency.
5. Economic Warning Signs: The U.S. economy showed signs of slowing down in the late 1920s. Agricultural prices had been falling, industrial production was declining, and consumer spending was waning. These economic challenges exacerbated the stock market’s vulnerability.
The Devastating Effects of the Crash on Investors and the Economy
The stock market crash of 1929 had far-reaching and devastating consequences:
1. Wealth Destruction: Investors who had poured their savings and borrowed funds into stocks saw their investments vanish as stock prices plummeted. Many individuals were wiped out financially.
2. Bank Failures: The panic following the stock market crash led to a wave of bank failures as depositors rushed to withdraw their money. This banking crisis exacerbated the economic downturn.
3. The Great Depression: The crash of 1929 marked the beginning of the Great Depression, a severe and prolonged economic crisis that persisted throughout the 1930s. Unemployment soared, businesses shuttered, and poverty levels rose dramatically.
4. Regulatory Reforms: In response to the economic turmoil and the excesses of the Roaring Twenties, the U.S. government enacted significant regulatory reforms. The Securities Act of 1933 and the Securities Exchange Act of 1934 established the U.S. Securities and Exchange Commission (SEC) and introduced regulations to restore confidence in the financial markets and protect investors.
5. Long-Term Impact: The Great Crash of 1929 and the subsequent Great Depression reshaped the nation’s economic policies and regulatory landscape. The memory of the crash and its consequences influenced financial markets for decades to come, emphasising the importance of prudent investing and the need for robust regulations.
The stock market crash of 1929 serves as a cautionary tale, a stark reminder of the perils of speculative excess and the importance of responsible financial stewardship. While it marked the end of an era of unprecedented stock market growth, it also paved the way for reforms that aimed to safeguard the integrity of financial markets and protect investors.
VIII. Legacy of the Roaring Twenties Bull Market: Enduring Impact and Lessons Learned
The Roaring Twenties Bull Market, with its meteoric rise and devastating crash, left an enduring legacy that continues to shape financial markets, regulations, and the collective memory of investors. In this section, we will explore the long-term effects of this historic bull market and the valuable lessons it imparted to subsequent generations.
Long-Term Effects:
1. Regulatory Reforms: The Great Crash of 1929 and the subsequent Great Depression prompted a fundamental overhaul of financial regulations in the United States. The creation of the U.S. Securities and Exchange Commission (SEC) and the enactment of securities laws introduced transparency, accountability, and investor protection into the financial markets. These regulatory reforms aimed to prevent fraud, manipulation, and excessive speculation.
2. Risk Awareness: The Roaring Twenties Bull Market serves as a stark reminder of the dangers of speculative excess and overvaluation. Investors learned the importance of conducting thorough due diligence and assessing the fundamentals of investments rather than relying solely on market sentiment and momentum.
3. Volatility Awareness: The crash highlighted the inherent volatility of financial markets and the potential for sudden, sharp downturns. Investors became more attuned to the need for diversification and risk management in their portfolios.
4. Economic Prudence: The Great Depression that followed the crash underscored the importance of prudent fiscal and monetary policies. Subsequent generations of policymakers and economists have drawn upon these lessons in managing economic crises.
Impact on Subsequent Generations:
1. Investment Philosophy: The memory of the Roaring Twenties Bull Market and its catastrophic end influenced subsequent generations of investors. The “buy and hold” approach, emphasising long-term investment and diversification, gained prominence as a strategy to mitigate risk.
2. Investor Psychology: Behavioral finance, a field that explores the psychological factors influencing investor behaviour, drawn from the excesses and irrational exuberance of the Roaring Twenties to better understand market dynamics.
3. Financial Education: The lessons of the Roaring Twenties Bull Market are incorporated into financial education curricula, emphasising the importance of financial literacy and informed decision-making.
Financial Regulations:
The regulatory framework established in response to the Roaring Twenties Bull Market has endured and evolved over the decades. The SEC, in particular, continues to play a vital role in overseeing securities markets, enforcing securities laws, and protecting investors. Financial regulations have adapted to changing market dynamics and innovations, but the core principles of transparency, fairness, and investor protection remain central.
In conclusion, the Roaring Twenties Bull Market is a defining chapter in the history of finance, marked by both exuberance and reckoning. Its legacy is one of resilience, reform, and a commitment to preventing the excesses that can lead to financial crises. By studying the lessons of this historic era, subsequent generations of investors and policymakers continue to navigate the complex world of financial markets with a greater understanding of the risks and responsibilities inherent in investing.
IX. Roaring Twenties Bull Market vs. Modern Bull Markets
The Roaring Twenties Bull Market of the 1920s and modern bull markets share some common characteristics, but they also differ significantly in terms of economic conditions, market dynamics, and regulatory environments. In this section, we will compare and contrast the Roaring Twenties Bull Market with modern bull markets and explore the lessons that can be applied to today’s financial landscape.
Comparisons:
1. Economic Backdrop:
Roaring Twenties: The 1920s followed the end of World War I and witnessed the post-war economic expansion and technological innovation.
Modern Bull Markets: Modern bull markets have unfolded against diverse economic backdrops, including periods of recovery from recessions, low-interest-rate environments, and technological advancements.
2. Stock Market Growth:
Roaring Twenties: The 1920s saw a surge in stock prices, marked by excessive speculation and overvaluation.
Modern Bull Markets: Modern bull markets have witnessed remarkable stock market growth, driven by factors such as technological advancements, globalisation, and accommodative monetary policies.
3. Investor Behavior:
Roaring Twenties: The culture of speculation and excessive optimism defined investor behaviour, leading to a bubble and eventual crash.
Modern Bull Markets: While modern markets also experience periods of speculative behaviour, lessons from past crashes have led to a more cautious approach among some investors.
4. Government Policies:
Roaring Twenties: The 1920s saw a reduction in tax rates and limited government intervention in the economy.
Modern Bull Markets: Government policies vary widely, with central banks and governments employing tools such as quantitative easing and fiscal stimulus during economic downturns.
5. Regulatory Environment:
Roaring Twenties: The lack of robust regulatory oversight contributed to excesses and ultimately led to the need for regulatory reforms.
Modern Bull Markets: Modern financial markets operate under more comprehensive regulatory frameworks, with regulatory bodies like the SEC and global regulatory bodies overseeing market activities.
Contrasts:
1. Information Flow:
Roaring Twenties: Information dissemination was slower, relying on newspapers and telegraphs.
Modern Bull Markets: The digital age has transformed information flow, enabling real-time news updates, social media influence, and algorithmic trading.
2. Market Complexity:
Roaring Twenties: The financial landscape was less complex, with limited investment options.
Modern Bull Markets: Today’s markets are more complex, featuring a wide array of financial instruments, derivative products, and electronic trading platforms.
3. Globalisation:
Roaring Twenties: While international trade existed, globalisation was less pronounced.
Modern Bull Markets: Globalisation has interconnected markets worldwide, impacting the transmission of economic shocks and market trends.
4. Risk Management:
Roaring Twenties: Risk management practices were less sophisticated, contributing to the severity of the crash.
Modern Bull Markets: Risk management and portfolio diversification strategies are more advanced, allowing investors to better navigate market volatility.
Lessons for Today’s Financial Landscape:
- Avoiding Speculative Excess: The Roaring Twenties Bull Market serves as a reminder of the dangers of speculative bubbles. Today’s investors should exercise caution and avoid excessive speculation.
- Regulatory Vigilance: Robust regulatory oversight is essential for maintaining market integrity and protecting investors. Lessons from the past emphasise the importance of effective regulation.
- Risk Management: Modern investors can benefit from advanced risk management strategies and portfolio diversification to navigate the inherent volatility of financial markets.
- Economic Prudence: Lessons from economic downturns, including the Great Depression, underscore the importance of prudent fiscal and monetary policies in maintaining economic stability.
- Information Transparency: The digital age has transformed information flow, making it crucial for investors to access reliable information sources and exercise discernment in their decision-making.
In summary, while the Roaring Twenties Bull Market and modern bull markets share certain characteristics, they also differ significantly due to changes in economic, technological, and regulatory environments. By drawing lessons from the past and applying them to today’s financial landscape, investors and policymakers can better navigate the complexities of modern markets and promote financial stability.
X. Unlocking the Lessons of the Roaring Twenties Bull Market
The Roaring Twenties Bull Market, with its breathtaking ascent and dramatic fall, offers a trove of valuable lessons and insights for investors, policymakers, and financial historians. This blog has journeyed through the highs and lows of this iconic era, exploring its economic backdrop, stock market boom, speculative frenzy, regulatory response, and enduring legacy. Here are the key takeaways:
- Economic Prosperity: The Roaring Twenties emerged from the aftermath of World War I, marked by post-war recovery, technological advancements, and economic growth.
- Stock Market Surge: Stock prices soared, reflecting optimism, innovation, and a belief in a “new economy.” The Dow Jones Industrial Average reached historic heights.
- Speculative Frenzy: A culture of speculation and excessive optimism gripped investors. Margin trading and overvaluation fueled the exuberance.
- Regulatory Reforms: The crash of 1929 and the Great Depression that followed prompted significant regulatory reforms, including the creation of the U.S. Securities and Exchange Commission (SEC) and securities laws to protect investors.
- Enduring Legacy: The Roaring Twenties Bull Market left an indelible mark on financial history, emphasising the importance of prudent investing, regulatory oversight, and risk management.
XI. References
For those interested in delving deeper into the Roaring Twenties Bull Market and related topics, the following references provide valuable insights and further avenues for research:
Galbraith, John Kenneth. “The Great Crash 1929.” Houghton Mifflin Harcourt, 2009.
Shiller, Robert J. “Irrational Exuberance.” Princeton University Press, 2015.
Sobel, Robert. “The Roaring Twenties: An Eyewitness History.” Facts On File, 1997.
Geisst, Charles R. “Wall Street: A History.” Oxford University Press, 1997.
SEC Historical Society. “The History of Financial Regulation.” https://www.sechistorical.org/
Federal Reserve History. “A History of the Federal Reserve.” https://www.federalreservehistory.org/
These references offer comprehensive insights into the Roaring Twenties Bull Market, its consequences, and its enduring influence on financial markets and regulations. They serve as valuable resources for anyone interested in exploring this fascinating period in financial history further.