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August 9, 1929 The Avalanche Begins It was hardly a tell-tale sign of trouble, but on August 9, 1929 Wall Street got an inkling of the upcoming crash as the New York Bank raised the rediscount rate on loans to brokers a full point to 6 percent. The hike was precipitated by the unsettling news that brokers had racked up a record $6 million debt, the fourth time during August 1929 that their loans had swelled to record levels. Still, bankers assured the business community that the move, which was the biggest raise to the rate since the close of World War I, wasn't cause for alarm. Soothing words aside, reports from the day note that the new rate did indeed catch Wall Street by surprise. The following day the DOW dropped 14.11 points to close at a month-long low of 337.99. Until that point, investors had been reveling in "Big Bull Market," a record-setting run which was well over a year old. As the DOW hit new highs, the stock market became a national past time; the craze for playing the stocks spread from being the sole province of the big-city elite to a part of the daily life of small-town America. However, as the Reserve Bank's move to advance the interest rate oh-so-subtly suggested, the good times were based on speculation rather than solid financial practices. By November 1929, this quiet hint at a downturn in the market would look more like a prophetic warning call. don't be a turkey
NNT
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