Three days after the 90th anniversary of the 1929 Stockmarket crash, and with a current bull market of the longest ever duration, many are now questioning whether we are on the verge of another crash. In 1929 there was an exuberant air following the ‘roaring twenties’. People were taking on too much debt, including the purchase of stocks on margin, ie borrowing from brokers to leverage their positions. When the US stockmarket peaked on September 3rd 1929, it didn’t reach that level again for 25 years, on November 23rd 1954. Following the Global Financial Crisis in 2008/09, economies around the world are now regulated more tightly and people are generally wary of taking on too much debt, despite record low interest rates, because they worry their job is not secure.
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