Editor says, what if the Wall Street Crash of 1929 was averted? muses Jeff Provine on the This Day in Alternate History web site. Please note that the opinions expressed in this post do not necessarily reflect the views of the author(s). This article is part of the Jeff Provine Blog thread.
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Editor says, in reality, the bottom of the market fell out on Black Tuesday, the worst day in the Stock Market Crash with sixteen million shares traded, a record that would hold until 1968. Whitney's plan of using "blue chip" stocks was too little much too late. Though he was considered a Wall Street guru for much of his life, it would be proven in 1938 that his company was insolvent and he was an embezzler. Whitney would plead guilty and was sentenced to Sing Sing, where he served as a model prisoner and afterward became a successful small businessman. Despite a petition signed by 1028 economists, President Hoover did not veto the Smooth-Hawley Tariff after it was approved in the Senate in March of 1930. Editorial comments are entered in [light green] typeface.