Groucho Marx Text
For example, if you bought eighty thousand dollars’ worth of stock, you only had to put up twenty thousand dollars in cash. The balance you would owe to the broker (…) Up and up the market soared (…).
The most astonishing thing about the ’29 market was that no one ever sold a stock. The public just kept buying (…).
The plumber, the iceman, the butcher, all of them panting to get rich, were tossing their puny salaries – and in many cases their life savings-into Wall Street (…).
One special day, the market began wavering. A few of the more nervous customers got the jitters and started to unload (…). At first, the selling was orderly, but soon panic kicked judgment out of the way and everyone began tossing their securities into the bull ring (…) and the brokers began dumping securities for whatever they would bring (…). Then, one spectacular Tuesday, Wall Street threw in the towel and collapsed. The towel was an appropriate gesture, for by this time the whole country was crying”
Groucho Marx. Groucho and Me. 1981
What are the main ideas of the text?