Major difference between the 29 crash is that people who lost their fortunes, knew it. They had an

[CK_John]

understanding of what they owned or invested and/or were smart enough to know when they had been snookered. At the close of the market they knew they were broke or not.

In the 50's,60's, and 70's a major effort was made to expand the investor class, but the worst cultural legacy of WWII that of "do what you're told" set in. People wanted someone up the ladder to make important decisions.

Thus the era of mutual funds and financial guru's took hold and everyone became less and less informed. Like sheep they started giving their money to some stranger to invest in their interest. This was so easy it probably took a whole class of muggers of the street and put them in high rise offices.

Today nobody understands what they have invested or if they actually have anything invested. It will be weeks before we realize what is real or not.