Government intervention was necessary from "summary" of The Great Crash 1929 by John Kenneth Galbraith
The events leading up to the crash of 1929 made it abundantly clear that the unregulated nature of the financial markets was a recipe for disaster. Speculation had reached unprecedented levels, with investors borrowing heavily to buy stocks in the hopes of making quick profits. This speculative frenzy was fueled by a lack of oversight and regulation, allowing for market manipulation and insider trading to run rampant. As the stock market continued to soar to dizzying heights, warnings of an impending collapse were brushed aside by those who stood to profit from the status quo. The pervasive belief in the self-regulating nature of the markets led many to turn a blind eye to the mounting signs of trouble. When the inevitable crash finally came, the impact was catastrophic, wiping out fortunes and plunging the economy into turmoil. In the afterm...
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