It was the first wave down in October 1929 that took out the speculators.
It was the third wave decline that decimated the nation and the professional traders such as Jesse Livermore and Arthur W. Cutten.
There were temporary bottoms and substantial rallies of hope off steep short term declines, all the way down to the bottom in 1933. The Republicans were swept out of office and a reform Democrat was elected, Franklin Delano Roosevelt.
The decline we have seen so far this June in the Dow Jones Industrial Average is the largest June drop since that short term market bottom in 1930.
A historical reminder for those who have a certain mindset about what happens when debt is wiped out, a serious deflation occurs, and a currency is devalued in response to it.
