Review of compare discount brokers::How to Choose the Best Investment Broker

Review of compare discount brokers::How to Choose the Best Investment Broker

Ｃｌａｕｄ               Ｃｏｃｋｂｕｒｎ,               ｗｒｉｔｉｎｇ               ｆｏｒ               ｔｈｅ               "Ｔｉｍｅｓ               ｏｆ               Ｌｏｎｄｏｎ"               ｆｒｏｍ               Ｎｅｗ-Ｙｏｒｋ,               ｄｅｓｃｒｉｂｅｄ               ｔｈｅ               ｉｒｒａｔｉｏｎａｌ               ｅｘｕｂｅｒａｎｃｅ               ｔｈａｔ               ｇｒｉｐｐｅｄ               ｔｈｅ               ｎａｔｉｏｎ               ｊｕｓｔ               ｐｒｉｏｒ               ｔｏ               ｔｈｅ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ. Ａｓ               Ｅｕｒｏｐｅ               ｗａｌｌｏｗｅｄ               ｉｎ               ｐｏｓｔ-ｗａｒ               ｍａｌａｉｓｅ,               Ａｍｅｒｉｃａ               ｓｅｅｍｅｄ               ｔｏ               ｈａｖｅ               ｄｉｓｃｏｖｅｒｅｄ               ａ               ｎｅｗ               ｅｃｏｎｏｍｙ,               ｔｈｅ               ｓｅｃｒｅｔ               ｏｆ               ｕｎｉｎｔｅｒｒｕｐｔｅｄ               ｇｒｏｗｔｈ               ａｎｄ               ｐｒｏｓｐｅｒｉｔｙ,               ｔｈｅ               ｆｏｕｎｔ               ｏｆ               ｔｒａｎｓｆｏｒｍｉｎｇ               ｔｅｃｈｎｏｌｏｇｙ:               "Ｔｈｅ               ａｔｍｏｓｐｈｅｒｅ               ｏｆ               ｔｈｅ               ｇｒｅａｔ               ｂｏｏｍ               ｗａｓ               ｓａｖａｇｅｌｙ               ｅｘｃｉｔｉｎｇ,               ｂｕｔ               ｔｈｅｒｅ               ｗｅｒｅ               ｔｉｍｅｓ               ｗｈｅｎ               ａ               ｐｅｒｓｏｎ               ｗｉｔｈ               ｍｙ               Ｅｕｒｏｐｅａｎ               ｂａｃｋｇｒｏｕｎｄ               ｆｅｌｔ               ａｌａｒｍｉｎｇｌｙ               ｌｏｎｅｌｙ. Ｈｅ               ｗｏｕｌｄ               ｈａｖｅ               ｌｉｋｅｄ               ｔｏ               ｂｅｌｉｅｖｅ,               ａｓ               ｔｈｅｓｅ               ｐｅｏｐｌｅ               ｂｅｌｉｅｖｅｄ,               ｉｎ               ｔｈｅ               ｅｔｅｒｎａｌ               ｕｐｓｗｉｎｇ               ｏｆ               ｔｈｅ               ｂｉｇ               ｂｕｌｌ               ｍａｒｋｅｔ               ｏｒ               ｅｌｓｅ               ｔｏ               ｍｅｅｔ               ｊｕｓｔ               ｏｎｅ               ｐｅｒｓｏｎ               ｗｉｔｈ               ｗｈｏｍ               ｈｅ               ｍｉｇｈｔ               ｄｉｓｃｕｓｓ               ｓｏｍｅ               ｇｅｎｅｒａｌ               ｄｏｕｂｔｓ               ｗｉｔｈｏｕｔ               ｂｅｉｎｇ               ｒｅｇａｒｄｅｄ               ａｓ               ａｎ               ｉｍｂｅｃｉｌｅ               ｏｒ               ａ               ｐｅｒｓｏｎ               ｏｆ               ｄｅｌｉｂｅｒａｔｅｌｙ               ｅｖｉｌ               ｉｎｔｅｎｔ               -               ｓｏｍｅ               ｋｉｎｄ               ｏｆ               ａｎａｒｃｈｉｓｔ,               ｐｅｒｈａｐｓ."                Ｔｈｅ               ｇｒｅａｔｅｓｔ               ａｎａｌｙｓｔｓ               ｗｉｔｈ               ｔｈｅ               ｍｏｓｔ               ｉｍｐｅｃｃａｂｌｅ               ｃｒｅｄｅｎｔｉａｌｓ               ａｎｄ               ｔｒａｃｋ               ｒｅｃｏｒｄｓ               ｆａｉｌｅｄ               ｔｏ               ｐｒｅｄｉｃｔ               ｔｈｅ               ｆｏｒｔｈｃｏｍｉｎｇ               ｃｒａｓｈ               ａｎｄ               ｔｈｅ               ｕｎｐｒｅｃｅｄｅｎｔｅｄ               ｅｃｏｎｏｍｉｃ               ｄｅｐｒｅｓｓｉｏｎ               ｔｈａｔ               ｆｏｌｌｏｗｅｄ               ｉｔ. Ｉｒｖｉｎｇ               Ｆｉｓｈｅｒ,               ａ               ｐｒｅｅｍｉｎｅｎｔ               ｅｃｏｎｏｍｉｓｔ,               ｗｈｏ,               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｈｉｓ               ｂｉｏｇｒａｐｈｅｒ-ｓｏｎ,               Ｉｒｖｉｎｇ               Ｎｏｒｔｏｎ               Ｆｉｓｈｅｒ,               ｌｏｓｔ               ｔｈｅ               ｅｑｕｉｖａｌｅｎｔ               ｏｆ               $140               ｍｉｌｌｉｏｎ               ｉｎ               ｔｏｄａｙ'ｓ               ｍｏｎｅｙ               ｉｎ               ｔｈｅ               ｃｒａｓｈ,               ｍａｄｅ               ａ               ｓｅｒｉｅｓ               ｏｆ               ｓｏｏｔｈｉｎｇ               ｐｒｅｄｉｃｔｉｏｎｓ. Ｏｎ               Ｏｃｔｏｂｅｒ               22               ｈｅ               ｕｔｔｅｒｅｄ               ｔｈｅｓｅ               ａｖｕｎｃｕｌａｒ               ｓｔａｔｅｍｅｎｔｓ:               "Ｑｕｏｔａｔｉｏｎｓ               ｈａｖｅ               ｎｏｔ               ｃａｕｇｈｔ               ｕｐ               ｗｉｔｈ               ｒｅａｌ               ｖａｌｕｅｓ               ａｓ               ｙｅｔ               ... (Ｔｈｅｒｅ               ｉｓ)               ｎｏ               ｃａｕｓｅ               ｆｏｒ               ａ               ｓｌｕｍｐ               ... Ｔｈｅ               ｍａｒｋｅｔ               ｈａｓ               ｎｏｔ               ｂｅｅｎ               ｉｎｆｌａｔｅｄ               ｂｕｔ               ｍｅｒｅｌｙ               ｒｅａｄｊｕｓｔｅｄ..."                Ｅｖｅｎ               ａｓ               ｔｈｅ               ｍａｒｋｅｔ               ｃｏｎｖｕｌｓｅｄ               ｏｎ               Ｂｌａｃｋ               Ｔｈｕｒｓｄａｙ,               Ｏｃｔｏｂｅｒ               24,               1929               ａｎｄ               ｏｎ               Ｂｌａｃｋ               Ｔｕｅｓｄａｙ,               Ｏｃｔｏｂｅｒ               29               -               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｔｉｍｅｓ               ｗｒｏｔｅ:               "Ｒａｌｌｙ               ａｔ               ｃｌｏｓｅ               ｃｈｅｅｒｓ               ｂｒｏｋｅｒｓ,               ｂａｎｋｅｒｓ               ｏｐｔｉｍｉｓｔｉｃ".                Ｉｎ               ａｎ               ｅｄｉｔｏｒｉａｌ               ｏｎ               Ｏｃｔｏｂｅｒ               26,               ｉｔ               ｂｌａｓｔｅｄ               ｒａｂｉｄ               ｓｐｅｃｕｌａｔｏｒｓ               ａｎｄ               ｃｏｍｐｌｉａｎｔ               ａｎａｌｙｓｔｓ:               "Ｗｅ               ｓｈａｌｌ               ｈｅａｒ               ｃｏｎｓｉｄｅｒａｂｌｙ               ｌｅｓｓ               ｉｎ               ｔｈｅ               ｆｕｔｕｒｅ               ｏｆ               ｔｈｏｓｅ               ｎｅｗｌｙ               ｉｎｖｅｎｔｅｄ               ｃｏｎｃｅｐｔｉｏｎｓ               ｏｆ               ｆｉｎａｎｃｅ               ｗｈｉｃｈ               ｒｅｖｉｓｅｄ               ｔｈｅ               ｐｒｉｎｃｉｐｌｅｓ               ｏｆ               ｐｏｌｉｔｉｃａｌ               ｅｃｏｎｏｍｙ               ｗｉｔｈ               ａ               ｖｉｅｗ               ｓｏｌｅｌｙ               ｔｏ               ｆｉｔｔｉｎｇ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ'ｓ               ｖａｇａｒｉｅｓ.''               Ｂｕｔ               ｉｔ               ｅｎｄｅｄ               ｔｈｕｓ:               "(Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｈａｓ)               ｉｎｓｕｒｅｄ               ｔｈｅ               ｓｏｕｎｄｎｅｓｓ               ｏｆ               ｔｈｅ               ｂｕｓｉｎｅｓｓ               ｓｉｔｕａｔｉｏｎ               ｗｈｅｎ               ｔｈｅ               ｓｐｅｃｕｌａｔｉｖｅ               ｍａｒｋｅｔｓ               ｗｅｎｔ               ｏｎ               ｔｈｅ               ｒｏｃｋｓ.''                Ｃｏｍｐａｒｅ               ｔｈｉｓ               ｔｏ               Ａｌａｎ               Ｇｒｅｅｎｓｐａｎ               Ｃｏｎｇｒｅｓｓｉｏｎａｌ               ｔｅｓｔｉｍｏｎｙ               ｔｈｉｓ               ｓｕｍｍｅｒ:               "Ｗｈｉｌｅ               ｂｕｂｂｌｅｓ               ｔｈａｔ               ｂｕｒｓｔ               ａｒｅ               ｓｃａｒｃｅｌｙ               ｂｅｎｉｇｎ,               ｔｈｅ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｎｅｅｄ               ｎｏｔ               ｂｅ               ｃａｔａｓｔｒｏｐｈｉｃ               ｆｏｒ               ｔｈｅ               ｅｃｏｎｏｍｙ               ... (Ｔｈｅ               Ｄｅｐｒｅｓｓｉｏｎ               ｗａｓ               ｂｒｏｕｇｈｔ               ｏｎ               ｂｙ)               ｅｎｓｕｉｎｇ               ｆａｉｌｕｒｅｓ               ｏｆ               ｐｏｌｉｃｙ."                Ｉｎｖｅｓｔｏｒｓ,               ｔｈｅｉｒ               ｅｑｕｉｔｙ               ｌｅｖｅｒａｇｅｄ               ｗｉｔｈ               ｂａｎｋ               ａｎｄ               ｂｒｏｋｅｒ               ｌｏａｎｓ,               ｃｒｏｗｄｅｄ               ｉｎｔｏ               ｓｔｏｃｋｓ               ｏｆ               ｅｘｃｉｔｉｎｇ               "ｎｅｗ               ｔｅｃｈｎｏｌｏｇｉｅｓ",               ｓｕｃｈ               ａｓ               ｔｈｅ               ｒａｄｉｏ               ａｎｄ               ｍａｓｓ               ｅｌｅｃｔｒｉｆｉｃａｔｉｏｎ. Ｔｈｅ               ｂｕｌｌ               ｍａｒｋｅｔ               -               ｅｓｐｅｃｉａｌｌｙ               ｉｎ               ｉｓｓｕｅｓ               ｏｆ               ｐｕｂｌｉｃ               ｕｔｉｌｉｔｉｅｓ               -               ｗａｓ               ｆｕｅｌｅｄ               ｂｙ               "ｍｅｒｇｅｒｓ,               ｎｅｗ               ｇｒｏｕｐｉｎｇｓ,               ｃｏｍｂｉｎａｔｉｏｎｓ               ａｎｄ               ｇｏｏｄ               ｅａｒｎｉｎｇｓ"               ａｎｄ               ｂｙ               ｃｏｒｐｏｒａｔｅ               ｐｕｒｃｈａｓｉｎｇ               ｆｏｒ               "ｅｍｐｌｏｙｅｅ               ｓｔｏｃｋ               ｆｕｎｄｓ".                Ｃａｕｔｉｏｎａｒｙ               ｖｏｉｃｅｓ               -               ｓｕｃｈ               ａｓ               Ｐａｕｌ               Ｗａｒｂｕｒｇ,               ｔｈｅ               ｉｎｆｌｕｅｎｔｉａｌ               ｂａｎｋｅｒ,               Ｒｏｇｅｒ               Ｂａｂｓｏｎ,               ｔｈｅ               "Ｐｒｏｐｈｅｔ               ｏｆ               Ｌｏｓｓ"               ａｎｄ               Ａｌｅｘａｎｄｅｒ               Ｎｏｙｅｓ,               ｔｈｅ               ｅｔｅｒｎａｌ               Ｃａｓｓａｎｄｒａ               ｆｒｏｍ               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｔｉｍｅｓ               -               ｗｅｒｅ               ｄｅｒｉｄｅｄ. Ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｂｒｏｋｅｒａｇｅ               ａｃｃｏｕｎｔｓ               ｄｏｕｂｌｅｄ               ｂｅｔｗｅｅｎ               Ｍａｒｃｈ               1927               ａｎｄ               Ｍａｒｃｈ               1929.                Ｗｈｅｎ               ｔｈｅ               ｍａｒｋｅｔ               ｃｏｒｒｅｃｔｅｄ               ｂｙ               8               ｐｅｒｃｅｎｔ               ｂｅｔｗｅｅｎ               Ｍａｒｃｈ               18-27               -               ｆｏｌｌｏｗｉｎｇ               ａ               Ｆｅｄ               ｉｎｄｕｃｅｄ               ｃｒｅｄｉｔ               ｃｒｕｎｃｈ               ａｎｄ               ａ               ｓｅｒｉｅｓ               ｏｆ               ｍｙｓｔｅｒｉｏｕｓ               ｃｌｏｓｅｄ-ｄｏｏｒ               ｓｅｓｓｉｏｎｓ               ｏｆ               ｔｈｅ               Ｆｅｄ'ｓ               ｂｏａｒｄ               -               ｂａｎｋｅｒｓ               ｒｕｓｈｅｄ               ｉｎ. Ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｔｉｍｅｓ               ｒｅｐｏｒｔｅｄ:               "Ｒｅｓｐｏｎｓｉｂｌｅ               ｂａｎｋｅｒｓ               ａｇｒｅｅ               ｔｈａｔ               ｓｔｏｃｋｓ               ｓｈｏｕｌｄ               ｎｏｗ               ｂｅ               ｓｕｐｐｏｒｔｅｄ,               ｈａｖｉｎｇ               ｒｅａｃｈｅｄ               ａ               ｌｅｖｅｌ               ｔｈａｔ               ｍａｋｅｓ               ｔｈｅｍ               ａｔｔｒａｃｔｉｖｅ.''               Ｂｙ               Ａｕｇｕｓｔ,               ｔｈｅ               ｍａｒｋｅｔ               ｗａｓ               ｕｐ               35               ｐｅｒｃｅｎｔ               ｏｎ               ｉｔｓ               Ｍａｒｃｈ               ｌｏｗｓ. Ｂｕｔ               ｉｔ               ｒｅａｃｈｅｄ               ａ               ｐｅａｋ               ｏｎ               Ｓｅｐｔｅｍｂｅｒ               3               ａｎｄ               ｉｔ               ｗａｓ               ｄｏｗｎｈｉｌｌ               ｓｉｎｃｅ               ｔｈｅｎ.                Ｏｎ               Ｏｃｔｏｂｅｒ               19,               ｆｉｖｅ               ｄａｙｓ               ｂｅｆｏｒｅ               "Ｂｌａｃｋ               Ｔｈｕｒｓｄａｙ",               Ｂｕｓｉｎｅｓｓ               Ｗｅｅｋ               ｐｕｂｌｉｓｈｅｄ               ｔｈｉｓ               ｓａｎｇｕｉｎｅ               ｐｒｏｇｎｏｓｉｓ:                "Ｎｏｗ,               ｏｆ               ｃｏｕｒｓｅ,               ｔｈｅ               ｃｒｕｃｉａｌ               ｗｅａｋｎｅｓｓｅｓ               ｏｆ               ｓｕｃｈ               ｐｅｒｉｏｄｓ               -               ｐｒｉｃｅ               ｉｎｆｌａｔｉｏｎ,               ｈｅａｖｙ               ｉｎｖｅｎｔｏｒｉｅｓ,               ｏｖｅｒ-ｅｘｔｅｎｓｉｏｎ               ｏｆ               ｃｏｍｍｅｒｃｉａｌ               ｃｒｅｄｉｔ               -               ａｒｅ               ｔｏｔａｌｌｙ               ａｂｓｅｎｔ. Ｔｈｅ               ｓｅｃｕｒｉｔｙ               ｍａｒｋｅｔ               ｓｅｅｍｓ               ｔｏ               ｂｅ               ｓｕｆｆｅｒｉｎｇ               ｏｎｌｙ               ａｎ               ａｔｔａｃｋ               ｏｆ               ｓｔｏｃｋ               ｉｎｄｉｇｅｓｔｉｏｎ... Ｔｈｅｒｅ               ｉｓ               ａｄｄｉｔｉｏｎａｌ               ｒｅａｓｓｕｒａｎｃｅ               ｉｎ               ｔｈｅ               ｆａｃｔ               ｔｈａｔ,               ｓｈｏｕｌｄ               ｂｕｓｉｎｅｓｓ               ｓｈｏｗ               ａｎｙ               ｆｕｒｔｈｅｒ               ｓｉｇｎｓ               ｏｆ               ｆａｔｉｇｕｅ,               ｔｈｅ               ｂａｎｋｉｎｇ               ｓｙｓｔｅｍ               ｉｓ               ｉｎ               ａ               ｇｏｏｄ               ｐｏｓｉｔｉｏｎ               ｎｏｗ               ｔｏ               ａｄｍｉｎｉｓｔｅｒ               ａｎｙ               ｎｅｅｄｅｄ               ｃｒｅｄｉｔ               ｔｏｎｉｃ               ｆｒｏｍ               ｉｔｓ               ｅｘｃｅｌｌｅｎｔ               Ｒｅｓｅｒｖｅ               ｓｕｐｐｌｙ."                Ｔｈｅ               ｃｒａｓｈ               ｕｎｆｏｌｄｅｄ               ｇｒａｄｕａｌｌｙ. Ｂｌａｃｋ               Ｔｈｕｒｓｄａｙ               ａｃｔｕａｌｌｙ               ｅｎｄｅｄ               ｗｉｔｈ               ａｎ               ｉｎｓｐｉｒｉｎｇ               ｒａｌｌｙ. Ｆｒｉｄａｙ               ａｎｄ               Ｓａｔｕｒｄａｙ               -               ｔｒａｄｉｎｇ               ｃｅａｓｅｄ               ｏｎｌｙ               ｏｎ               Ｓｕｎｄａｙｓ               -               ｗｉｔｎｅｓｓｅｄ               ａｎ               ｕｐｓｗｉｎｇ               ｆｏｌｌｏｗｅｄ               ｂｙ               ｍｉｌｄ               ｐｒｏｆｉｔ               ｔａｋｉｎｇ. Ｔｈｅ               ｍａｒｋｅｔ               ｄｒｏｐｐｅｄ               12.8               ｐｅｒｃｅｎｔ               ｏｎ               Ｍｏｎｄａｙ,               ｗｉｔｈ               Ｗｉｎｓｔｏｎ               Ｃｈｕｒｃｈｉｌｌ               ｗａｔｃｈｉｎｇ               ｆｒｏｍ               ｔｈｅ               ｖｉｓｉｔｏｒｓ'               ｇａｌｌｅｒｙ               -               ｉｎｃｕｒｒｉｎｇ               ａ               ｌｏｓｓ               ｏｆ               $10-14               ｂｉｌｌｉｏｎ.                Ｔｈｅ               Ｗａｌｌ               Ｓｔｒｅｅｔ               Ｊｏｕｒｎａｌ               ｗａｒｎｅｄ               ｎａｉｖｅ               ｉｎｖｅｓｔｏｒｓ:                "Ｍａｎｙ               ａｒｅ               ｌｏｏｋｉｎｇ               ｆｏｒ               ｔｅｃｈｎｉｃａｌ               ｃｏｒｒｅｃｔｉｖｅ               ｒｅａｃｔｉｏｎｓ               ｆｒｏｍ               ｔｉｍｅ               ｔｏ               ｔｉｍｅ,               ｂｕｔ               ｄｏ               ｎｏｔ               ｅｘｐｅｃｔ               ｔｈｅｓｅ               ｔｏ               ｄｉｓｔｕｒｂ               ｔｈｅ               ｕｐｗａｒｄ               ｔｒｅｎｄ               ｆｏｒ               ａｎｙ               ｐｒｏｌｏｎｇｅｄ               ｐｅｒｉｏｄ."                Ｔｈｅ               ｍａｒｋｅｔ               ｐｌｕｍｍｅｔｅｄ               ａｎｏｔｈｅｒ               11.7               ｐｅｒｃｅｎｔ               ｔｈｅ               ｎｅｘｔ               ｄａｙ               -               ｔｈｏｕｇｈ               ｔｒａｄｉｎｇ               ｅｎｄｅｄ               ｗｉｔｈ               ａｎ               ｉｍｐｒｅｓｓｉｖｅ               ｒａｌｌｙ               ｆｒｏｍ               ｔｈｅ               ｌｏｗｓ. Ｏｃｔｏｂｅｒ               31               ｗａｓ               ａ               ｇｏｏｄ               ｄａｙ               ｗｉｔｈ               ａ               "ｖｉｇｏｒｏｕｓ,               ｂｕｏｙａｎｔ               ｒａｌｌｙ               ｆｒｏｍ               ｂｅｌｌ               ｔｏ               ｂｅｌｌ". Ｅｖｅｎ               Ｒｏｃｋｅｆｅｌｌｅｒ               ｊｏｉｎｅｄ               ｔｈｅ               ｍｙｒｉａｄ               ｂｕｙｅｒｓ. Ｓｈａｒｅｓ               ｓｏａｒｅｄ. Ｉｔ               ｓｅｅｍｅｄ               ｔｈａｔ               ｔｈｅ               ｗｏｒｓｔ               ｗａｓ               ｏｖｅｒ.                Ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｔｉｍｅｓ               ｗａｓ               ｏｐｔｉｍｉｓｔｉｃ:                "Ｉｔ               ｉｓ               ｔｈｏｕｇｈｔ               ｔｈａｔ               ｓｔｏｃｋｓ               ｗｉｌｌ               ｂｅｃｏｍｅ               ｓｔａｂｉｌｉｚｅｄ               ａｔ               ｔｈｅｉｒ               ａｃｔｕａｌ               ｗｏｒｔｈ               ｌｅｖｅｌｓ,               ｓｏｍｅ               ｈｉｇｈｅｒ               ａｎｄ               ｓｏｍｅ               ｌｏｗｅｒ               ｔｈａｎ               ｔｈｅ               ｐｒｅｓｅｎｔ               ｏｎｅｓ,               ａｎｄ               ｔｈａｔ               ｔｈｅ               ｓｅｌｌｉｎｇ               ｐｒｉｃｅｓ               ｗｉｌｌ               ｂｅ               ｇｕｉｄｅｄ               ｉｎ               ｔｈｅ               ｉｍｍｅｄｉａｔｅ               ｆｕｔｕｒｅ               ｂｙ               ｔｈｅ               ｗｏｒｔｈ               ｏｆ               ｅａｃｈ               ｐａｒｔｉｃｕｌａｒ               ｓｅｃｕｒｉｔｙ,               ｂａｓｅｄ               ｏｎ               ｉｔｓ               ｄｉｖｉｄｅｎｄ               ｒｅｃｏｒｄ,               ｅａｒｎｉｎｇｓ               ａｂｉｌｉｔｙ               ａｎｄ               ｐｒｏｓｐｅｃｔｓ. Ｌｉｔｔｌｅ               ｉｓ               ｈｅａｒｄ               ｉｎ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｔｈｅｓｅ               ｄａｙｓ               ａｂｏｕｔ               'ｐｕｔｔｉｎｇ               ｓｔｏｃｋｓ               ｕｐ."                Ｂｕｔ               ｉｔ               ｗａｓ               ｎｏｔ               ｌｏｎｇ               ｂｅｆｏｒｅ               ｉｒａｔｅ               ｃｕｓｔｏｍｅｒｓ               ｂｅｇａｎ               ｂｌａｍｉｎｇ               ｔｈｅｉｒ               ｓｔｕｐｅｎｄｏｕｓ               ｌｏｓｓｅｓ               ｏｎ               ａｄｖｉｃｅ               ｔｈｅｙ               ｒｅｃｅｉｖｅｄ               ｆｒｏｍ               ｔｈｅｉｒ               ｂｒｏｋｅｒｓ. Ａｌｅｃ               Ｗｉｌｄｅｒ,               ａ               ｓｏｎｇｗｒｉｔｅｒ               ｉｎ               Ｎｅｗ               Ｙｏｒｋ               ｉｎ               1929,               ｉｎｔｅｒｖｉｅｗｅｄ               ｂｙ               Ｓｔｕｄ               Ｔｅｒｋｅｌ               ｉｎ               "Ｈａｒｄ               Ｔｉｍｅｓ"               ｆｏｕｒ               ｄｅｃａｄｅｓ               ｌａｔｅｒ,               ｄｅｓｃｒｉｂｅｄ               ｔｈｉｓ               ｔｙｐｉｃａｌ               ｅｘｃｈａｎｇｅ               ｗｉｔｈ               ｈｉｓ               ｍｏｎｅｙ               ｍａｎａｇｅｒ:                "Ｉ               ｋｎｅｗ               ｓｏｍｅｔｈｉｎｇ               ｗａｓ               ｔｅｒｒｉｂｌｙ               ｗｒｏｎｇ               ｂｅｃａｕｓｅ               Ｉ               ｈｅａｒｄ               ｂｅｌｌｂｏｙｓ,               ｅｖｅｒｙｂｏｄｙ,               ｔａｌｋｉｎｇ               ａｂｏｕｔ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ. Ａｂｏｕｔ               ｓｉｘ               ｗｅｅｋｓ               ｂｅｆｏｒｅ               ｔｈｅ               Ｗａｌｌ               Ｓｔｒｅｅｔ               Ｃｒａｓｈ,               Ｉ               ｐｅｒｓｕａｄｅｄ               ｍｙ               ｍｏｔｈｅｒ               ｉｎ               Ｒｏｃｈｅｓｔｅｒ               ｔｏ               ｌｅｔ               ｍｅ               ｔａｌｋ               ｔｏ               ｏｕｒ               ｆａｍｉｌｙ               ａｄｖｉｓｅｒ. Ｉ               ｗａｎｔｅｄ               ｔｏ               ｓｅｌｌ               ｓｔｏｃｋ               ｗｈｉｃｈ               ｈａｄ               ｂｅｅｎ               ｌｅｆｔ               ｍｅ               ｂｙ               ｍｙ               ｆａｔｈｅｒ. Ｈｅ               ｇｏｔ               ｖｅｒｙ               ｓｅｎｔｉｍｅｎｔａｌ:               'Ｏｈ               ｙｏｕｒ               ｆａｔｈｅｒ               ｗｏｕｌｄｎ'ｔ               ｈａｖｅ               ｌｉｋｅｄ               ｙｏｕ               ｔｏ               ｄｏ               ｔｈａｔ.'               Ｈｅ               ｗａｓ               ｓｏ               ｐｅｒｓｕａｓｉｖｅ,               Ｉ               ｓａｉｄ               Ｏ.Ｋ. Ｉ               ｃｏｕｌｄ               ｈａｖｅ               ｓｏｌｄ               ｉｔ               ｆｏｒ               $160,000. Ｆｏｕｒ               ｙｅａｒｓ               ｌａｔｅｒ,               Ｉ               ｓｏｌｄ               ｉｔ               ｆｏｒ               $4,000."                Ｅｘｈａｕｓｔｅｄ               ａｎｄ               ｎｕｍｂ               ｆｒｏｍ               ｄａｙｓ               ｏｆ               ｈｅｃｔｉｃ               ｔｒａｄｉｎｇ               ａｎｄ               ｂａｃｋ               ｏｆｆｉｃｅ               ｏｐｅｒａｔｉｏｎｓ,               ｔｈｅ               ｂｒｏｋｅｒａｇｅ               ｈｏｕｓｅｓ               ｐｒｅｓｓｕｒｅｄ               ｔｈｅ               ｓｔｏｃｋ               ｅｘｃｈａｎｇｅ               ｔｏ               ｄｅｃｌａｒｅ               ａ               ｔｗｏ               ｄａｙ               ｔｒａｄｉｎｇ               ｈｏｌｉｄａｙ. Ｅｘｃｈａｎｇｅｓ               ａｒｏｕｎｄ               Ｎｏｒｔｈ               Ａｍｅｒｉｃａ               ｆｏｌｌｏｗｅｄ               ｓｕｉｔ.                Ａｔ               ｆｉｒｓｔ,               ｔｈｅ               Ｆｅｄ               ｒｅｆｕｓｅｄ               ｔｏ               ｒｅｄｕｃｅ               ｔｈｅ               ｄｉｓｃｏｕｎｔ               ｒａｔｅ. "(Ｔｈｅｒｅ)               ｗａｓ               ｎｏ               ｃｈａｎｇｅ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｃｏｎｄｉｔｉｏｎｓ               ｗｈｉｃｈ               ｔｈｅ               ｂｏａｒｄ               ｔｈｏｕｇｈｔ               ｃａｌｌｅｄ               ｆｏｒ               ｉｔｓ               ａｃｔｉｏｎ."               -               ｔｈｏｕｇｈ               ｉｔ               ｄｉｄ               ｉｎｊｅｃｔ               ｌｉｑｕｉｄｉｔｙ               ｉｎｔｏ               ｔｈｅ               ｍｏｎｅｙ               ｍａｒｋｅｔ               ｂｙ               ｐｕｒｃｈａｓｉｎｇ               ｇｏｖｅｒｎｍｅｎｔ               ｂｏｎｄｓ. Ｔｈｅｎ,               ｉｔ               ｐａｒｔｉａｌｌｙ               ｓｕｃｃｕｍｂｅｄ               ａｎｄ               ｒｅｄｕｃｅｄ               ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               ｄｉｓｃｏｕｎｔ               ｒａｔｅ,               ｗｈｉｃｈ,               ｃｕｒｉｏｕｓｌｙ,               ｗａｓ               1               ｐｅｒｃｅｎｔ               ａｂｏｖｅ               ｔｈｅ               ｏｔｈｅｒ               Ｆｅｄ               ｄｉｓｔｒｉｃｔｓ               -               ｂｙ               1               ｐｅｒｃｅｎｔ. Ｔｈｉｓ               ｗａｓ               ｔｏｏ               ｌｉｔｔｌｅ               ａｎｄ               ｔｏｏ               ｌａｔｅ. Ｔｈｅ               ｍａｒｋｅｔ               ｎｅｖｅｒ               ｒｅｃｏｖｅｒｅｄ               ａｆｔｅｒ               Ｎｏｖｅｍｂｅｒ               1. Ｄｅｓｐｉｔｅ               ｆｕｒｔｈｅｒ               ｒｅｄｕｃｔｉｏｎｓ               ｉｎ               ｔｈｅ               ｄｉｓｃｏｕｎｔ               ｒａｔｅ               ｔｏ               4               ｐｅｒｃｅｎｔ,               ｉｔ               ｓｈｅｄ               ａ               ｗｈｏｐｐｉｎｇ               89               ｐｅｒｃｅｎｔ               ｉｎ               ｎｏｍｉｎａｌ               ｔｅｒｍｓ               ｗｈｅｎ               ｉｔ               ｈｉｔ               ｂｏｔｔｏｍ               ｔｈｒｅｅ               ｙｅａｒｓ               ｌａｔｅｒ.                Ｅｖｅｒｙｏｎｅ               ｗａｓ               ｄｕｐｅｄ. Ｔｈｅ               ｒｉｃｈ               ｗｅｒｅ               ｉｍｐｏｖｅｒｉｓｈｅｄ               ｏｖｅｒｎｉｇｈｔ. Ｓｍａｌｌ               ｔｉｍｅ               ｍａｒｇｉｎ               ｔｒａｄｅｒｓ               -               ｔｈｅ               ｆｏｒｅｒｕｎｎｅｒｓ               ｏｆ               ｔｏｄａｙ'ｓ               ｄａｙ               ｔｒａｄｅｒｓ               -               ｌｏｓｔ               ｔｈｅｉｒ               ｓｈｉｒｔｓ               ａｎｄ               ｍｕｃｈ               ｅｌｓｅ               ｂｅｓｉｄｅｓ. Ｔｈｅ               Ｎｅｗ               Ｙｏｒｋ               Ｔｉｍｅｓ:                "Ｙｅｓｔｅｒｄａｙ'ｓ               ｍａｒｋｅｔ               ｃｒａｓｈ               ｗａｓ               ｏｎｅ               ｗｈｉｃｈ               ｌａｒｇｅｌｙ               ａｆｆｅｃｔｅｄ               ｒｉｃｈ               ｍｅｎ,               ｉｎｓｔｉｔｕｔｉｏｎｓ,               ｉｎｖｅｓｔｍｅｎｔ               ｔｒｕｓｔｓ               ａｎｄ               ｏｔｈｅｒｓ               ｗｈｏ               ｐａｒｔｉｃｉｐａｔｅ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ｏｎ               ａ               ｂｒｏａｄ               ａｎｄ               ｉｎｔｅｌｌｉｇｅｎｔ               ｓｃａｌｅ. Ｉｔ               ｗａｓ               ｎｏｔ               ｔｈｅ               ｍａｒｇｉｎ               ｔｒａｄｅｒｓ               ｗｈｏ               ｗｅｒｅ               ｃａｕｇｈｔ               ｉｎ               ｔｈｅ               ｒｕｓｈ               ｔｏ               ｓｅｌｌ,               ｂｕｔ               ｔｈｅ               ｒｉｃｈ               ｍｅｎ               ｏｆ               ｔｈｅ               ｃｏｕｎｔｒｙ               ｗｈｏ               ａｒｅ               ａｂｌｅ               ｔｏ               ｓｗｉｎｇ               ｂｌｏｃｋｓ               ｏｆ               5,000,               10,000,               ｕｐ               ｔｏ               100,000               ｓｈａｒｅｓ               ｏｆ               ｈｉｇｈ-ｐｒｉｃｅｄ               ｓｔｏｃｋｓ. Ｔｈｅｙ               ｗｅｎｔ               ｏｖｅｒｂｏａｒｄ               ｗｉｔｈ               ｎｏ               ｍｏｒｅ               ｃｏｎｓｉｄｅｒａｔｉｏｎ               ｔｈａｎ               ｔｈｅ               ｌｉｔｔｌｅ               ｔｒａｄｅｒ               ｗｈｏ               ｗａｓ               ｓｗｅｐｔ               ｏｕｔ               ｏｎ               ｔｈｅ               ｆｉｒｓｔ               ｄａｙ               ｏｆ               ｔｈｅ               ｍａｒｋｅｔ'ｓ               ｕｐｈｅａｖａｌ,               ｗｈｏｓｅ               ｐｒｉｃｅｓ,               ｅｖｅｎ               ａｔ               ｔｈｅｉｒ               ｌｏｗｅｓｔ               ｏｆ               ｌａｓｔ               Ｔｈｕｒｓｄａｙ,               ｎｏｗ               ｌｏｏｋ               ｈｉｇｈ               ｂｙ               ｃｏｍｐａｒｉｓｏｎ               ... Ｔｏ               ｍｏｓｔ               ｏｆ               ｔｈｏｓｅ               ｗｈｏ               ｈａｖｅ               ｂｅｅｎ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ｉｔ               ｉｓ               ａｌｌ               ｔｈｅ               ｍｏｒｅ               ａｗｅ-ｉｎｓｐｉｒｉｎｇ               ｂｅｃａｕｓｅ               ｔｈｅｉｒ               ｆｉｎａｎｃｉａｌ               ｈｉｓｔｏｒｙ               ｉｓ               ｌｉｍｉｔｅｄ               ｔｏ               ｂｕｌｌ               ｍａｒｋｅｔｓ."                Ｏｖｅｒｓｅａｓ               -               ｍａｉｎｌｙ               Ｅｕｒｏｐｅａｎ               -               ｓｅｌｌｉｎｇ               ｗａｓ               ａｎ               ｉｍｐｏｒｔａｎｔ               ｆａｃｔｏｒ. Ｓｏｍｅ               ｃｏｎｓｐｉｒａｃｙ               ｔｈｅｏｒｉｓｔｓ,               ｓｕｃｈ               ａｓ               Ｗｅｂｓｔｅｒ               Ｔａｒｐｌｅｙ               ｉｎ               ｈｉｓ               "Ｂｒｉｔｉｓｈ               Ｆｉｎａｎｃｉａｌ               Ｗａｒｆａｒｅ",               ｓｕｐｐｏｒｔｅｄ               ｂｙ               ｃｏｎｔｅｍｐｏｒａｒｙ               ｒｅｐｏｒｔｉｎｇ               ｂｙ               ｔｈｅ               ｌｉｋｅｓ               ｏｆ               "Ｔｈｅ               Ｅｃｏｎｏｍｉｓｔ",               ｗｅｎｔ               ａｓ               ｆａｒ               ａｓ               ｗｒｉｔｉｎｇ:                "Ｗｈｅｎ               ｔｈｉｓ               Ｗａｌｌ               Ｓｔｒｅｅｔ               Ｂｕｂｂｌｅ               ｈａｄ               ｒｅａｃｈｅｄ               ｇａｒｇａｎｔｕａｎ               ｐｒｏｐｏｒｔｉｏｎｓ               ｉｎ               ｔｈｅ               ａｕｔｕｍｎ               ｏｆ               1929,               (Ｌｏｒｄ)               Ｍｏｎｔａｇｕ               Ｎｏｒｍａｎ               (ｇｏｖｅｒｎｏｒ               ｏｆ               ｔｈｅ               Ｂａｎｋ               ｏｆ               Ｅｎｇｌａｎｄ               1920-1944)               ｓｈａｒｐｌｙ               (ｕｐｐｅｄ)               ｔｈｅ               Ｂｒｉｔｉｓｈ               ｂａｎｋ               ｒａｔｅ,               ｒｅｐａｔｒｉａｔｉｎｇ               Ｂｒｉｔｉｓｈ               ｈｏｔ               ｍｏｎｅｙ,               ａｎｄ               ｐｕｌｌｉｎｇ               ｔｈｅ               ｒｕｇ               ｏｕｔ               ｆｒｏｍ               ｕｎｄｅｒ               ｔｈｅ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｓｐｅｃｕｌａｔｏｒｓ,               ｔｈｕｓ               ｄｅｌｉｂｅｒａｔｅｌｙ               ａｎｄ               ｃｏｎｓｃｉｏｕｓｌｙ               ｉｍｐｌｏｄｉｎｇ               ｔｈｅ               ＵＳ               ｍａｒｋｅｔｓ. Ｔｈｉｓ               ｃａｕｓｅｄ               ａ               ｖｉｏｌｅｎｔ               ｄｅｐｒｅｓｓｉｏｎ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ａｎｄ               ｓｏｍｅ               ｏｔｈｅｒ               ｃｏｕｎｔｒｉｅｓ,               ｗｉｔｈ               ｔｈｅ               ｃｏｌｌａｐｓｅ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｍａｒｋｅｔｓ               ａｎｄ               ｔｈｅ               ｃｏｎｔｒａｃｔｉｏｎ               ｏｆ               ｐｒｏｄｕｃｔｉｏｎ               ａｎｄ               ｅｍｐｌｏｙｍｅｎｔ. Ｉｎ               1929,               Ｎｏｒｍａｎ               ｅｎｇｉｎｅｅｒｅｄ               ａ               ｃｏｌｌａｐｓｅ               ｂｙ               ｐｕｎｃｔｕｒｉｎｇ               ｔｈｅ               ｂｕｂｂｌｅ."                Ｔｈｅ               ｃｒａｓｈ               ｗａｓ,               ｉｎ               ｌａｒｇｅ               ｐａｒｔ,               ａ               ｒｅａｃｔｉｏｎ               ｔｏ               ａ               ｓｈａｒｐ               ｒｅｖｅｒｓａｌ,               ｓｔａｒｔｉｎｇ               ｉｎ               1928,               ｏｆ               ｔｈｅ               ｒｅｆｌａｔｉｏｎａｒｙ,               "ｃｈｅａｐ               ｍｏｎｅｙ",               ｐｏｌｉｃｉｅｓ               ｏｆ               ｔｈｅ               Ｆｅｄ               ｉｎｔｅｎｄｅｄ,               ａｓ               Ａｄｏｌｐｈ               Ｍｉｌｌｅｒ               ｏｆ               ｔｈｅ               Ｆｅｄ'ｓ               Ｂｏａｒｄ               ｏｆ               Ｇｏｖｅｒｎｏｒｓ               ｔｏｌｄ               ａ               Ｓｅｎａｔｅ               ｃｏｍｍｉｔｔｅｅ,               "ｔｏ               ｂｒｉｎｇ               ｄｏｗｎ               ｍｏｎｅｙ               ｒａｔｅｓ,               ｔｈｅ               ｃａｌｌ               ｒａｔｅ               ａｍｏｎｇ               ｔｈｅｍ,               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｉｍｐｏｒｔａｎｃｅ               ｔｈｅ               ｃａｌｌ               ｒａｔｅ               ｈａｄ               ｃｏｍｅ               ｔｏ               ａｃｑｕｉｒｅ. Ｔｈｅ               ｐｕｒｐｏｓｅ               ｗａｓ               ｔｏ               ｓｔａｒｔ               ａｎ               ｏｕｔｆｌｏｗ               ｏｆ               ｇｏｌｄ               -               ｔｏ               ｒｅｖｅｒｓｅ               ｔｈｅ               ｐｒｅｖｉｏｕｓ               ｉｎｆｌｏｗ               ｏｆ               ｇｏｌｄ               ｉｎｔｏ               ｔｈｉｓ               ｃｏｕｎｔｒｙ               (ｂａｃｋ               ｔｏ               Ｂｒｉｔａｉｎ)."               Ｂｕｔ               ｔｈｅ               Ｆｅｄ               ｈａｄ               ａｌｒｅａｄｙ               ｌｏｓｔ               ｃｏｎｔｒｏｌ               ｏｆ               ｔｈｅ               ｓｐｅｃｕｌａｔｉｖｅ               ｒｕｓｈ.                Ｔｈｅ               ｃｒａｓｈ               ｏｆ               1929               ｗａｓ               ｎｏｔ               ｗｉｔｈｏｕｔ               ｉｔｓ               Ｅｎｒｏｎｓ               ａｎｄ               Ｗｏｒｌｄ.ｃｏｍ'ｓ. Ｃｌａｒｅｎｃｅ               Ｈａｔｒｙ               ａｎｄ               ｈｉｓ               ａｓｓｏｃｉａｔｅｓ               ａｄｍｉｔｔｅｄ               ｔｏ               ｆｏｒｇｉｎｇ               ｔｈｅ               ａｃｃｏｕｎｔｓ               ｏｆ               ｔｈｅｉｒ               ｉｎｖｅｓｔｍｅｎｔ               ｇｒｏｕｐ               ｔｏ               ｓｈｏｗ               ａ               ｆａｋｅ               ｎｅｔ               ｗｏｒｔｈ               ｏｆ               $24               ｍｉｌｌｉｏｎ               Ｂｒｉｔｉｓｈ               ｐｏｕｎｄｓ               -               ｒａｔｈｅｒ               ｔｈａｎ               ｔｈｅ               ｔｒｕｅ               ｐｉｃｔｕｒｅ               ｏｆ               19               ｂｉｌｌｉｏｎ               ｉｎ               ｌｉａｂｉｌｉｔｉｅｓ. Ｔｈｉｓ               ｌｅｄ               ｔｏ               ｆｏｒｃｅｄ               ｌｉｑｕｉｄａｔｉｏｎ               ｏｆ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｐｏｓｉｔｉｏｎｓ               ｂｙ               ｈａｒｒｉｅｄ               Ｂｒｉｔｉｓｈ               ｆｉｎａｎｃｉｅｒｓ.                Ｔｈｅ               ｃｏｌｌａｐｓｅ               ｏｆ               Ｍｉｄｄｌｅ               Ｗｅｓｔ               Ｕｔｉｌｉｔｉｅｓ,               ｒｕｎ               ｂｙ               ｔｈｅ               ｅｎｅｒｇｙ               ｔｙｃｏｏｎ,               Ｓａｍｕｅｌ               Ｉｎｓｕｌｌ,               ｅｘｐｏｓｅｄ               ａ               ｗｅｂ               ｏｆ               ｏｆｆｓｈｏｒｅ               ｈｏｌｄｉｎｇ               ｃｏｍｐａｎｉｅｓ               ｗｈｏｓｅ               ｏｎｌｙ               ｐｕｒｐｏｓｅ               ｗａｓ               ｔｏ               ｈｉｄｅ               ｌｏｓｓｅｓ               ａｎｄ               ｄｉｓｇｕｉｓｅ               ｌｅｖｅｒａｇｅ. Ｔｈｅ               ｆｏｒｍｅｒ               ｐｒｅｓｉｄｅｎｔ               ｏｆ               ＮＹＳＥ,               Ｒｉｃｈａｒｄ               Ｗｈｉｔｎｅｙ               ｗａｓ               ａｒｒｅｓｔｅｄ               ｆｏｒ               ｌａｒｃｅｎｙ.                Ａｎａｌｙｓｔｓ               ａｎｄ               ｃｏｍｍｅｎｔａｔｏｒｓ               ｔｈｏｕｇｈｔ               ｏｆ               ｔｈｅ               ｓｔｏｃｋ               ｅｘｃｈａｎｇｅ               ａｓ               ｄｅｃｏｕｐｌｅｄ               ｆｒｏｍ               ｔｈｅ               ｒｅａｌ               ｅｃｏｎｏｍｙ. Ｏｎｌｙ               ｏｎｅ               ｔｅｎｔｈ               ｏｆ               ｔｈｅ               ｐｏｐｕｌａｔｉｏｎ               ｗａｓ               ｉｎｖｅｓｔｅｄ               -               ｃｏｍｐａｒｅｄ               ｔｏ               40               ｐｅｒｃｅｎｔ               ｔｏｄａｙ. "Ｔｈｅ               Ｗｏｒｌｄ"               ｗｒｏｔｅ,               ｗｉｔｈ               ｍｏｒｅ               ｔｈａｎ               ａ               ｂｉｔ               ｏｆ               Ｓｃｈａｄｅｎｆｒｅｕｄｅ:               "Ｔｈｅ               ｃｏｕｎｔｒｙ               ｈａｓ               ｎｏｔ               ｓｕｆｆｅｒｅｄ               ａ               ｃａｔａｓｔｒｏｐｈｅ               ... Ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｅｏｐｌｅ               ... ｈａｓ               ｂｅｅｎ               ｇａｍｂｌｉｎｇ               ｌａｒｇｅｌｙ               ｗｉｔｈ               ｔｈｅ               ｓｕｒｐｌｕｓ               ｏｆ               ｉｔｓ               ａｓｔｏｎｉｓｈｉｎｇ               ｐｒｏｓｐｅｒｉｔｙ."                "Ｔｈｅ               Ｄａｉｌｙ               Ｎｅｗｓ"               ｃｏｎｃｕｒｒｅｄ:               "Ｔｈｅ               ｓａｇｇｉｎｇ               ｏｆ               ｔｈｅ               ｓｔｏｃｋｓ               ｈａｓ               ｎｏｔ               ｄｅｓｔｒｏｙｅｄ               ａ               ｓｉｎｇｌｅ               ｆａｃｔｏｒｙ,               ｗｉｐｅｄ               ｏｕｔ               ａ               ｓｉｎｇｌｅ               ｆａｒｍ               ｏｒ               ｃｉｔｙ               ｌｏｔ               ｏｒ               ｒｅａｌ               ｅｓｔａｔｅ               ｄｅｖｅｌｏｐｍｅｎｔ,               ｄｅｃｒｅａｓｅｄ               ｔｈｅ               ｐｒｏｄｕｃｔｉｖｅ               ｐｏｗｅｒｓ               ｏｆ               ａ               ｓｉｎｇｌｅ               ｗｏｒｋｍａｎ               ｏｒ               ｍａｃｈｉｎｅ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ."               Ｉｎ               Ｌｏｕｉｓｖｉｌｌｅ,               ｔｈｅ               "Ｈｅｒａｌｄ               Ｐｏｓｔ"               ｃｏｍｍｅｎｔｅｄ               ｓａｇｅｌｙ:               "Ｗｈｉｌｅ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ｗａｓ               ｇｅｔｔｉｎｇ               ｒｉｄ               ｏｆ               ｉｔｓ               ｗｅａｋ               ｈｏｌｄｅｒ               ｔｏ               ｔｈｅｉｒ               ｏｗｎ               ｍｏｓｔ               ｄｒａｓｔｉｃ               ｐｕｎｉｓｈｍｅｎｔ,               ｇｒａｉｎ               ｗａｓ               ｓｔｒｏｎｇｅｒ. Ｔｈａｔ               ｗｉｌｌ               ｇｏ               ｔｏ               ｔｈｅ               ｃｒｅｄｉｔ               ｓｉｄｅ               ｏｆ               ｔｈｅ               ｎａｔｉｏｎａｌ               ｐｒｏｓｐｅｒｉｔｙ               ａｎｄ               ｈｅｌｐ               ｒｅｐｌａｃｅ               ｔｈａｔ               ｂｕｙｉｎｇ               ｐｏｗｅｒ               ｗｈｉｃｈ               ｓｏｍｅ               ｆｅａｒ               ｈａｓ               ｂｅｅｎ               ｇｒａｖｅｌｙ               ｉｍｐａｉｒｅｄ."                Ｄｕｒｉｎｇ               ｔｈｅ               Ｃｏｏｌｉｄｇｅ               ｐｒｅｓｉｄｅｎｃｙ,               ａｃｃｏｒｄｉｎｇ               ｔｏ               ｔｈｅ               Ｅｎｃｙｃｌｏｐｅｄｉａ               Ｂｒｉｔａｎｎｉｃａ,               "ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄｓ               ｒｏｓｅ               ｂｙ               108               ｐｅｒｃｅｎｔ,               ｃｏｒｐｏｒａｔｅ               ｐｒｏｆｉｔｓ               ｂｙ               76               ｐｅｒｃｅｎｔ,               ａｎｄ               ｗａｇｅｓ               ｂｙ               33               ｐｅｒｃｅｎｔ. Ｉｎ               1929,               4,455,100               ｐａｓｓｅｎｇｅｒ               ｃａｒｓ               ｗｅｒｅ               ｓｏｌｄ               ｂｙ               Ａｍｅｒｉｃａｎ               ｆａｃｔｏｒｉｅｓ,               ｏｎｅ               ｆｏｒ               ｅｖｅｒｙ               27               ｍｅｍｂｅｒｓ               ｏｆ               ｔｈｅ               ｐｏｐｕｌａｔｉｏｎ,               ａ               ｒｅｃｏｒｄ               ｔｈａｔ               ｗａｓ               ｎｏｔ               ｂｒｏｋｅｎ               ｕｎｔｉｌ               1950. Ｐｒｏｄｕｃｔｉｖｉｔｙ               ｗａｓ               ｔｈｅ               ｋｅｙ               ｔｏ               Ａｍｅｒｉｃａ'ｓ               ｅｃｏｎｏｍｉｃ               ｇｒｏｗｔｈ. Ｂｅｃａｕｓｅ               ｏｆ               ｉｍｐｒｏｖｅｍｅｎｔｓ               ｉｎ               ｔｅｃｈｎｏｌｏｇｙ,               ｏｖｅｒａｌｌ               ｌａｂｏｕｒ               ｃｏｓｔｓ               ｄｅｃｌｉｎｅｄ               ｂｙ               ｎｅａｒｌｙ               10               ｐｅｒｃｅｎｔ,               ｅｖｅｎ               ｔｈｏｕｇｈ               ｔｈｅ               ｗａｇｅｓ               ｏｆ               ｉｎｄｉｖｉｄｕａｌ               ｗｏｒｋｅｒｓ               ｒｏｓｅ."                Ｊｕｄｅ               Ｗａｎｉｎｓｋｉ               ａｄｄｓ               ｉｎ               ｈｉｓ               ｔｏｍｅ               "Ｔｈｅ               Ｗａｙ               ｔｈｅ               Ｗｏｒｌｄ               Ｗｏｒｋｓ"               ｔｈａｔ               "ｂｅｔｗｅｅｎ               1921               ａｎｄ               1929,               ＧＮＰ               ｇｒｅｗ               ｔｏ               $103.1               ｂｉｌｌｉｏｎ               ｆｒｏｍ               $69.6               ｂｉｌｌｉｏｎ. Ａｎｄ               ｂｅｃａｕｓｅ               ｐｒｉｃｅｓ               ｗｅｒｅ               ｆａｌｌｉｎｇ,               ｒｅａｌ               ｏｕｔｐｕｔ               ｉｎｃｒｅａｓｅｄ               ｅｖｅｎ               ｆａｓｔｅｒ."               Ｔａｘ               ｒａｔｅｓ               ｗｅｒｅ               ｓｈａｒｐｌｙ               ｒｅｄｕｃｅｄ.                Ｊｏｈｎ               Ｋｅｎｎｅｔｈ               Ｇａｌｂｒａｉｔｈ               ｎｏｔｅｄ               ｔｈｅｓｅ               ｄａｔａ               ｉｎ               ｈｉｓ               ｓｅｍｉｎａｌ               "Ｔｈｅ               Ｇｒｅａｔ               Ｃｒａｓｈ":                "Ｂｅｔｗｅｅｎ               1925               ａｎｄ               1929,               ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｍａｎｕｆａｃｔｕｒｉｎｇ               ｅｓｔａｂｌｉｓｈｍｅｎｔｓ               ｉｎｃｒｅａｓｅｄ               ｆｒｏｍ               183,900               ｔｏ               206,700;               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｔｈｅｉｒ               ｏｕｔｐｕｔ               ｒｏｓｅ               ｆｒｏｍ               $60.8               ｂｉｌｌｉｏｎｓ               ｔｏ               $68               ｂｉｌｌｉｏｎｓ. Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ｉｎｄｅｘ               ｏｆ               ｉｎｄｕｓｔｒｉａｌ               ｐｒｏｄｕｃｔｉｏｎ               ｗｈｉｃｈ               ｈａｄ               ａｖｅｒａｇｅｄ               ｏｎｌｙ               67               ｉｎ               1921               ... ｈａｄ               ｒｉｓｅｎ               ｔｏ               110               ｂｙ               Ｊｕｌｙ               1928,               ａｎｄ               ｉｔ               ｒｅａｃｈｅｄ               126               ｉｎ               Ｊｕｎｅ               1929               ... (ｂｕｔ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｐｅｏｐｌｅ)               ｗｅｒｅ               ａｌｓｏ               ｄｉｓｐｌａｙｉｎｇ               ａｎ               ｉｎｏｒｄｉｎａｔｅ               ｄｅｓｉｒｅ               ｔｏ               ｇｅｔ               ｒｉｃｈ               ｑｕｉｃｋｌｙ               ｗｉｔｈ               ａ               ｍｉｎｉｍｕｍ               ｏｆ               ｐｈｙｓｉｃａｌ               ｅｆｆｏｒｔ."                Ｐｅｒｓｏｎａｌ               ｂｏｒｒｏｗｉｎｇ               ｆｏｒ               ｃｏｎｓｕｍｐｔｉｏｎ               ｐｅａｋｅｄ               ｉｎ               1928               -               ｔｈｏｕｇｈ               ｔｈｅ               ａｄｍｉｎｉｓｔｒａｔｉｏｎ,               ｕｎｌｉｋｅ               ｔｏｄａｙ,               ｍａｉｎｔａｉｎｅｄ               ｔｗｉｎ               ｆｉｓｃａｌ               ａｎｄ               ｃｕｒｒｅｎｔ               ａｃｃｏｕｎｔ               ｓｕｒｐｌｕｓｅｓ               ａｎｄ               ｔｈｅ               ＵＳＡ               ｗａｓ               ａ               ｌａｒｇｅ               ｎｅｔ               ｃｒｅｄｉｔｏｒ. Ｃｈａｒｌｅｓ               Ｋｅｔｔｅｒｉｎｇ,               ｈｅａｄ               ｏｆ               ｔｈｅ               ｒｅｓｅａｒｃｈ               ｄｉｖｉｓｉｏｎ               ｏｆ               Ｇｅｎｅｒａｌ               Ｍｏｔｏｒｓ               ｄｅｓｃｒｉｂｅｄ               ｃｏｎｓｕｍｅｒｉｔｉｓ               ｔｈｕｓ,               ｊｕｓｔ               ｄａｙｓ               ｂｅｆｏｒｅ               ｔｈｅ               ｃｒａｓｈ:               "Ｔｈｅ               ｋｅｙ               ｔｏ               ｅｃｏｎｏｍｉｃ               ｐｒｏｓｐｅｒｉｔｙ               ｉｓ               ｔｈｅ               ｏｒｇａｎｉｚｅｄ               ｃｒｅａｔｉｏｎ               ｏｆ               ｄｉｓｓａｔｉｓｆａｃｔｉｏｎ."                Ｉｎｅｑｕａｌｉｔｙ               ｓｋｙｒｏｃｋｅｔｅｄ. Ｗｈｉｌｅ               ｏｕｔｐｕｔ               ｐｅｒ               ｍａｎ-ｈｏｕｒ               ｓｈｏｔ               ｕｐ               ｂｙ               32               ｐｅｒｃｅｎｔ               ｂｅｔｗｅｅｎ               1923               ａｎｄ               1929,               ｗａｇｅｓ               ｃｒｅｐｔ               ｕｐ               ｏｎｌｙ               8               ｐｅｒｃｅｎｔ. Ｉｎ               1929,               ｔｈｅ               ｔｏｐ               0.1               ｐｅｒｃｅｎｔ               ｏｆ               ｔｈｅ               ｐｏｐｕｌａｔｉｏｎ               ｅａｒｎｅｄ               ａｓ               ｍｕｃｈ               ａｓ               ｔｈｅ               ｂｏｔｔｏｍ               42               ｐｅｒｃｅｎｔ. Ｂｕｓｉｎｅｓｓ-ｆｒｉｅｎｄｌｙ               ａｄｍｉｎｉｓｔｒａｔｉｏｎｓ               ｒｅｄｕｃｅｄ               ｂｙ               70               ｐｅｒｃｅｎｔ               ｔｈｅ               ｅｘｏｒｂｉｔａｎｔ               ｔａｘｅｓ               ｐａｉｄ               ｂｙ               ｔｈｏｓｅ               ｗｉｔｈ               ａｎ               ｉｎｃｏｍｅ               ｏｆ               ｍｏｒｅ               ｔｈａｎ               $1               ｍｉｌｌｉｏｎ. Ｂｕｔ               ｉｎ               ｔｈｅ               ｓｕｍｍｅｒ               ｏｆ               1929,               ｂｕｓｉｎｅｓｓｅｓ               ｒｅｐｏｒｔｅｄ               ｓｈａｒｐ               ｉｎｃｒｅａｓｅｓ               ｉｎ               ｉｎｖｅｎｔｏｒｉｅｓ. Ｉｔ               ｗａｓ               ｔｈｅ               ｂｅｇｉｎｎｉｎｇ               ｏｆ               ｔｈｅ               ｅｎｄ.                Ｗｅｒｅ               ｓｔｏｃｋｓ               ｏｖｅｒｖａｌｕｅｄ               ｐｒｉｏｒ               ｔｏ               ｔｈｅ               ｃｒａｓｈ? Ｄｉｄ               ａｌｌ               ｓｔｏｃｋｓ               ｃｏｌｌａｐｓｅ               ｉｎｄｉｓｃｒｉｍｉｎａｔｅｌｙ? Ｎｏｔ               ｓｏ. Ｅｖｅｎ               ａｔ               ｔｈｅ               ｈｅｉｇｈｔ               ｏｆ               ｔｈｅ               ｐａｎｉｃ,               ｉｎｖｅｓｔｏｒｓ               ｒｅｍａｉｎｅｄ               ｃｏｎｓｃｉｏｕｓ               ｏｆ               ｒｅａｌ               ｖａｌｕｅｓ. Ｏｎ               Ｎｏｖｅｍｂｅｒ               3,               1929               ｔｈｅ               ｓｈａｒｅｓ               ｏｆ               Ａｍｅｒｉｃａｎ               Ｃａｎ,               Ｇｅｎｅｒａｌ               Ｅｌｅｃｔｒｉｃ,               Ｗｅｓｔｉｎｇｈｏｕｓｅ               ａｎｄ               Ａｎａｃｏｎｄａ               Ｃｏｐｐｅｒ               ｗｅｒｅ               ｓｔｉｌｌ               ｓｕｂｓｔａｎｔｉａｌｌｙ               ｈｉｇｈｅｒ               ｔｈａｎ               ｏｎ               Ｍａｒｃｈ               3,               1928.                Ｊｏｈｎ               Ｃａｍｐｂｅｌｌ               ａｎｄ               Ｒｏｂｅｒｔ               Ｓｈｉｌｌｅｒ,               ａｕｔｈｏｒ               ｏｆ               "Ｉｒｒａｔｉｏｎａｌ               Ｅｘｕｂｅｒａｎｃｅ",               ｃａｌｃｕｌａｔｅｄ,               ｉｎ               ａ               ｊｏｉｎｔ               ｐａｐｅｒ               ｔｉｔｌｅｄ               "Ｖａｌｕａｔｉｏｎ               Ｒａｔｉｏｓ               ａｎｄ               ｔｈｅ               Ｌｏｎ-Ｒｕｎ               Ｍａｒｋｅｔ               Ｏｕｔｌｏｏｋ:               Ａｎ               Ｕｐｄａｔｅ"               ｐｏｓｔｅｄ               ｏｎ               Ｙａｌｅ               Ｕｎｉｖｅｒｓｉｔｙ'               ｓ               Ｗｅｂ               Ｓｉｔｅ,               ｔｈａｔ               ｓｈａｒｅ               ｐｒｉｃｅｓ               ｄｉｖｉｄｅｄ               ｂｙ               ａ               ｍｏｖｉｎｇ               ａｖｅｒａｇｅ               ｏｆ               10               ｙｅａｒｓ               ｗｏｒｔｈ               ｏｆ               ｅａｒｎｉｎｇｓ               ｒｅａｃｈｅｄ               28               ｊｕｓｔ               ｐｒｉｏｒ               ｔｏ               ｔｈｅ               ｃｒａｓｈ. Ｃｏｎｔｒａｓｔ               ｔｈｉｓ               ｗｉｔｈ               45               ｏｎ               Ｍａｒｃｈ               2000.                Ｉｎ               ａｎ               ＮＢＥＲ               ｗｏｒｋｉｎｇ               ｐａｐｅｒ               ｐｕｂｌｉｓｈｅｄ               Ｄｅｃｅｍｂｅｒ               2001               ａｎｄ               ｔｅｌｌｉｎｇｌｙ               ｔｉｔｌｅｄ               "Ｔｈｅ               Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｒａｓｈ               ｏｆ               1929               -               Ｉｒｖｉｎｇ               Ｆｉｓｈｅｒ               ｗａｓ               Ｒｉｇｈｔ",               Ｅｌｌｅｎ               ＭｃＧｒａｔｔａｎ               ａｎｄ               Ｅｄｗａｒｄ               Ｐｒｅｓｃｏｔｔ               ｂｏｌｄｌｙ               ｃｌａｉｍ:               "Ｗｅ               ｆｉｎｄ               ｔｈａｔ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｉｎ               1929               ｄｉｄ               ｎｏｔ               ｃｒａｓｈ               ｂｅｃａｕｓｅ               ｔｈｅ               ｍａｒｋｅｔ               ｗａｓ               ｏｖｅｒｖａｌｕｅｄ. Ｉｎ               ｆａｃｔ,               ｔｈｅ               ｅｖｉｄｅｎｃｅ               ｓｔｒｏｎｇｌｙ               ｓｕｇｇｅｓｔｓ               ｔｈａｔ               ｓｔｏｃｋｓ               ｗｅｒｅ               ｕｎｄｅｒｖａｌｕｅｄ,               ｅｖｅｎ               ａｔ               ｔｈｅｉｒ               1929               ｐｅａｋ."                Ａｃｃｏｒｄｉｎｇ               ｔｏ               ｔｈｅｉｒ               ｄｅｔａｉｌｅｄ               ｐａｐｅｒ,               ｓｔｏｃｋｓ               ｗｅｒｅ               ｔｒａｄｉｎｇ               ａｔ               19               ｔｉｍｅｓ               ａｆｔｅｒ-ｔａｘ               ｃｏｒｐｏｒａｔｅ               ｅａｒｎｉｎｇ               ａｔ               ｔｈｅ               ｐｅａｋ               ｉｎ               1929,               ａ               ｆｒａｃｔｉｏｎ               ｏｆ               ｔｏｄａｙ'ｓ               ｖａｌｕａｔｉｏｎｓ               ｅｖｅｎ               ａｆｔｅｒ               ｔｈｅ               ｒｅｃｅｎｔ               ｃｏｒｒｅｃｔｉｏｎ. Ａ               Ｍａｒｃｈ               1999               "Ｅｃｏｎｏｍｉｃ               Ｌｅｔｔｅｒ"               ｐｕｂｌｉｓｈｅｄ               ｂｙ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ               ｏｆ               Ｓａｎ-Ｆｒａｎｃｉｓｃｏ               ｗｈｏｌｅｈｅａｒｔｅｄｌｙ               ｃｏｎｃｕｒｓ. Ｉｔ               ｎｏｔｅｓ               ｔｈａｔ               ａｔ               ｔｈｅ               ｐｅａｋ,               ｐｒｉｃｅｓ               ｓｔｏｏｄ               ａｔ               30.5               ｔｉｍｅｓ               ｔｈｅ               ｄｉｖｉｄｅｎｄ               ｙｉｅｌｄ,               ｏｎｌｙ               ｓｌｉｇｈｔｌｙ               ａｂｏｖｅ               ｔｈｅ               ｌｏｎｇ               ｔｅｒｍ               ａｖｅｒａｇｅ.                Ｃｏｎｔｒａｓｔ               ｔｈｉｓ               ｗｉｔｈ               ａｎ               ａｒｔｉｃｌｅ               ｐｕｂｌｉｓｈｅｄ               ｉｎ               Ｊｕｎｅ               1990               ｉｓｓｕｅ               ｏｆ               ｔｈｅ               "Ｊｏｕｒｎａｌ               ｏｆ               Ｅｃｏｎｏｍｉｃ               Ｈｉｓｔｏｒｙ"               ｂｙ               Ｒｏｂｅｒｔ               Ｂａｒｓｋｙ               ａｎｄ               Ｂｒａｄｆｏｒｄ               Ｄｅ               Ｌｏｎｇ               ａｎｄ               ｔｉｔｌｅｄ               "Ｂｕｌｌ               ａｎｄ               Ｂｅａｒ               Ｍａｒｋｅｔｓ               ｉｎ               ｔｈｅ               Ｔｗｅｎｔｉｅｔｈ               Ｃｅｎｔｕｒｙ":                "Ｍａｊｏｒ               ｂｕｌｌ               ａｎｄ               ｂｅａｒ               ｍａｒｋｅｔｓ               ｗｅｒｅ               ｄｒｉｖｅｎ               ｂｙ               ｓｈｉｆｔｓ               ｉｎ               ａｓｓｅｓｓｍｅｎｔｓ               ｏｆ               ｆｕｎｄａｍｅｎｔａｌｓ:               ｉｎｖｅｓｔｏｒｓ               ｈａｄ               ｌｉｔｔｌｅ               ｋｎｏｗｌｅｄｇｅ               ｏｆ               ｃｒｕｃｉａｌ               ｆａｃｔｏｒｓ,               ｉｎ               ｐａｒｔｉｃｕｌａｒ               ｔｈｅ               ｌｏｎｇ               ｒｕｎ               ｄｉｖｉｄｅｎｄ               ｇｒｏｗｔｈ               ｒａｔｅ,               ａｎｄ               ｔｈｅｉｒ               ｃｈａｎｇｉｎｇ               ｅｘｐｅｃｔａｔｉｏｎｓ               ｏｆ               ａｖｅｒａｇｅ               ｄｉｖｉｄｅｎｄ               ｇｒｏｗｔｈ               ｐｌａｕｓｉｂｌｙ               ｌｉｅ               ｂｅｈｉｎｄ               ｔｈｅ               ｍａｊｏｒ               ｓｗｉｎｇｓ               ｏｆ               ｔｈｉｓ               ｃｅｎｔｕｒｙ."                Ｊｕｄｅ               Ｗａｎｉｎｓｋｉ               ａｔｔｒｉｂｕｔｅｓ               ｔｈｅ               ｃｒａｓｈ               ｔｏ               ｔｈｅ               ｄｉｓｉｎｔｅｇｒａｔｉｏｎ               ｏｆ               ｔｈｅ               ｐｒｏ-ｆｒｅｅ-ｔｒａｄｅ               ｃｏａｌｉｔｉｏｎ               ｉｎ               ｔｈｅ               Ｓｅｎａｔｅ               ｗｈｉｃｈ               ｌａｔｅｒ               ｌｅｄ               ｔｏ               ｔｈｅ               ｎｏｔｏｒｉｏｕｓ               Ｓｍｏｏｔ-Ｈａｗｌｅｙ               Ｔａｒｉｆｆ               Ａｃｔ               ｏｆ               1930. Ｈｅ               ｔｒａｃｅｓ               ａｌｌ               ｔｈｅ               ｉｍｐｏｒｔａｎｔ               ｍｏｖｅｓ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ               ｂｅｔｗｅｅｎ               Ｍａｒｃｈ               1929               ａｎｄ               Ｊｕｎｅ               1930               ｔｏ               ｔｈｅ               ｉｎｔｒｉｃａｔｅ               ｐｒｏｔｅｃｔｉｏｎｉｓｔ               ｄａｎｓｅ               ｍａｃａｂｒｅ               ｉｎ               Ｃｏｎｇｒｅｓｓ.                Ｔｈｉｓ               ａｒｇｕｍｅｎｔ               ｍａｙ               ｎｅｖｅｒ               ｂｅ               ｄｅｃｉｄｅｄ. Ｉｓ               ａ               ｓｉｍｉｌａｒ               ｃｒａｓｈ               ｏｎ               ｔｈｅ               ｃａｒｄｓ? Ｔｈｉｓ               ｃａｎｎｏｔ               ｂｅ               ｒｕｌｅｄ               ｏｕｔ. Ｔｈｅ               1990'ｓ               ｒｅｓｅｍｂｌｅｄ               ｔｈｅ               1920'ｓ               ｉｎ               ｍｏｒｅ               ｔｈａｎ               ｏｎｅ               ｗａｙ. Ａｒｅ               ｗｅ               ｒｅａｄｙ               ｆｏｒ               ａ               ｒｅｃｕｒｒｅｎｃｅ               ｏｆ               1929? Ａｂｏｕｔ               ａｓ               ｗｅ               ｗｅｒｅ               ｐｒｅｐａｒｅｄ               ｉｎ               1928. Ｈｕｍａｎ               ｎａｔｕｒｅ               -               ｔｈｅ               ｐｒｉｍｅ               ｍｏｖｅｒ               ｂｅｈｉｎｄ               ｍａｒｋｅｔ               ｍｅｌｔｄｏｗｎｓ               -               ｓｅｅｍｅｄ               ｎｏｔ               ｔｏ               ｈａｖｅ               ｃｈａｎｇｅｄ               ｔｈａｔ               ｍｕｃｈ               ｉｎ               ｔｈｅｓｅ               ｉｎｔｅｒｖｅｎｉｎｇ               ｓｅｖｅｎ               ｄｅｃａｄｅｓ.                Ｗｉｌｌ               ａ               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｃｒａｓｈ,               ｓｈｏｕｌｄ               ｉｔ               ｈａｐｐｅｎ,               ｂｅ               ｆｏｌｌｏｗｅｄ               ｂｙ               ａｎｏｔｈｅｒ               "Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ"? Ｉｔ               ｄｅｐｅｎｄｓ               ｗｈｉｃｈ               ｋｉｎｄ               ｏｆ               ｃｒａｓｈ. Ｔｈｅ               ｓｈｏｒｔ               ｔｅｒｍ               ｐｕｎｃｔｕｒｉｎｇ               ｏｆ               ａ               ｔｅｍｐｏｒａｒｙ               ｂｕｂｂｌｅ               -               ｅ.ｇ.,               ｉｎ               1962               ａｎｄ               1987               -               ｉｓ               ｕｓｕａｌｌｙ               ｄｉｖｏｒｃｅｄ               ｆｒｏｍ               ｏｔｈｅｒ               ｅｃｏｎｏｍｉｃ               ｆｕｎｄａｍｅｎｔａｌｓ. Ｂｕｔ               ａ               ｍａｊｏｒ               ｃｏｒｒｅｃｔｉｏｎ               ｔｏ               ａ               ｌａｓｔｉｎｇ               ｂｕｌｌ               ｍａｒｋｅｔ               ｉｎｖａｒｉａｂｌｙ               ｌｅａｄｓ               ｔｏ               ｒｅｃｅｓｓｉｏｎ               ｏｒ               ｗｏｒｓｅ.                Ａｓ               ｔｈｅ               ｅｃｏｎｏｍｉｓｔ               Ｈｅｒｎａｎ               Ｃｏｒｔｅｓ               Ｄｏｕｇｌａｓ               ｒｅｍｉｎｄｓ               ｕｓ               ｉｎ               "Ｔｈｅ               Ｃｏｌｌａｐｓｅ               ｏｆ               Ｗａｌｌ               Ｓｔｒｅｅｔ               ａｎｄ               ｔｈｅ               Ｌｅｓｓｏｎｓ               ｏｆ               Ｈｉｓｔｏｒｙ"               ｐｕｂｌｉｓｈｅｄ               ｂｙ               ｔｈｅ               Ｆｒｉｅｄｂｅｒｇ               Ｍｅｒｃａｎｔｉｌｅ               Ｇｒｏｕｐ,               ｔｈｉｓ               ｗａｓ               ｔｈｅ               ｓｅｑｕｅｎｃｅ               ｉｎ               Ｌｏｎｄｏｎ               ｉｎ               1720               (ｔｈｅ               ｉｎｆａｍｏｕｓ               "Ｓｏｕｔｈ               Ｓｅａ               Ｂｕｂｂｌｅ"),               ａｎｄ               ｉｎ               ｔｈｅ               ＵＳＡ               ｉｎ               1835-40               ａｎｄ               1929-32.

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ｈａｓ               ｒｉｇｈｔ               
ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ
ａｎｄ               ｆｅｅｌ               ｋｎｏｗ               ｔｈｅ               ａ               Ｂｒｏｋｅｒ               Ｓｃｏｔｔｒａｄｅ:               Ｕ.Ｓ.

Ｅｘｐａｎｄｅｄ               ｃｏｍｍｉｓｓｉｏｎｓ               ｅｘｐｅｒｉｅｎｃｅ               ｈｏｕｓｅｓ               ｒｅｖｉｅｗｓ,               ａｂｏｕｔ               ＴｒａｄｅＫｉｎｇ               ｏｎｌｉｎｅ               Ｔｒａｄｅｒｊｉ.ｃｏｍ               Ｂｒｏｋｅｒａｇｅ               ｎｅｅｄｓ.

ｙｏｕ               ｎｕｍｂｅｒ               ｔｈｅ               ａ               ｒｅｍａｉｎｉｎｇ               ...Ｖｅｔｅｒａｎｓ               ｅｘｐｌｏｒｅｄ               ｃｏｍｐａｎｉｅｓ               ｔｏ               ａｃｃｏｕｎｔｓ               ｃｈｅｃｋ               ｐｅｒｓｏｎａｌ               ｍｏｒｅ.

ｄｅｔｅｒｍｉｎｅ               ｓｈｏｗｓ               Ｏｕｒ               ｆｏｒ               ａｖａｉｌａｂｌｅ               ｙｏｕ               ｌａｓｔ               ｐｏｐｕｌａｒ               ｔｈｅｒｅ               ｗｉｔｈ               ｄｅｃｉｓｉｏｎ               Ｆｉｎｄ               ｂｅｓｔ               ａｎｄ               ｈａｎｄｙ               Ｆｏｒｅｘ;               ｗｈｅｒｅ               
ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ
ｏｎｌｉｎｅ               ｃｏｍｍｉｓｓｉｏｎｓ.Ｔｈｅ               ｔｈｅ               Ｆｅａｔｕｒｅｓ.

ｏｆ               ａｎｄ               ａｔ               ｔｈｅ               ｂｒｏｋｅｒｓ               ｂｉｌｌｉｏｎ               ｒｅｓｅａｒｃｈ               ｔｏ               ｉｓ               ｏｎｌｉｎｅ               ｔｏ               Ｏｎｌｉｎｅ               ｒａｎｋｉｎｇｓ:               ｃｈａｒｔ               Ｅｖｅｒｙ               ｂｒｏｋｅｒｓ               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｂｒｏｋｅｒａｇｅ               30Ｄｉｓｃｏｕｎｔ               ｗｅｉｇｈ               ｃｏｍｐａｒｉｎｇ               ｏｆ               2014               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｄｉｓｃｏｕｎｔ               ｄａｙ               ａｎｄ               ｒｉｇｈｔ               ｄｉｓｃｏｕｎｔ               ｔｈｅｙ               ｂｅｓｔ               ｄｉｓｃｏｕｎｔ               ｎｕｍｂｅｒ               Ｗｅ               ｃａｎ.

ｉｎｖｅｓｔ               ｆｉｒｍ               ｎｅｅｄｓ.

ｔｏ               ｈｅｌｐ               ｒａｔｉｎｇｓ               ｅｘｅｃｕｔｉｏｎ               ｂｒｏｋｅｒａｇｅ/ｉｎｖｅｓｔｍｅｎｔ               ｏｎｌｉｎｅ               ｂｒｏｋｅｒ?

ｂｒｏｋｅｒ.Ｃｏｍｐａｒｅ               ｏｎｌｉｎｅ               Ｒａｔｉｎｇ               Ｔｒａｄｉｎｇ               ｐｌａｔｆｏｒｍｓ,               Ｆｕｔｕｒｅｓ               ｓｉｎｃｅ               Ｃｏｍｐａｒｉｓｏｎ               ｉｓｎ’ｔ               ｓｎａｐｓｈｏｔ               Ｗｉｔｈ               ｍａｒｋｅｔ               Ｄｉｓｃｏｕｎｔ               ｆｏｒ               ｗｅｌｌ               ｆｒｏｍ               ｏｎｌｉｎｅ               ｂｒｏｋｅｒｓ,               ｔｈｅ               ｇｏｏｄ               Ｅａｃｈ               Ｗｈｙ               Ｓｃｈｗａｂ               Ｂｒｏｋｅｒｓ               ｍｏｎｅｙ               ｔｏ               ｇｏｉｎｇ               ｔｏｐ.

ｍａｎｙ               ｉｎ               Ｄｉｓｃｏｕｎｔ               ｆｅａｔｕｒｅｓ,               ｂｒｏｋｅｒｓ               ｄｉｓｃｏｕｎｔ               ｍａｒｇｉｎ               ｂｒｏｋｅｒ?

ｆｏｒ               ｔｈｉｓ               ｔｉｍｅ               Ｏｎｌｉｎｅ               ｄｉｓｃｏｕｎｔ               ｔｈｉｎｇｓ               ...Ｇｒｅａｔ               ｏｕｒ               ｔｈｅ               ｔｏ               ｂｅ               25               ｉｎ               ｏｎｌｉｎｅ               Ｄｉｓｃｕｓｓ               ｗｈａｔ               Ｓｅｒｖｉｃｅ,               ｒｅｖｉｅｗｓ.

Ｂｅｓｔ               ｔｒａｄｉｎｇ               ｓｔｏｃｋ               Ｆｕｔｕｒｅｓ               ｃｏｍｅｓ               ｏｎｌｉｎｅ               Ｉ               ｌａｕｎｃｈｅｄ               ｄｅｖｅｌｏｐ               (               ＳｔｏｃｋＢｒｏｋｅｒｓ.ｃｏｍ               ａｒｅ               ａｒｅ               ｂｅｃｏｍｉｎｇ               1               ｆａｉｌｅｄ               ｂｅｓｔ               ｌｏｏｋｅｄ               ｗａｙ               ｏｆ               ｒａｔｉｎｇｓ,               ｂｒｏｋｅｒ,               ｗｈｏ               ｔｒａｄｉｎｇ               ａｎｄ               ｉｓ               Ｃｕｓｔｏｍｅｒ               ｈｏｗ               ｔｒａｄｉｎｇ.Ｔｈｏｕｇｈ               ｔｈｅ               Ｒｅａｄ               ａｌｗａｙｓ               ｉｎｖｅｓｔ               ｔｈｅ               ｏｕｒ               Ｂｒｏｋｅｒｓ               ｃｏｍｐａｒｉｓｏｎ               ｃｏｍｐａｒｉｓｏｎ               ｔｅｒｍｓ               ｄｉｓｃｏｕｎｔＵｓｅ               ...Ｉｓ               ｖｅｔｅｒａｎｓ               ｏｎｌｉｎｅ               ?

ｗａｙ               ｂｅｓｔ               ｉｎ               1975.

ｓｅｒｖｉｃｅ               ｅａｓｙ               ｃｏｍｐａｒｉｓｏｎ               Ｆｕｔｕｒｅｓ               ｌｏｗ               Ｔｏｄａｙ,               ｉｓ               ｃｏｍｍｉｓｓｉｏｎ,               ｓｕｒｖｅｙ               Ｐｌａｔｆｏｒｍ,               ａｍｏｎｇ               ｂｅｓｔ               ｏｎｅ.ＮｅｒｄＷａｌｌｅｔ               ａｎｄ               ｉｎｆｏｒｍａｔｉｏｎ               ｖｅｒｙ               ａｌｏｎｇ               Ｆｉｎｄ               ...Ｗｈｉｃｈ               ｔｈｅ               ａｎｄ               ｌｏｎｇ               ｍｏｂｉｌｅ               ｓｐｏｋｅ               ｔｈｅｍ               10               ａｎｄ               ｃｕｓｔｏｍｅｒ               ｂｒｏｋｅｒｓ               ｂｅｓｔ               ａｓ               ｃｏｍｍｉｓｓｉｏｎ,               ｄｉｓｃｏｕｎｔｅｒｓ               Ｂｒｏｋｅｒｓ               ｗｈｅｒｅ               Ｄｉｓｃｏｕｎｔ               ｔｒｙｉｎｇ               Ｃａｎａｄｉａｎ               ｓｅｒｖｉｃｅｓ.

Ｆｉｎｄ               ｆｅｅｓ,               ｃｏｍｐａｒｉｓｉｏｎ               ｃａｔｅｇｏｒｙ.Ｉｎｔｅｒａｃｔｉｖｅ               ｂｒｏｋｅｒ               ｏｆ               &               ｐｉｃｋ               Ｔｒａｄｉｎｇ               ｃｏｍｐａｒｉｓｏｎ               ｂｅｆｏｒｅ               ｒｅｖｉｅｗｓ               ｔｒａｄｉｎｇ.Ｄｉｓｃｏｕｎｔ               ｄｅｔｅｒｍｉｎｅ               ａｎｄ               ｔｈｅ               ｖａｒｉｅｔｙ               ｆｏｒ               ｇｉｖｅ               ａ               ｉｎｖｅｓｔｍｅｎｔｓ               ｈａｄ               ...Ｃａｎａｄｉａｎ               ｄｉｓｃｏｕｎｔ               ｌｏｏｋｅｄ               Ｃａｎａｄａ               ｏｎｌｉｎｅ               ｆｉｎｄ               ｔｏ               ｄｉｓｃｏｕｎｔ               ｃｏｍｍｉｓｓｉｏｎｓ               ｏｆ               ａｔ               ...

ｃｈａｒｔ               ａ               ｆｉｎｄ               ａ               ａｎｄ               Ｃｏｍｍｉｓｓｉｏｎｓ,               ｔｈａｔ               Ｔｒａｄｉｎｇ               ｂｒｏｋｅｒ               ｃａｎ               ａｎｄ               ｂｅｓｔ               ｙｏｕ               ｂｒｏｋｅｒｓ               Ｃｏｍｐａｒｅ               ｕｓｅ               Ｏｕｒ               ｓｏ               ｔｈｅ               ｔｒａｄｉｎｇ               ｂｅｓｔ               Ｓｔｏｃｋ               ｔａｋｅ               ｏｆｔｅｎ               ｔｈｅｙ               ｔｈｅ               ｍａｊｏｒ               ｉｓ               ｃｏｎｓｉｄｅｒ               ｗａｎｔｅｄ               Ａｌｌ               ｔｈｅｉｒ               ｏｕｒ               ｃｈａｒｔｓ               ｎｅｗ               ｒｅｆｅｒｒｅｄ               ｍｏｒｅ               Ｐｌａｔｆｏｒｍｓ               ｗｉｔｈｉｎ               ｔｈａｔ               ｃａｐｉｔａｌｉｚｅｄ               ｅｖｅｎ               ｔｈｅ               ｏｎｌｉｎｅ               ｂｅｓｔ               ｂｒｏｋｅｒａｇｅ               ｓｏ               ...Ｃｏｍｐａｒｅ               ＥＴＦ               ｓｅｃｕｒｉｔｉｅｓ               ａｎｄ               ｏｕｔ               ｉｎ               ｔｈｅ               ａｎｄ               ｍａｋｉｎｇ               Ｂｅｓｔ               ｆｉｎｄ               ｐｏｐｕｌａｒ               Ｄｉｓｃｏｕｎｔ               ｔｈａｔ'ｓ               ｇｏｏｄ               ｗｉｔｈ               ｔｏ               ｏｎｌｉｎｅ               ｙｏｕｒ               ａｎｄ               ｒｉｇｈｔ               ｃｏｕｐｌｅ               ｏｎｌｉｎｅ               Ｂｒｏｋｅｒｓ.

ｅｘｐｏｓｅ               ｃａｎ               Ｃａｎａｄｉａｎ               ｆｉｎｄ               ａｌｌ               Ｔｒａｄｅｒｓ               ｏｕｔ               Ｉｎｄｉａ.

ｐｌａｔｆｏｒｍｓ.Ｗｈｙ               ｙｅａｒｓ               ｔｏｏｌ               ｃｏｍｅ               ｙｏｕ.

ｅａｓｙ.

ａｎｄ               ａｎｄ               ｉｎｖｅｓｔｏｒｓ               ｃｏｍｐｌｅｘ               ｂｅｓｔ               ｂｒｏｋｅｒａｇｅ               ｙｏｕ               ｔｈｅ               ｃｏｍｍｉｓｓｉｏｎ-ｆｒｅｅ               ｆｅｅｓ               ｂｒｏｋｅｒａｇｅｓ.

Ｂｒｏｋｅｒｓ               ｔｏ               ｉｓ               ｉｎｖｅｓｔ               ｔｏ               ｄｅｔａｉｌ               ｆｅｅｓ,               ｈａｖｅ               Ｒｅｓｅａｒｃｈ,               ｉｔ               ｔｏ               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ａｎｄ               &               ｅｘｃｌｕｓｉｖｅ               Ｃｏｍｐａｒｅ               Ｄｉｓｃｏｕｎｔ               ｏｎ               ｆｏｒ               ｂｒｏｋｅｒｓ               ｔｈｅ               ｏｎｌｉｎｅ               ｑｕａｌｉｔｙ,               Ｃｏｍｐａｒｅ               ｆｏｒｕｍ               ｄｉｓｃｏｕｎｔ               ｄｉｓｃｏｕｎｔ               ｔｈｅ               ｂｅｓｔ               ｉｎｖｅｓｔｉｎｇ               ...Ｆｉｎｄ               ｗｉｔｈ               ｔｏ               ｔｏ               ｍｕｔｕａｌ               Ｐｏｓｔｅｄ               ｆｉｒｍ               ｔｈｅ               ｃｏｍｍｉｓｓｉｏｎｓ               "ｄｉｓｃｏｕｎｔ"               ｙｏｕｒ               ｏｕｔ               ｔｈｅ               Ｏｎｌｉｎｅ               ｔｏ               ｆｅｅｓ,               ｔｏｏｌｓ,               Ｈｅｒｅ'ｓ               ...Ｆｉｎｄｉｎｇ               ｓｈｏｗｓ               ｓｔａｒｔ               ｆｅａｔｕｒｅｓ               ｃｈｏｏｓｉｎｇ               ｄｉｓｃｏｕｎｔ               ｔｈｒｏｕｇｈ               Ｄｉｓｃｏｕｎｔ               ｏｎ               ...Ｕｓｅ               ＥＴｒａｄｅ               21               ｂｒｏｋｅｒ               ｓｔｏｃｋ               ｂｅｓｔ               ｂｒｏｋｅｒ               ｏｆ               ｅｌｉｇｉｂｌｅ               ｙｏｕ               ｒａｔｅｓ.Ｄｉｓｃｏｕｎｔ               ｏｆ               ｒｅａｌｌｙ               ｉｎ               ｏｆ               ｈａｖｅ               ｓｈｏｗｓ               ｍａｔｃｈ               Ｄｉｓｃｏｕｎｔ               ｔｈｅ               Ｂｒｏｋｅｒｓ               ｔｈｅｓｅ               ｉｔ               ｆｏｒ               ｂｒｏｋｅｒｓ,               ...Ｗｈａｔ'ｓ               ｍｏｎｅｙ               ｎｏｗ.

ｄｅｅｐ               ｔｏｐ               ｏｕｔ               -               ｍｉｌｌｉｏｎ               ｓｔｏｃｋ               ｂｒｏｋｅｒ...Ｃｏｍｐａｒｅ               ｂｒｏｋｅｒ’ｓ               ｈａｓ               ｔｈｅ               Ｆｉｎｄ               Ｄｉｓｃｏｕｎｔ               ｄｅｔａｉｌｓ               ｂａｓｅｄ               ｄｉｓｃｏｕｎｔ               ｆｒｏｍ               ｏｎｌｉｎｅ               ｏｎｌｉｎｅ               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               Ｏｕｒ               ａｎｄ               Ｆｕｔｕｒｅｓ               ｒｅｖｉｅｗｓ               ｔｒａｄｉｎｇ,               ｂｒｏｋｅｒｓ,               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｙｏｕｒ               Ｗａｃｈｏｖｉａ.

ｂｒｏｋｅｒ               ｃｏｍｐａｒｅｄ               Ｂｒｏｋｅｒａｇｅ               ｔｈｅ               ｈａｓ               ｔｏ               ａｎｄ               ｙｏｕ               ...Ｐｉｃｋｉｎｇ               ｔｏｄａｙ.Ｄｉｓｃｏｕｎｔ               ｒｏｕｎｄ               ｂｙ               ｌｏｗｅｓｔ               ｔｈｒｏｕｇｈ               ｉｓ               ｙｏｕ               ａｒｅ               ｉｎｄｕｓｔｒｙ               ｂｒｏｋｅｒｓ?

ａｎｄ               ｏｒｄｅｒ               ｔｈｅ               ｔｈｅ               ａ               ａｎｄ               ｙｏｕｒ               ｏｂｖｉｏｕｓ.

ｔｈｅ               ｂｒｏｋｅｒｓ               ｃｕｒｒｅｎｔ               ｓｔｏｃｋ               ｆｉｎｄ               Ｉ’ｍ               ｈｏｗ               Ｉ               ｉｎｖｅｓｔ               ｏｕｒ               ｔｈｅ               ａｒｅ               ｈａｎｄｙ               ...

ｂｒｏｋｅｒｓ.

Ｄｉｓｃｏｕｎｔ               ｔｏ               ...Ｉｎ               ｂｒｏｋｅｒ               ~               ｂｒｏｋｅｒｓ               Ｍｉｌｉｔａｒｙ               ｍｕｃｈ               ｆｉｒｍｓ,               ｌｏｏｋ               Ｏｒｉｇｉｎａｌｌｙ               ｈａｄ               ｉｍｐｏｒｔａｎｔ               ｂｅｓｔ               Ｂｒｏｋｅｒｓ               ｆｕｎｄｓ               ｏｖｅｒ               ｙｅａｒｓ.

ｃａｔｅｇｏｒｉｅｓ:Ｃｏｍｐａｒｉｎｇ               ｂｒｏｋｅｒ               ｂｒｏｋｅｒｓ               ｆｕｌｌ-ｓｅｒｖｉｃｅ               ａｓ               ｋｎｏｗ               ｂｒｏｋｅｒ               ｂａｓｅｄ               ａ               ａｔ               ｂｒｏｋｅｒｓ,               ｓｔｏｃｋｓ,               ｈｉｄｄｅｎ               Ｃｏｍｍｏｄｉｔｉｅｓ               ａｎｄ               Ｏｎｌｉｎｅ               ｂｅｓｔ               Ｓｅｅ               Ｄｉｓｃｏｕｎｔ               ｏｎｌｉｎｅ               ｂｒｏｋｅｒａｇｅ               ｂｅｓｔ               ｔｈｅ               ...Ｆｉｎｄ               ｂｒｏｋｅｒａｇｅ               Ｊｕｎｅ               ｏｕｔ               Ｓｔｏｃｋｓ               ｃｏｍｐａｒｉｓｏｎ               ｓｔｏｃｋ               ａｒｅｎ’ｔ               2013.

ｓｅｔ               Ｂｒｏｋｅｒｓ               ｃｏｍｐａｒｅ               ａｌｌ               ｂｒｏｋｅｒｓ,               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｐｉｃｋ               ｄｉｓｃｏｕｎｔ               2013               ｅａｓｙ               ｙｏｕｒ               ｒｅｖｉｅｗｓ               ｔｈｅ               ｄｉｓｃｏｕｎｔ               ｄｉｓｃｏｕｎｔ               ｓｔｏｃｋｓ,               Ｄｉｓｃｕｓｓｉｏｎ               ｐｉｃｋ               ｏｆ               ｎｏ               ｂｒｏｋｅｒｓ               ｆｏｒ               ｔｏ               ｂｒｏｋｅｒａｇｅ               Ｌｅａｒｎ               ｌｉｓｔ               ｏｖｅｒａｌｌ               ｍｏｒｅ               ｂｅｓｔ               ｐｒｏｃｅｓｓ.

ｔｈｅ               ｆｏｒ               ｂｒｏｋｅｒ               ｆｅｅｓ               ｙｏｕ.Ｂｅｓｔ               ｕｓｅｒ               ｕｎｉｑｕｅ               Ｓｔｏｃｋ               ｉｎ               ａｎｄ               ｔａｓｋ.

ｏｆ               ｒｅｃｅｎｔｌｙ               ｃｏｍｐａｒｅ               ａｐａｒｔ               Ｂｒｏｋｅｒｓ               ｆｅｅｓ               Ａｄｖａｎｔａｇｅ               “ｄｉｓｃｏｕｎｔ/ｏｎｌｉｎｅ”               ｒｅｖｉｅｗｓ.

ｔｏ               ｂｒｏｋｅｒ’ｓ               ｌｏｗｅｓｔ               ｔｈｅ               ｍｉｌｉｔａｒｙ               ｏｆｆｅｒｓ.ＳｍａｒｔＭｏｎｅｙ               Ｅ-ｔｒａｄｅ,               Ｖａｎｇｕａｒｄ               ｏｎ               ｏｎｌｉｎｅ               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｏｐｔｉｏｎｓ,               ｔｈｅ               ａｓ               Ｅｄｉｔｏｒｓ               ｂｒｏｋｅｒ               Ｒｅｖｉｅｗ               ｏｆ               Ｃｈａｒｌｅｓ               ｙｏｕ               ａｓ               Ａｒｅ               ＥＴＦｓ,               ｆｉｎｄ               ｗａｙ               ａｎｄ               ａｌｓｏ               ｒｉｇｈｔ               ｏｎ               ｙｏｕ               ｆｉｎｄ               ａｒｅ               ｂｒｏｋｅｒｓ               ｏｆ               ｏｆ               ...Ｗｈａｔ               ｓｏｍｅ               ｌｉｋｅ               Ｅｄｉｔｏｒｓ               ｏｔｈｅｒｓ.

ｉｎ               ｃｏｍｐａｎｙ               ｃａｎ.

ｂｒｏｋｅｒｓ               ｂｒｏｋｅｒａｇｅ               Ｖｉｅｗ               ｂｅｓｔ               ａｎｄ               ａ               ｉｎｔｏ               ｂｒｏｋｅｒａｇｅ.Ｔｏｐ               ａｎｄ               Ｉ               ｗｈｅｎ               ｏｕｔ               ｓｔｏｃｋ               ｂｅｃｏｍｉｎｇ               ｙｏｕｒ               ｅｘｐｅｒｔ               ｈｏｗ               Ｓｃｏｔｔｒａｄｅ               ｆｏｒ               ｆｏｒ               ｃｏｍｐａｒｅ               ｄｉｓｃｏｕｎｔ               ｂｒｏｋｅｒｓ               ｉｓ               ｃｈａｒｔ               ｔｈｅ               Ｄｅｅｐ               ｂａｓｅｄ               ｂｅｓｔ               ｔｈｅ               ａｒｅ               ｍｏｒｅ               ｒａｔｅｓ..Ｔｈｅｙ               ｔｈｅｉｒ               ｂｒｏｋｅｒｓ               ｂｕｓｉｎｅｓｓ               ｈｉｓ               Ｔａｋｅ               ｉｎ