Part 5/13:
A central theme is the role of technological innovations—automation, electrification, radio, television, and aviation—in fueling the 1920s boom. These “miracle stocks” included Automobiles (Ford and General Motors), Electric utilities (like General Electric), Radio (RCA), and Motion Pictures (Warner Brothers). The excitement over these innovations, coupled with easy credit, created a flood of speculative investment.
The narrative explains how the stock market soared—gaining 90% from 1928 to September 1929—making margin buying commonplace. Investors believed that these technological miracles would revolutionize life and, naturally, their investments would pay off. The market's rapid appreciation, driven by credit and optimism, set the stage for collapse.