The crash didn't happen because of 1 banker, but it did happen because of things he, and his contemporaries dreamed up.

Basically bankers make money when money flows. It flows only when "there is something better". So to keep making money there always has to be "something better" and ultimately that becomes unsustainable.

1929 was a re-adjustment, where all the bullshit is cleaned away. It was perhaps the first time it impacted such a large portion of society. An education of the masses if you will. Crashes did, and will, keep happening again - as long as the myth of "forever going up" persists.

In the early 2000s it was property. Today its (maybe /likely /probably) crypto.

At least today society is notably, collectively, smarter. There are a lot more naysayers in general, and whole there will be crashes, they tend to be more limited in scope and reach.

But greed, the root of all of this, will always be with us. Greed offers some to be winners, but most to be losers.

> "The bank was just basically selling anything that came along that they could make money on, and really weren’t telling investors about what their internal investigations had uncovered about the quality of the securities."

That line sounds like it could be straight out of The Big Short (2015), essentially nothing has changed in the best part of 100 years.

Such a clickbaitey title. There were just a few.. THOUSAND.. causes that culminated in the 1929 crash, but saying one person caused it gets those clicks.
> Pecora was no grandstanding politician. He was a cigar-smoking, fedora-wearing New York City prosecutor who liked to call the bank executives “banksters” because he saw them as finance gangsters.
> "What Is the Glass-Steagall Act?

The Glass-Steagall Act, passed in 1933, forced commercial banks to refrain from investment banking activities in order to protect depositors from potential losses caused by bank speculation in stocks. Glass-Steagall was largely repealed in 1999..."

As far as this headline, it's the worst kind of nonsense, comparable to "This is the pebble that caused the avalanche!".

On the other side of the pond there is also Clarence Hatry

Economist John Kenneth Galbraith described Hatry as "one of those curiously un-English figures with whom the English periodically find themselves unable to cope."

The real culprit, the federal reserve and artificially low interest rates as we are witnessing yet again.
How great that he was never punished and lived out the rest of his life in luxury.

When are we going to start going after these rich assholes in a serious way?

Charles Mitchell, saved you a click.