Question

Summarize the following quote.
"The final development that set the stage for the collapse of American prosperityin 1929 was the speculative boom that developed with increasing intensity in the years
after 1927. As more investors put their money into securities (stocks) in the hope of
making a quick profit on a speculative rise in stocks, the character of the New York
Stock Exchange was fundamentally altered. Instead of serving primarily as a device for the accumulation of capital of industrial enterprises, the exchange became a betting ring where people gambled on stocks in much the same fashion that gamblers wagered on roulette or horse races. Security prices were forced up by competitive bidding rather than by any fundamental improvement in American corporate enterprise."

Answer 1

Answer:

this basically means final development in 1929 for America was not successful on the contrary it set American collapse and it became intense after 1927 then more and more investors put their money hoping for quick profit but 800 home that it they had tremendous rise in stocks and the New York stock exchange collapse instead of it doing its normal work of capitalisation and industrial enterprises collection it collapsed and all investors lost their invested money and thus the security prices were forced up gambling got more famous roulette and horse races became more common and the security prices were building and any fundamental improvement was not seen in American corporate enterprise

Explanation:

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