At 1 p.m. on Friday, October 25,1929  several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.

With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As amazed traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to a tactic that ended the Panic of 1907, and succeeded in halting the slide that day. In this case, however, the respite was only temporary.

An interim bottom occurred on November 13, with the Dow closing at 198.6 that day. The market recovered for several months from that point, with the Dow reaching a secondary peak at 294.0 in April 1930.

The market embarked on a steady slide in April 1931 that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak.


I think Warren Buffett is wrong if the banks will start collapsing after the bailout in 2009 people will lose all their confidence,shares will plummet and he will be run out of cash.

IMHO to offer 1% from his pocket for taking part with the goverment on losses and gains of the bailout (7Billion) shows that W.B. is aware of how bad it is. Otherwise why would call it Pearl Harbour?

PS:Americans lost that battle