The Crash of 1929
Newsreel Announcer (archival): : The tremendous crowds which you see gathered outside the stock exchange are due to the greatest crash in the history of the New York Stock Exchange in market prices.
新闻片播音员（档案）：：你所看到的证券交易所外聚集的巨大人群是由于纽约证券交易所历史上最严重的市场价格暴跌造成的。
Narrator: : December 31st, New Year’s Eve.
旁白：：12月31日，除夕夜。
The crash and its terrible consequences were still in the future.
这次事故及其可怕的后果仍然是未来的事。
Financial leaders, everyone celebrated what had been a decade of prosperity and boundless optimism.
金融领袖们，每个人都在庆祝这十年的繁荣和无限的乐观。
They thought the party would last forever.
他们认为聚会会永远持续下去。
They called it “The New Era,” 1929.
他们称之为“新时代”，1929 年。
All the hope and promise and illusion of the 20s converged in that one year.
20世纪20年代所有的希望、承诺和幻想都在那一年汇聚。
John Kenneth Galbraith, Economist: : The United States is afflicted with new eras.
经济学家约翰·肯尼思·加尔布雷思：：美国正面临新时代的考验。
Let us not think for a moment that the illusion, the aberration of the 1920s was unique.
我们暂时不要认为 20 年代的幻觉和失常是独一无二的。
It is intimately a part of the American character.
这是美国人性格的一部分。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : The mood of the era, I think, can best be remembered by the hit song – was that 1929, Blue Skies?
米切尔：我认为，最能记住那个时代的情绪的是那首热门歌曲——那是《1929 年，蓝天》吗？
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Yeah.
米切尔：：是的。
Nothing but blue skies do I see.
除了蓝天，我什么也看不见。
Yes.
是的。
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : ...Never saw the sun shining so bright, Never saw things going so right.
米切尔：……从未见过阳光如此明亮，从未见过事情进展如此顺利。
Gray days, all of them gone, nothing but blue skies from now on.
灰色的日子，一切都过去了，从此只剩下蔚蓝的天空。
That was the whole tenor of the day.
这就是当天的全部内容。
I mean, people believed that everything was going to be great always, always.
我的意思是，人们相信一切都会永远、永远美好。
There was a feeling of optimism in the air that you cannot even describe today.
空气中弥漫着一种今天无法形容的乐观情绪。
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : And everyone seemed to have an interest in the stock market.
米切尔：：每个人似乎都对股票市场感兴趣。
Certainly, the boot black, the tailor, the grocer owned shares of one kind or another.
当然，黑人、裁缝、杂货商都拥有某种股票。
Narrator: : This was the first time that many ordinary Americans had begun to invest in stocks.
旁白：：这是许多普通美国人第一次开始投资股票。
A stock, a share of a company, is bought and sold here on the floor of the New York Stock Exchange.
股票，即公司的股份，是在纽约证券交易所的交易大厅买卖的。
The stocks themselves have no fixed value.
股票本身没有固定价值。
As in an auction, if the stock is in demand, its price goes up.
就像在拍卖中一样，如果股票需求旺盛，其价格就会上涨。
No demand and the price goes down.
没有需求，价格就会下降。
For almost eight straight years, stock values had been rising.
近八年来，股票价值一直在上涨。
By 1929, there seemed to be no upper limits in this world of paper, numbers and dreams.
到了 1929 年，这个充满纸张、数字和梦想的世界似乎已经没有上限了。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : It was an arena of unbounded opportunity where somebody like my grandfather could come into it and make a fortune.
米汉：这是一个充满无限机会的舞台，像我祖父这样的人可以进入其中并发家致富。
So many people made so much money in the market that late in the 20s, it seemed that you just couldn’t go wrong buying stocks in American companies.
20 世纪 20 年代末，很多人在市场上赚了很多钱，购买美国公司的股票似乎不会出错。
Narrator: : Here was a whole new way to make a fortune.
旁白：：这是一种全新的致富方式。
Unlike the Carnegies and the Rockefellers of previous decades, who built steel mills and dug oil wells, men like Michael Meehan, Jesse Livermore and Charles Mitchell had amassed their fortunes buying and selling stocks, pieces of paper.
与前几十年的卡内基和洛克菲勒家族不同，他们建造了钢铁厂并挖掘了油井，而像迈克尔·米汉、杰西·利弗莫尔和查尔斯·米切尔这样的人是通过买卖股票和纸张积累了财富。
The public was fascinated.
公众很着迷。
Bankers, brokers and speculators had become celebrities and they lived like royalty.
银行家、经纪人和投机者已成为名人，他们过着皇室般的生活。
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : I can hardly believe that a family lived in this kind of house.
米切尔：我简直不敢相信一家人住在这样的房子里。
I mean, today, it would be almost unbelievable.
我的意思是，今天，这几乎令人难以置信。
Six stories and these great big rooms.
六层楼和这些很棒的大房间。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Enormous.
米切尔：：巨大。
We counted it up the other day.
前几天我们统计了一下。
We had 16 live-in help in this house —
我们这所房子里有 16 名住家帮手 —
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : Not counting the chauffeurs and others.
米切尔：：不包括司机和其他人。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : — not counting the chauffeurs, yes, aside from all the help we had in the Tuxedo Park house and the Southampton house as well.
米切尔：：——不包括司机，是的，除了我们在燕尾服公园别墅和南安普敦别墅得到的所有帮助之外。
But those days are gone forever.
但那些日子已经一去不复返了。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : But we never thought of it as being grandiose because practically everybody we knew seemed to live in the same way.
米切尔：：但我们从来没有认为它是宏伟的，因为几乎我们认识的每个人似乎都以同样的方式生活。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : Jesse Livermore had a ticker tape in every home that he owned.
帕特里夏·利弗莫尔，杰西·利弗莫尔的儿媳妇：杰西·利弗莫尔在他拥有的每一个房子里都有一个收报机磁带。
They had a beautiful house on 76th Street in Manhattan, on the West side of Central Park.
他们在曼哈顿第 76 街、中央公园西侧有一栋漂亮的房子。
They had a floor at the 813 Fifth Avenue because Dorothy did not like to go to the West Side to change her clothes.
他们在第五大道 813 号有一个楼层，因为多萝西不喜欢去西区换衣服。
So they had a house in Great Neck, they had a summer house in Lake Placid, they had a house in Palm Beach.
所以他们在大颈有一座房子，他们在普莱西德湖有一座避暑别墅，他们在棕榈滩有一座房子。
They had private railroad cars, two yachts.
他们有私人火车车厢、两艘游艇。
Oh, they lived.
哦，他们活着。
They really lived.
他们真的活过。
Narrator: : Few Americans lived like Jesse Livermore, but there was a rising expectation that everyone could have a piece of this prosperity.
旁白：：很少有美国人像杰西·利弗莫尔那样生活，但人们越来越期望每个人都能分享这种繁荣。
During his presidential campaign of 1928, candidate Herbert Hoover would make this extraordinary promise.
候选人赫伯特·胡佛 (Herbert Hoover) 在 1928 年总统竞选期间做出了这一非凡的承诺。
Herbert Hover (archival): : Given a chance to go forward with the policies of the last eight years, we shall soon, with the help of God, be in sight of the day when poverty will be banished from this nation.
赫伯特·哈弗（档案）：如果有机会继续执行过去八年的政策，在上帝的帮助下，我们很快就会看到这个国家消除贫困的那一天。
Robert Sobel, Historian: : There was great hope.
历史学家罗伯特·索贝尔：：希望很大。
America came out of World War I with the economy intact.
美国走出第一次世界大战，经济完好无损。
We were the only strong country in the world.
我们是世界上唯一的强国。
The dollar was king.
美元为王。
We had a very popular president in the middle of the decade, Calvin Coolidge, and an even more popular one elected in 1928, Herbert Hoover.
我们在这十年中期有一位非常受欢迎的总统卡尔文·柯立芝，还有一位在 1928 年当选的更受欢迎的总统赫伯特·胡佛。
So things looked pretty good.
所以事情看起来相当不错。
Narrator: : The economy was changing in this new America.
旁白：：这个新美国的经济正在发生变化。
It was the dawn of the consumer revolution.
这是消费革命的黎明。
New inventions, mass marketing, factories turning out amazing products like radios, rayon, air conditioners, underarm deodorant.
新发明、大规模营销、工厂生产出令人惊叹的产品，如收音机、人造丝、空调、腋下除臭剂。
Robert Sobel, Historian: : This is a period in which the American household gets the washing machine, gets a refrigerator, goes off gaslight and gets electricity in some cities.
历史学家罗伯特·索贝尔：在这个时期，美国家庭拥有了洗衣机、冰箱、关掉煤气灯并在一些城市获得了电力。
This is period in which people would buy little plugs to put into the outlets in the wall so the electricity wouldn’t leak on the floor.
在这个时期，人们会购买小插头插入墙上的插座，这样电力就不会漏到地板上。
“What will they think of next,” was a 1920s saying, 'cause new things were continually coming out and they were new things which you could enjoy, not just for the few.
“他们接下来会想到什么，”这是 20 年代的一句谚语，因为新事物不断涌现，而且它们是你可以享受的新事物，而不仅仅是少数人的享受。
Narrator: : One of the most wondrous inventions of the age was consumer credit.
旁白：：那个时代最奇妙的发明之一就是消费信贷。
Before 1920, the average worker couldn’t borrow money.
1920年之前，普通工人无法借钱。
By 1929, “buy now, pay later” had become a way of life.
到 1929 年，“先买后付”已成为一种生活方式。
Robert Sobel, Historian: : So there were changes, many changes in the way people viewed the world and all of them optimistic.
历史学家罗伯特·索贝尔：：所以人们看待世界的方式发生了很多变化，而且所有人都很乐观。
You extrapolate the curve and what do you have?
你推断出曲线，你得到了什么？
Permanent prosperity.
永久繁荣。
That was the term one heard in the late 1920s.
这是 20 年代末人们听到的术语。
“We’re into the age of permanent prosperity.”
“我们进入了永久繁荣的时代。”
Narrator: : Wall Street got the credit for this prosperity and Wall Street was dominated by just a small group of wealthy men.
旁白：：这种繁荣归功于华尔街，而华尔街则由一小群富人统治。
Rarely in the history of this nation had so much raw power been concentrated in the hands of a few businessmen, men like William C.
在这个国家的历史上，很少有如此多的原始权力集中在少数商人手中，比如威廉·C·肯尼迪（William C.
Durant.
杜兰特。
Aristo Scrobogna, Secretary to William C.
阿里斯托·斯克罗博尼亚 (Aristo Scrobogna)，William C.
Durant: : It’s almost impossible to realize the power and the significance of the man.
杜兰特：几乎不可能认识到这个人的力量和意义。
In Flint — when Mr. Durant came to Flint occasionally, people used to say, “Durant is in town.” Just like that, you know, “Durant is in town.” He was bigger than life.
在弗林特——当杜兰特先生偶尔来弗林特时，人们常常说，“杜兰特在城里。”就像那样，你知道，“杜兰特在城里。”他比生命更伟大。
Narrator: : Earlier in the century, Durant had founded General Motors.
旁白：：本世纪初，杜兰特创立了通用汽车公司。
Now, he made his money on Wall Street.
现在，他在华尔街发了财。
Backed by Midwestern auto industrialists, he controlled so much money that he could singlehandedly drive up the price of a stock and then sell, reaping huge profits.
在中西部汽车工业家的支持下，他控制了如此多的资金，以至于他可以单枪匹马地推高股票价格，然后出售，从而获得巨额利润。
Aristo Scrobogna, Secretary to William C.
阿里斯托·斯克罗博尼亚 (Aristo Scrobogna)，William C.
Durant: : He was just at the apotheosis, at the maximum of his power.
杜兰特：：他正处于巅峰状态，处于他力量的最大状态。
He managed — according to the voices of the time, according to what was said — anywhere between two to five billion dollars, which in those days was a fabulous — the market was filled with bulls and he was the bull of the bulls.
根据当时的声音，根据人们的说法，他管理了 2 至 50 亿美元，这在当时是一个神话——市场上充满了多头，而他是多头中的公牛。
Narrator: : Durant came to Wall Street as one of the titans of industry.
旁白：：杜兰特作为工业巨头之一来到华尔街。
Jesse Livermore, whose fortune was estimated at over $100 million, never did anything in his life but play the market.
杰西·利弗莫尔（Jesse Livermore）的财富估计超过 1 亿美元，他一生中除了玩弄市场之外，从未做过任何事。
Robert Sobel, Historian: : Everything Jesse Livermore touched turned to gold, it seemed.
历史学家罗伯特·索贝尔：：杰西·利弗莫尔所触及的一切似乎都变成了金子。
All he had to do was to press a button and a stock would go up ten points.
他所要做的就是按下一个按钮，股票就会上涨十点。
And that meant, of course, that Jesse Livermore would make a lot of money.
当然，这意味着杰西·利弗莫尔会赚很多钱。
So the average American would look at this say, “Gee, if only I knew what he doing, I could make money, too.
所以普通美国人看到这个会说：“哎呀，如果我知道他在做什么，我也能赚钱。
How do you get in on Jesse Livermore’s brains?”
你如何了解杰西·利弗莫尔的大脑？”
Narrator: : Livermore was a speculator, pure and simple.
旁白：：利弗莫尔是一个纯粹的投机者。
He didn’t study the health of a company.
他没有研究公司的健康状况。
He didn’t care whether it made a profit or paid a dividend.
他不在乎它是否盈利或支付股息。
For him, the stock market was an abstract game of numbers.
对他来说，股市是一个抽象的数字游戏。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : Money was not the end for this man at all.
杰西·利弗莫尔的儿媳帕特里夏·利弗莫尔：金钱根本不是这个男人的目的。
Money was a very peripheral thing for him, but beating the odds, winning a game.
金钱对他来说是一件非常次要的事情，但他克服了困难，赢得了比赛。
That was his objective.
这就是他的目标。
He was a numbers man.
他是一个数字人。
He lived by the numbers, took an elevator by the numbers.
他靠数字生活，靠数字乘电梯。
He came into town by the numbers.
他是靠数字进城的。
Everything was done by numbers.
一切都是由数字完成的。
When he left his house in the morning, he did not leave at 8:10, he left at 8:07.
早上他出门的时候，不是8点10分离开的，而是8点07分离开的。
All of the policemen knew, because of his time schedule, that he would be going down Fifth Avenue, let’s say, at 8:37.
根据他的时间表，所有警察都知道他会在 8 点 37 分沿着第五大道走。
Well, of course, traffic lights were hand-operated then, had policemen on boxes.
嗯，当然，那时的交通灯是手动操作的，警察在盒子上。
So the instant that they saw his car, the lights were green.
所以他们一看到他的车，绿灯就亮了。
He never stopped for a red light.
红灯时他从未停下来。
Narrator: : The success of large speculators like Livermore and Durant lured smaller investors to Wall Street, but Charles Mitchell, president of National City Bank, virtually invented the idea of mass-marketing stocks and bonds to the general public.
旁白：利弗莫尔和杜兰特等大型投机者的成功吸引了较小的投资者来到华尔街，但国家城市银行行长查尔斯·米切尔实际上发明了向公众大众推销股票和债券的想法。
This was a totally new idea and a huge success.
这是一个全新的想法并且取得了巨大的成功。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : The bank, prior to father’s being elected president in 1921, was geared mainly to doing business with large corporations.
米切尔：：在 1921 年父亲当选行长之前，该银行主要面向与大公司开展业务。
Father pointed the bank, for the first time, in the direction of going after the little man and
父亲第一次把银行指向追赶小个子的方向，
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : Don’t call him the little man.
米切尔：：别叫他小个子。
It was Everyman.
这是普通人。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Well, jedermann (everyman), all right.
米切尔：：嗯，jedermann（每个人），好吧。
How old was he then?
那时他几岁？
Thirty-eight years old.
三十八岁。
And the National City Company had four offices.
国家城市公司有四个办事处。
And then, within three years, there were over 50 offices and by 1929, it was the largest distributor of securities in the world.
然后，三年之内，它就设立了 50 多个办事处，到 1929 年，它已成为世界上最大的证券分销商。
Narrator: : Even at the height of the speculative frenzy, only a small percentage of the American public actually invested in stocks, but the market had entered popular culture.
旁白：即使在投机狂潮最严重的时候，也只有一小部分美国公众真正投资了股票，但市场已经进入了流行文化。
Wall Street became Main Street.
华尔街变成了大街。
Everyone was talking stocks.
大家都在谈论股票。
Watching the ticker became a national sport.
看股票行情成为一项全民运动。
Popular magazines covered financial news.
流行杂志报道财经新闻。
Dozens of best-sellers promised investors the inside track.
数十本畅销书向投资者承诺了内幕。
The characters in the popular comic strip “Gasoline Alley,” were investing in a company called “Rubber Keyhole.” Stock tips came from everywhere.
流行漫画《汽油巷》中的人物正在投资一家名为“Rubber Keyhole”的公司。股票提示来自四面八方。
Some investors followed the advice of Evangeline Adams, an astrologer.
一些投资者听取了占星家伊万杰琳·亚当斯的建议。
Manly P.
曼利·P.
Hall, Founder, Philosophical Research Society: : She was able to calculate the variations of the stock exchange so accurately that there was practically no difference to having have read it in a ledger somewhere.
霍尔，哲学研究协会创始人：：她能够如此准确地计算股票交易的变化，几乎与在某处的分类帐中读取它没有什么区别。
Among her more interesting clients were Charles Chaplin, Mary Pickford and J.
她最感兴趣的客户包括查尔斯·卓别林、玛丽·碧克馥和 J.
Pierpont Morgan.
皮尔庞特·摩根.
Narrator: : In February, Evangeline Adams looked at the stars and predicted a dramatic upswing in stock prices for the coming months.
旁白：二月份，伊万杰琳·亚当斯 (Evangeline Adams) 仰望星空，预测未来几个月股价将大幅上涨。
The stock market, once considered a highly risky place to put your money, was now beginning to attract a whole new group of amateur speculators.
股票市场曾经被认为是一个高风险的投资场所，现在开始吸引一群全新的业余投机者。
Among the new players was one Julius Marx.
新玩家中就有朱利叶斯·马克思（Julius Marx）。
Everyone knew him by his stage name, Groucho.
每个人都知道他的艺名格劳乔。
Arthur Marx, Son of Groucho Marx: : But they were poor and it always affected my father 'cause he was always kind of thrifty and worried about his future and what would become of him when no one else wanted him as an actor anymore.
亚瑟·马克思，格劳乔·马克思的儿子：：但是他们很穷，这总是影响着我父亲，因为他总是很节俭，担心自己的未来，以及当没有人希望他成为演员时他会怎样。
So he was always saving money, turning off the lights and turning off the water around the house even after he was in Hollywood and making a lot of money.
所以他总是在省钱，关掉房子周围的灯、关掉水，即使他在好莱坞赚了很多钱之后也是如此。
Narrator: : Of all the Marx brothers, Groucho was the most financially conservative.
旁白：：在所有马克思兄弟中，格劳乔在经济上是最保守的。
In 1929, he took his life’s savings and put it in a sure thing, the stock market.
1929年，他把毕生的积蓄投入了股市。
Arthur Marx, Son of Groucho Marx: : He was always phoning a broker and getting hot tips and wanting to know what the stocks were that — how they were doing.
阿瑟·马克思 (Arthur Marx)，格劳乔·马克思 (Groucho Marx) 的儿子：：他总是给经纪人打电话，获取热门提示，并想知道股票是什么——它们的表现如何。
And if he wasn’t on the phone, he would take me into Great Neck, which was a little village at the time but they did have a stockbroker called Newman Brothers & Worms and all these men who were investing in the market, they’d all sit there in chairs like a little theater and watch the ticker tape go by.
如果他不接电话，他就会带我去大颈，那是当时的一个小村庄，但他们确实有一家股票经纪人，名叫纽曼兄弟与沃尔姆斯（Newman Brothers & Worms），所有这些在市场上投资的人，他们都会坐在像小剧院一样的椅子上，看着收报机磁带滚动。
Narrator: : Groucho, along with record numbers of smaller investors, was borrowing money to buy stocks.
旁白：：格劳乔和创纪录数量的小投资者一起借钱购买股票。
It was called “buying on margin.” You only needed ten percent down.
这被称为“保证金购买”。你只需要百分之十的首付。
Just $1,000 would get you $10,000 worth of stock.
只需 1,000 美元即可获得价值 10,000 美元的股票。
Suddenly, you were in the same league with the big players or so it seemed.
突然之间，你就和大牌球员处于同一联盟了，或者看起来是这样。
But the stock market was not a level playing field.
但股市并不是一个公平的竞争环境。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : In the 20s and 30s, one of the big features of the stock market is the fact that it wasn’t controlled and that operators could do a lot of things that are not permitted today.
杰西·利弗莫尔 (Jesse Livermore) 的儿媳帕特里夏·利弗莫尔 (Patricia Livermore)：：在 20 世纪 20 年代和 30 年代，股票市场的一大特点是它不受控制，操作员可以做很多今天不允许的事情。
Narrator: : One of the most common tactics was to manipulate the price of a particular stock, a stock like Radio Corporation of America.
旁白：最常见的策略之一是操纵特定股票的价格，例如美国广播公司的股票。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : RCA was, in the 20s, what Xerox was in the 60s, what was a great growth stock.
Meehan： RCA 在 20 年代就像施乐在 60 年代一样，是一只伟大的成长型股票。
The stock went from — I can’t remember the exact numbers, but from something like 20 to 400, split many times and made many people, including my grandfather, very wealthy.
这只股票的价格从——我记不清确切的数字了，但从 20 到 400 左右，分拆了很多次，让很多人，包括我的祖父，变得非常富有。
It was one of the stocks that was manipulated by a pool.
这是被资金池操纵的股票之一。
Narrator: : Wealthy investors would pool their money in a secret agreement to buy a stock, inflate its price and then sell it to an unsuspecting public.
旁白：：富有的投资者会通过秘密协议集中资金购买股票，抬高其价格，然后将其出售给毫无戒心的公众。
Most stocks in the 1920s were regularly manipulated by insiders like RCA specialist Michael Meehan.
20 世纪 20 年代的大多数股票经常受到 RCA 专家迈克尔·米汉 (Michael Meehan) 等内部人士的操纵。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : In those days, that was legal and it was quite common practice for a group of Wall Streeters to take a stock in hand.
米汉：在那些日子里，这是合法的，而且一群华尔街人士手中持有股票是很常见的做法。
And they would acquire a position in the stock early on and then, they would see to it that there was good press on the stock, a lot of publicity.
他们会尽早获得该股票的头寸，然后，他们会确保该股票受到良好的报道和大量的宣传。
Robert Sobel, Historian: : I would say that practically all the financial journals were on the take.
历史学家罗伯特·索贝尔：我想说，几乎所有的金融期刊都受到关注。
This includes reporters for The Wall Street Journal, The New York Times, The Herald-Tribune , you name it.
其中包括《华尔街日报》、《纽约时报》、《先驱论坛报》等凡是你能想到的杂志的记者。
So if you were a pool operator, you’d call your friend at The Times and say, “Look, Charlie, there’s an envelope waiting for you here and we think that perhaps you should write something nice about RCA.” And Charlie would write something nice about RCA.
因此，如果你是一名泳池运营商，你会打电话给你在《泰晤士报》的朋友说：“看，查理，这里有一个信封在等你，我们认为也许你应该写一些关于 RCA 的好话。”查理会写一些关于 RCA 的好文章。
A publicity man called A.
一位名叫 A 的宣传人员。
Newton Plummer had canceled checks from practically every major journalist in New York City.
牛顿·普卢默取消了纽约市几乎所有主要记者的支票。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : Then, they would begin to — what was called “painting the tape” and they would make the stock look exciting.
米汉：然后，他们会开始——所谓的“绘制胶带”，他们会让股票看起来令人兴奋。
They would trade among themselves and you’d see these big prints on RCA and people will say, “Oh, it looks as though that stock is being accumulated."
他们之间会进行交易，你会在 RCA 上看到这些大字，人们会说，“哦，看起来库存正在积累。”
Robert Sobel, Historian: : Now, if they are behind it, you want to join them, so you go out and you buy stock also.
历史学家罗伯特·索贝尔：现在，如果他们在背后支持，你想加入他们，所以你也出去买股票。
Now, what’s happening is the stock goes from 10 to 15 to 20 and now, it’s at 20 and you start buying, other people start buying at 30, 40.
现在，股票价格从 10 涨到 15，再到 20，现在，你在 20 的时候开始买入，其他人在 30、40 的时候开始买入。
The original group, the pool, they’ve stopped buying.
原来的团体，泳池，他们已经停止购买了。
They’re selling you the stock.
他们正在向你出售股票。
It’s now 50 and they’re out of it.
现在已经50岁了，他们已经结束了。
And what happens, of course, is the stock collapses.
当然，发生的事情是股票崩盘。
Narrator: : On March 8, 1929, Michael Meehan began one of the most successful pools on Wall Street.
旁白： 1929 年 3 月 8 日，迈克尔·米汉 (Michael Meehan) 创办了华尔街最成功的联营公司之一。
From the 8th to the 17th, Meehan and the pool pushed up the value of RCA almost 50 percent.
从 8 日到 17 日，Meehan 和矿池将 RCA 的价值推高了近 50%。
On March 18th, they sold and divided up their profits.
3月18日，他们出售并瓜分了利润。
In today’s money, they had made $100 million for one week’s work.
以今天的货币计算，他们一周的工作就赚了 1 亿美元。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : The pools were a little like musical chairs.
Meehan：泳池有点像音乐椅。
When the music stopped, somebody owned the stocks and those were the sufferers.
当音乐停止时，有人拥有股票，而这些人就是受害者。
Narrator: : If small investors suffered, they would soon be back for more.
旁白：：如果小投资者遭受损失，他们很快就会回来索取更多。
They knew the game was rigged, but maybe next time, they could beat the system.
他们知道游戏被操纵了，但也许下一次，他们可以击败这个系统。
Wall Street had its critics, among them economist Roger Babson.
华尔街也有批评者，其中包括经济学家罗杰·巴布森(Roger Babson)。
He questioned the boom and was accused of lack of patriotism, of selling America short.
他对经济繁荣提出质疑，并被指责缺乏爱国主义、低估美国。
John Kenneth Galbraith, Economist: : Roger Babson warned of the speculation and said, “There’s going to be a crash and the aftermath is going to be quite terrible.” And people jumped on Babson from all around for saying such a thing, so that people who were cautious about their personal reputation, who did not want to call down on themselves a lot of calumny, kept quiet.
经济学家约翰·肯尼思·加尔布雷思：罗杰·巴布森对这种猜测发出警告，并表示：“将会发生崩盘，后果将非常可怕。”巴布森说出这样的话，四面八方的人都对他大加指责，以至于那些对个人名誉持谨慎态度、不想招来太多诽谤的人都保持沉默。
Narrator: : Mobster Al Capone was not a cautious man.
旁白：：黑帮阿尔·卡彭并不是一个谨慎的人。
From his Chicago headquarters, he condemned the wild speculation on Wall Street.
他在芝加哥总部谴责了华尔街的疯狂投机行为。
“It’s a racket,” he said, “Those stock market guys are crooked.” Capone invested his money in a $100-million bootleg liquor business.
“这是一个骗局，”他说，“那些股市家伙都是骗人的。”卡彭将自己的资金投资于价值 1 亿美元的盗酒业务。
Business was good.
生意很好。
On Valentine’s Day, 1929, he had just eliminated the competition.
1929 年情人节，他刚刚淘汰了比赛。
March 4th, Inauguration Day.
3月4日，就职日。
Republican President Calvin Coolidge had run his administration on the belief that business was the basis of America’s prosperity.
共和党总统卡尔文·柯立芝在执政时坚信商业是美国繁荣的基础。
Government should not interfere.
政府不应该干涉。
Herbert Hoover had won a landslide victory, promising to carry on the tradition.
赫伯特·胡佛赢得了压倒性胜利，并承诺继承这一传统。
John Kenneth Galbraith, Economist: : This was a time in our history when governments did not, as now, take responsibility for the economy.
经济学家约翰·肯尼思·加尔布雷思：在我们的历史上，这是一个政府不像现在那样对经济负责的时期。
They presided over it, but the level of economic activity and the level of economic growth and the stability of prices were not yet everyday concerns of the president.
他们主持会议，但经济活动水平、经济增长水平和物价稳定还不是总统每天关心的问题。
And what Coolidge did was to say how wonderful times were, how happy everybody was going to be and how prosperous everyone was going to be.
柯立芝所做的就是说，时光是多么美好，每个人都会多么幸福，每个人都会多么繁荣。
And Hoover’s responsibility was to continue that optimism.
胡佛的责任就是继续保持这种乐观态度。
Narrator: : Politicians came and went, but in the 20s, the businessman was king.
旁白：：政治家来了又去，但在20年代，商人为王。
New York City had a dapper, corrupt and vastly popular mayor, Jimmy Walker, but behind the scenes were powerful financial leaders like Charles Mitchell.
纽约市有一位衣冠楚楚、腐败且广受欢迎的市长吉米·沃克，但幕后却是查尔斯·米切尔等强大的金融领袖。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Jimmy Walker was high, wide and fancy with the city finances.
米切尔：吉米·沃克（Jimmy Walker）对这座城市的财政状况很高大上、很了解。
One day, Father called Mayor Walker up here and he had some other bankers with him.
有一天，父亲打电话给沃克市长，和他一起的还有其他一些银行家。
And Mayor Walker was sort of put on the grill in the upstairs library, while these bankers read the riot act to him to try and get some fiscal responsibility instilled into him.
沃克市长在楼上的图书馆里被放在烤架上，而这些银行家向他宣读防暴法案，试图让他承担一些财政责任。
And I know that after the meeting, somebody took me into the library and pointed me out the chair that the mayor had been sitting in and he’d been so nervous — what were those, Louis XIV chairs with all the little —
我知道会议结束后，有人带我进图书馆，给我指了市长坐过的椅子，他非常紧张——那些是什么，路易十四的椅子，上面有很多小东西——
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Louis XV chairs with all the little tacks in there, the brass tacks.
米切尔：：路易十五的椅子上有所有的小钉子，铜钉。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : And he’d pulled out almost all the brass tacks — they were sitting on the floor — out of sheer nerves.
米切尔：：他出于纯粹的紧张，拔出了几乎所有的铜钉——它们坐在地板上。
Narrator: : The stock market, too, was getting a severe case of nerves.
旁白：：股市也变得非常紧张。
On Friday, March 22nd, all eyes were on that august government body in Washington, the Federal Reserve Board.
3 月 22 日星期五，所有人的目光都集中在华盛顿这个庄严的政府机构——联邦储备委员会上。
The board distrusted the boom.
董事会对经济繁荣不信任。
They saw the speculation as reckless and dangerous because it was based more and more on the shaky foundation of borrowed money, margin.
他们认为这种投机是鲁莽和危险的，因为它越来越建立在借钱、保证金的不稳定基础上。
The board had the power to curb the borrowing, the market was now dependent on borrowed money.
董事会有权限制借贷，市场现在依赖借钱。
Without margin, it would collapse.
没有余量，就会崩溃。
The board met day after day.
董事会日复一日地开会。
Would they ask for regulation of the stock market?
他们会要求对股市进行监管吗？
They issued no public statements.
他们没有发表公开声明。
Their silence was terrifying.
他们的沉默令人恐惧。
On Monday, March 21st, investors began to sell.
3 月 21 日星期一，投资者开始抛售。
Blue chip stocks plunged.
蓝筹股暴跌。
Tuesday, another wave of selling swept the market.
周二，另一波抛售席卷市场。
As it fell, people holding stock on margin were hit hard.
随着股价下跌，以保证金持有股票的人受到了沉重打击。
They’d put only ten percent down, but the value of their stock dropped more than 10 percent, so their down payment was gone.
他们只付了百分之十的首付，但他们的股票价值却下跌了百分之十以上，所以他们的首付就消失了。
To hold their stocks, they’d have to put up more money.
为了持有股票，他们必须投入更多资金。
On March 26th, millions of investors suddenly found themselves in deep trouble.
3月26日，数百万投资者突然发现自己深陷困境。
Robert Sobel, Historian: : Your broker would call you and say, “We need more money.
罗伯特·索贝尔，历史学家：：你的经纪人会打电话给你说：“我们需要更多的钱。
You’re wiped out.” Unless you could give him more money, he would then sell the stock.
你已经被消灭了。”除非你能给他更多的钱，否则他就会卖掉股票。
Now, he would sell the stock, which would cause the stock to go down to 85, 86 and now, more margin calls are triggered.
现在，他会出售股票，这将导致股票跌至 85、86，现在，会触发更多的追加保证金通知。
So one margin call triggers another margin call, triggers another margin call and it goes all the way down.
因此，一次追加保证金通知会触发另一次追加保证金通知，再触发另一次追加保证金通知，然后价格一路下跌。
Narrator: : With everyone trying to borrow money to cover the falling value of their stocks, there was a credit crunch.
旁白：：由于每个人都试图借钱来弥补股票价值的下跌，因此出现了信贷紧缩。
Interest rates soared.
利率飙升。
At 20 percent, few people could afford to borrow more money.
在 20% 的利率下，很少有人能借得起更多的钱。
The boom was about to collapse like a house of cards.
繁荣即将像纸牌屋一样倒塌。
Charlie Mitchell was horrified.
查理·米切尔吓坏了。
His success, his entire career, his personal fortune had been based on a rising market.
他的成功、他的整个职业生涯、他的个人财富都是基于不断上涨的市场。
If nobody else was going to stop the crash, Charles Mitchell would.
如果没有其他人能够阻止这场车祸，查尔斯·米切尔就会。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Father, at that point, stepped in and announced that the National City Bank would provide $25 million of credit, which was all very well and very necessary, but he added the fateful words, “whatever the Federal Reserve Board thinks.” And Senator Carter Glass, who had been sort of the father of the Federal Reserve Act in 1913, took that as a direct slap across the face.
米切尔：父亲当时介入并宣布国家城市银行将提供 2500 万美元的信贷，这一切都非常好而且非常必要，但他补充了一句至关重要的话语：“无论美联储怎么想。”参议员卡特·格拉斯（Carter Glass），可以说是 1913 年《联邦储备法》之父，他认为这是直接打在他脸上的一记耳光。
But whatever Senator Glass thought, immediately, the credit crisis was alleviated.
但无论格拉斯参议员怎么想，信贷危机立即得到缓解。
In fact, within the next 24 hours, call money went from 20 percent to eight percent and that stopped the panic, then, in March.
事实上，在接下来的 24 小时内，催收资金从 20% 上升到 8%，这才平息了 3 月份的恐慌。
Narrator: : The next day, the market rallied.
旁白： ：第二天，市场上涨。
The Federal Reserve Board remained silent, tacitly accepting defeat.
美联储保持沉默，默认了失败。
The hero of the day was Charlie Mitchell.
今天的英雄是查理·米切尔。
He had singlehandedly stopped the crash of ’29.
他凭一己之力阻止了 29 年的崩溃。
With the start of the baseball season, people quickly forgot the break in the market.
随着棒球赛季的开始，人们很快就忘记了市场的休息。
New events filled the papers.
新的事件充斥着报纸。
There was a crisis in Nicaragua, where the nationalist hero, Augusto Sandino, was threatening American marines; tragedy in the British Mandate of Palestine as Jews and Arabs clashed over control of holy sites in Jerusalem.
尼加拉瓜发生了一场危机，民族主义英雄奥古斯托·桑迪诺威胁美国海军陆战队；英国托管巴勒斯坦期间发生的悲剧，犹太人和阿拉伯人因争夺耶路撒冷圣地的控制权而发生冲突。
And in Antarctica, Commander Byrd was at his base camp, Little America, waiting for a break in the weather.
在南极洲，伯德指挥官正在他的大本营“小美国”等待天气好转。
His elaborately-planned flight over the South Pole was still on ice.
他精心计划的飞越南极点的飞行仍然处于冰冻状态。
The newsreels had come into their own.
新闻片已经发挥了作用。
Now, in living sound, patrons could keep abreast of the important events of the day.
现在，在生活中，顾客可以及时了解当天的重要事件。
Woman (archival): : The biggest news of the day is not the Naval agreement, not even Prohibition, but the return of the natural waistline.
女人（档案）： ：今天最大的新闻不是海军协议，甚至不是禁酒令，而是自然腰围的回归。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : Dorothy Livermore was a typical flapper.
帕特里夏·利弗莫尔（Patricia Livermore），杰西·利弗莫尔（Jesse Livermore）的儿媳：多萝西·利弗莫尔（Dorothy Livermore）是一个典型的摩登女郎。
She has to embody the 20s.
她必须体现20多岁的风格。
She would do almost anything on an impulse.
她几乎会凭一时冲动做任何事。
She had some priceless pieces of 18th-century furniture, but the house had settled and the floors were not level.
她有一些无价的 18 世纪家具，但房子已经塌陷，地板不平整。
But Mrs. Livermore didn’t like to spend money that didn’t show, so instead of having the hoist put underneath, she simply solved the problem by having the legs of the furniture cut off to fit the sloping floors, so that the tops of all of the furniture were level, but of course, the legs were on different angles.
但利弗莫尔夫人不喜欢花不显眼的钱，所以她没有把起重机放在下面，而是简单地通过将家具的腿切掉以适应倾斜的地板来解决这个问题，这样所有家具的顶部都是水平的，但当然，腿的角度不同。
And this was her typical solution.
这是她典型的解决方案。
As long as the tops were level, everything was fine.
只要顶部水平，一切都很好。
Narrator: : Everything was not fine that spring with the American economy.
旁白： 那年春天，美国经济一切都不太顺利。
It was showing ominous signs of trouble.
它显示出麻烦的不祥迹象。
Steel production was declining.
钢铁产量下降。
The construction industry was sluggish.
建筑业低迷。
Car sales dropped.
汽车销量下降。
Customers were getting harder to find.
客户越来越难找到。
And because of easy credit, many people were deeply in debt.
由于信贷宽松，许多人负债累累。
Large sections of the population were poor and getting poorer.
很大一部分人口很穷，而且越来越穷。
Just as Wall Street had reflected a steady growth in the economy throughout most of the 20s, it would seem that now the market should reflect the economic slowdown.
正如华尔街在20世纪20年代的大部分时间里反映出经济的稳定增长一样，现在市场似乎也应该反映出经济放缓。
Instead, it soared to record heights.
相反，它飙升至创纪录的高度。
Stock prices no longer had anything to do with company profits, the economy or anything else.
股票价格不再与公司利润、经济或其他任何事情有任何关系。
The speculative boom had acquired a momentum of its own.
投机热潮已经获得了自身的动力。
John Kenneth Galbraith, Economist: : It was this nature of mass illusion.
经济学家约翰·肯尼思·加尔布雷思：这就是大众幻觉的本质。
Prices were going up, people bought.
价格上涨，人们购买。
That forced prices up further, that brought in more people.
这迫使价格进一步上涨，从而吸引了更多人。
And eventually, the process becomes self-perpetuating.
最终，这个过程变得自我延续。
Every increase brings in more people convinced of their God-given right to get rich.
每一次增长都会让更多的人相信上帝赋予他们致富的权利。
Narrator: : The 20s was a decade of all sorts of fast money schemes.
旁白： 20 年代是各种快钱计划横行的十年。
Three years earlier, everyone was buying Florida real estate.
三年前，每个人都在购买佛罗里达州的房地产。
As prices of land skyrocketed, more people jumped in, hoping to make a killing.
随着土地价格的飞涨，越来越多的人纷纷涌入，希望能大赚一笔。
Then, overnight, the boom turned to bust and investors lost everything.
然后，一夜之间，繁荣转为萧条，投资者失去了一切。
Groucho Marx (Film, The Cocoanuts ): : Florida, folks.
格劳乔·马克思（电影、《椰子》）：：佛罗里达州，朋友们。
Sunshine, sunshine.
阳光，阳光。
Perpetual sunshine all the year around.
终年阳光灿烂。
Let’s get the auction started before we get a tornado.
让我们在龙卷风到来之前开始拍卖吧。
Right this way.
就这样。
Step forward, everybody.
大家向前走吧。
Narrator: : In May, the Marx Brothers were before the cameras with their first film, The Cocoanuts .
旁白：：五月，马克思兄弟在镜头前拍摄了他们的第一部电影《椰子》。
Its subject?
它的主题？
The Florida land boom.
佛罗里达州土地繁荣。
Now, in 1929, the gullibility of those naive speculators was something to laugh about.
现在，在 1929 年，那些天真的投机者的轻信是值得嘲笑的。
Groucho Marx (Film, The Cocoanuts ): : Eight hundred wonderful residences will be built right here.
格劳乔·马克斯（电影、《椰子》）：：这里将建造八百座美妙的住宅。
Why, they’re as good up, better.
为什么，他们同样好，更好。
You can have any kind of a home you want to.
你可以拥有任何你想要的家。
You can get even get stucco.
你甚至可以获得灰泥。
Oh, how you can get stucco.
哦，你怎么能得到灰泥。
Now is the time to buy while the new boom is on.
现在是在新的繁荣时期买入的时候了。
Remember that old saying, “A new boom sweeps clean.” And don’t forget the guarantee.
请记住那句老话：“新的繁荣席卷而来。”并且不要忘记保证。
Narrator: : Groucho Marx would film these scenes and then rush to his broker to put more of his savings into the booming market, on margin, of course.
旁白：格劳乔·马克斯会拍摄这些场景，然后冲向他的经纪人，将更多的积蓄投入蓬勃发展的市场，当然是保证金。
Arthur Marx, Son of Groucho Marx: : Max Gordon, a Broadway producer, was also heavily in the market and Gordon could never get over the fact that the market was going up and up and up all the time.
阿瑟·马克思（Arthur Marx），格劳乔·马克思（Groucho Marx）的儿子：马克斯·戈登（Max Gordon）是一位百老汇制片人，他也大量涉足市场，而戈登永远无法克服市场一直在上涨、上涨、上涨的事实。
And he said to my father, “How long has this been going on, Groucho?” And my father said, “I don’t know, but my broker down in Great Neck tells me that it’s because there’s a worldwide market for American goods and it’s never going to go down, that the market’ll just keep going up and up and up.”
他对我父亲说：“格劳乔，这种情况持续了多久？”我父亲说：“我不知道，但我在大颈的经纪人告诉我，这是因为美国商品有一个全球市场，而且永远不会下跌，市场只会不断上涨。”
Narrator: : May 1929.
旁白：：1929 年 5 月。
Stock prices were going up and up.
股票价格不断上涨。
With so much money to be made, people were borrowing more money than ever before to buy stocks.
由于有这么多的钱可以赚，人们比以往任何时候都借更多的钱来购买股票。
Market leaders like William Durant, far from being worried, were ecstatic.
像威廉·杜兰特这样的市场领导者非但没有担心，反而欣喜若狂。
Off on his annual visit to Europe, he announced that everything would be fine as long as we all continued to believe: “Confidence — not halfway confidence, but 100-percent confidence — is the real basis for our prosperity.”
在对欧洲进行年度访问时，他宣布，只要我们继续相信，一切都会好起来的：“信心——不是半途而废的信心，而是百分百的信心——是我们繁荣的真正基础。”
Astrologer Evangeline Adams was now putting out a newsletter.
占星家伊万杰琳·亚当斯现在正在发布一份时事通讯。
Her 100,000 subscribers learned how the Zodiac could influence stock prices.
她的 100,000 名订阅者了解了十二生肖如何影响股票价格。
Her advice for the coming summer: buy.
她对即将到来的夏天的建议是：购买。
Ben Karol, Former Newspaper Delivery Boy: : They thought this was a ride that was never going to end, just goes on and on and on and every day, they got more money and they’re counting up their paper profits.
本·卡罗尔（Ben Karol），前报童：他们认为这是一次永远不会结束的旅程，只会继续下去，每一天，他们都会得到更多的钱，并且正在计算他们的纸面利润。
And they’re selling and buying and buying and selling and they’re doing great.
他们一直在卖、买、买、卖，而且做得很好。
Tom McCormick, Former Stock Sales Clerk: : Geez, I’d go to get a shoeshine and they’d say, “How’s the market?” You’d go to the barber to get a haircut, “How is the market?” Everybody was in the market.
汤姆·麦考密克（Tom McCormick），前股票销售员：天哪，我去擦鞋，他们会说，“市场怎么样？”你去理发店理发，“市场怎么样？”每个人都在市场上。
Robert Sobel, Historian: : There were people who were looking for the one lucky break, people who were just hoping that they’d strike it right, you know.
历史学家罗伯特·索贝尔：有些人正在寻找一次幸运的机会，他们只是希望自己能够成功，你知道。
You take a rifle and you aim it at the ocean and you hope to hit a fish.
你拿起一支步枪，瞄准大海，希望能击中一条鱼。
Narrator: : Along with the market, temperatures soared that summer.
旁白：：那年夏天，伴随着市场的到来，气温也随之飙升。
It was a record heat wave and a record three months at the Exchange.
这是创纪录的热浪，也是交易所创纪录的三个月。
Some stocks doubled in value.
一些股票的价值翻了一番。
In June, The New York Times index of stocks rose 52 points.
6月份，纽约时报股票指数上涨52点。
In July, another 25.
7月，又25个。
In the middle of the summer, the Graf Zeppelin was completing its first leisurely trip around the world.
仲夏时节，齐柏林伯爵号即将完成其首次悠闲的环球之旅。
The Marx Brothers had finished shooting their film, The Cocoanuts .
马克思兄弟已经完成了他们的电影《椰子》的拍摄。
Commander Byrd was still at his base camp near the South Pole.
伯德指挥官仍在南极附近的大本营。
He, too, had money in the market and radioed his broker for the latest quotes.
他在市场上也有资金，并通过无线电向经纪人询问最新报价。
Back in Cleveland, George Herman Ruth hit his 500th home run and on the radio, they were playing the latest hit tune, "I’m in the Market for You." On August 17th, Michael Meehan’s brokerage firm launched a new service.
回到克利夫兰，乔治·赫尔曼·鲁斯 (George Herman Ruth) 打出了他的第 500 个本垒打，广播中正在播放最新的热门歌曲“I'm in the Market for You”。 8月17日，Michael Meehan的经纪公司推出了一项新服务。
Michael Nesbitt, Grandson of Michael J.
迈克尔·内斯比特 (Michael Nesbitt)，迈克尔·内斯比特 (Michael Nesbitt) 的孙子。
Meehan: : One of my grandfather’s innovations was putting brokerage houses on the ocean liners — the first one on the Berengaria — and that allowed you during the — whatever it was, during the six- or seven-day passage to Europe, if you were such a stock market addict that you couldn’t stand the withdrawal for that period, you could walk into the office and place your order to buy or sell 100 shares of General Motors or General Electric or whatever.
米汉：我祖父的一项创新是在远洋客轮上设立经纪公司——第一个经纪公司是在贝伦加里亚号上——这让你在——无论是什么，在前往欧洲的六七天的旅程中，如果你是一个股市迷，以至于无法忍受那段时期的撤资，你可以走进办公室下订单购买或出售 100 股通用汽车或通用电气或其他公司的股票。
And they would radio that order back to New York.
他们会将该命令通过无线电传回纽约。
It was being very modern at the time.
这在当时是非常现代的。
They were very wealthy people on the trans-Atlantic liners and it gave them something to do.
他们是跨大西洋客轮上非常富有的人，这让他们有事可做。
Narrator: : At sea and on land, everyone seemed to be making money.
旁白：：无论在海上还是在陆地上，似乎每个人都在赚钱。
It was a stampede of buying.
这是一场抢购潮。
And major speculators like John Jacob Rascob whipped up the frenzy.
约翰·雅各布·拉斯科布等主要投机者煽动了这股狂热。
He told readers of The Ladies’ Home Journal that now everyone could be rich.
他告诉《女士家庭杂志》的读者，现在每个人都可以变得富有。
September 2nd, Labor Day.
9月2日，劳动节。
It was the hottest day of the year.
那是一年中最热的一天。
The markets were closed and people were at the beach.
市场关闭，人们都在海滩上。
A reporter checked in with astrologer Evangeline to ask about the future of stock prices.
记者采访占星家伊万杰琳，询问股价的未来。
Her answer: the Dow Jones could climb to heaven.
她的回答是：道琼斯指数可以登上天堂。
The very next day, September 3rd, the stock market hit its all-time high.
第二天，即 9 月 3 日，股市创下历史新高。
Ben Karol, Former Newspaper Delivery Boy: : My father and I had an ongoing discussion about the stock market.
本·卡罗尔（Ben Karol），前报童：：我和父亲一直在讨论股票市场。
And I used to say, “Pop, everybody’s getting rich but you.
我曾经说过，“爸爸，每个人都在变得富有，除了你。
You know, you work so hard and you’re never going to make a nickel.
你知道，你工作如此努力，却永远赚不到一分钱。
All you do is you keep delivering these newspapers and that’s about it.
你所要做的就是继续递送这些报纸，仅此而已。
The guy who’s shining shoes is in the stock market, the grocery clerk is in the stock market, the school teacher’s in the stock market.
擦鞋的人在股票市场，杂货店店员在股票市场，学校老师在股票市场。
The teller at the bank is in the stock market.
银行出纳员在股票市场。
Everybody’s in the stock market.
每个人都在股市。
You’re the only one that’s not in the stock market.” And he used to sit and laugh and say, “You’ll see.
你是唯一一个不在股市的人。”他常常坐下来笑着说：“你会看到的。
You’ll see.
你会看到的。
You’ll see.”
你会看到的。”
Narrator: : On September 5th, economist Roger Babson gave a speech to a group of businessmen.
旁白：：9月5日，经济学家罗杰·巴布森向一群商人发表演讲。
“Sooner or later, a crash is coming and it may be terrific.” He’d been saying the same thing for two years, but now, for some reason, investors were listening.
“崩溃迟早会到来，而且可能会很糟糕。”两年来他一直在说同样的话，但现在，出于某种原因，投资者开始倾听。
The market took a severe dip.
市场严重下跌。
They called it the “Babson Break.” The next day, prices stabilized, but several days later, they began to drift lower.
他们称之为“巴布森断裂”。第二天，价格稳定下来，但几天后，价格开始走低。
Though investors had no way of knowing it, the collapse had already begun.
尽管投资者无从知晓，但崩盘已经开始。
In the weeks to follow, the market fluctuated wildly up and down.
在接下来的几周里，市场剧烈上下波动。
On September 12th, prices dropped ten percent.
9 月 12 日，价格下跌了百分之十。
They dipped sharply again in the 20s.
他们在20多岁的时候再次急剧下降。
Stock markets around the world were falling, too.
世界各地的股市也在下跌。
Then, on September 25th, the market suddenly rallied.
然后，9月25日，市场突然反弹。
Reuben L.
鲁本·L.
Cain, Former Stock Salesman: : I remember well that I thought, “Why is this doing this?” And then I thought, “Well, I’m new here and these people” — like every day in the paper, Charlie Mitchell would have something to say, the J.P.
该隐，前股票推销员：：我记得很清楚，我想，“为什么要这样做？”然后我想，“好吧，我是新来的，还有这些人”——就像报纸上的每一天一样，查理·米切尔 (Charlie Mitchell) 都会有话要说，J.P.
Morgan people would have something to say about how good things were — and I thought, “Well, they know a lot more about this market than I do.
摩根的人会对事情有多好有话要说——我想，“嗯，他们比我更了解这个市场。
I’m fairly new here and I really can’t see why it’s going up.” But then, when they say it can’t go down or if it does go down today, it’ll go back tomorrow, you think, “Well, they really are like God.
我是新来的，我真的不明白为什么它会上涨。”但是，当他们说它不能下降或者如果今天确实下降了，明天就会恢复时，你会想，“好吧，他们真的就像上帝一样。
They know it all and it must be the way it’s going because they say so.”
他们知道这一切，而且事情一定是这样的，因为他们就是这么说的。”
Narrator: : As the market floundered, financial leaders were as optimistic as ever, more so.
旁白：：当市场陷入困境时，金融领袖们一如既往地乐观，甚至更加乐观。
Just five days before the crash, Thomas Lamont, acting head of the highly conservative Morgan Bank, wrote a letter to President Hoover.
就在崩盘前五天，高度保守的摩根银行代理行长托马斯·拉蒙特给胡佛总统写了一封信。
“The future appears brilliant.
“未来似乎是光明的。
Our securities are the most desirable in the world.” Charles Mitchell assured nervous investors that things had never been better.
我们的证券是世界上最令人向往的。”查尔斯·米切尔向紧张的投资者保证，情况从未如此好过。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : Practically every business leader in America, and banker, right around the time of 1929, was saying how wonderful things were and the economy had only one way to go and that was up.
米切尔：几乎每一位美国商界领袖和银行家，就在 1929 年左右，都在说事情多么美好，经济只有一条路可走，那就是上涨。
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : Unfortunately, he didn’t have a crystal ball to predict the future.
米切尔：：不幸的是，他没有水晶球来预测未来。
Robert Sobel, Historian: : There’s an old saying on Wall Street that the two most important emotions are fear and greed and you go from fear to greed in about a fraction of a second.
历史学家罗伯特·索贝尔：华尔街有句老话，最重要的两种情绪是恐惧和贪婪，你会在不到一秒的时间内从恐惧转变为贪婪。
So you’re very, very greedy and you say to yourself, “I want to make more.” And then, the market goes down ten points and you get frightened.
所以你非常非常贪婪，你对自己说：“我想赚更多。”然后，市场下跌十点，你就会感到害怕。
“I want to keep what I have,” so you sell everything.
“我想保留我所拥有的”，所以你卖掉了一切。
And that’s how you have a panic.
这就是你恐慌的原因。
So you can panic on the upside — people rushing in to get in before the train takes off — and a panic on the downside, trying to get off the train before disaster hits.
因此，你可能会在好的方面感到恐慌——人们在火车起飞前冲进去——而在坏的方面也会感到恐慌，试图在灾难发生之前下车。
Narrator: : Monday, October 21st.
旁白：： 10 月 21 日星期一。
Hoover, along with the political and financial leaders of the country, arrives in Dearborn, Michigan to celebrate the 50th anniversary of Edison’s invention of the light bulb.
胡佛与该国的政治和金融领导人一起抵达密歇根州迪尔伯恩，庆祝爱迪生发明灯泡 50 周年。
The host is Henry Ford.
主持人是亨利·福特。
The country is reminded that in 50 short years, men like Ford, Durant and Edison had transformed America from a third-rate power into the industrial giant of the world.
让全国人民记住，在短短的50年里，福特、杜兰特和爱迪生等人将美国从一个三流强国转变为世界工业巨头。
And while they celebrated, their world was beginning to fall apart.
当他们庆祝的时候，他们的世界开始分崩离析。
John Kenneth Galbraith, Economist: : There came a Wednesday, October 23rd, when the market was a little shaky, weak.
经济学家 John Kenneth Galbraith： 10 月 23 日星期三，市场有点不稳定、疲软。
And whether this caused some spread of pessimism, one doesn’t know.
这是否会导致悲观情绪蔓延，我们不得而知。
It certainly led a lot of people to think they should get out.
这确实导致很多人认为他们应该离开。
And so, Thursday, October the 24th — the first Black Thursday — the market, beginning in the morning, took a terrific tumble.
因此，10 月 24 日星期四——第一个黑色星期四——市场从早上开始就经历了严重的下跌。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : The market opened in an absolutely free fall and some people couldn’t even get any bids for their shares and it was wild panic.
米切尔：市场一开盘就直线下跌，有些人甚至无法获得任何对其股票的出价，这是一种疯狂的恐慌。
And an ugly crowd gathered outside the stock exchange and it was described as making weird and threatening noises.
一群丑陋的人群聚集在证券交易所外，据称他们发出奇怪且具有威胁性的声音。
It was, indeed, one of the worst days that had ever been seen down there.
这确实是那里见过的最糟糕的日子之一。
Narrator: : There was a glimmer of hope on Black Thursday.
旁白：：黑色星期四出现了一线希望。
Directly across from the New York Stock Exchange was a low, stately building, the House of Morgan.
纽约证券交易所的正对面是一座低矮而庄严的建筑，摩根大厦。
Twenty-two years earlier, J.
二十二年前，J.
Pierpont Morgan had stopped the panic of 1907.
皮尔庞特·摩根平息了 1907 年的恐慌。
October 24th, high noon.
10月24日，正午。
All eyes were now on acting head, Thomas W.
现在所有的目光都集中在代理负责人托马斯·W.
Lamont.
拉蒙特.
Edward Lamont, Grandson of Thomas W.
爱德华·拉蒙特 (Edward Lamont)，托马斯·W·拉蒙特 (Thomas W.
Lamont: : Tom Lamont called a number of the other bankers, like Charles Mitchell of the National City Bank and people from the Bankers Trust and J.
拉蒙特：汤姆·拉蒙特给其他一些银行家打电话，比如国家城市银行的查尔斯·米切尔以及来自银行家信托基金和 J.
Albert Wiggin of the Chase Bank and so forth — there were about a half a dozen of them there — and they were gathered together to really discuss what they could do to stem this tremendous onslaught of selling stocks on the stock exchange that was taking place.
大通银行的阿尔伯特·维金（Albert Wiggin）等人——那里大约有六个人——他们聚集在一起，真正讨论如何才能阻止证券交易所正在发生的抛售股票的巨大冲击。
Craig Mitchell, Son of Charles E.
克雷格·米切尔，查尔斯·E·米切尔的儿子
Mitchell: : About 12:30, there was an announcement that this group of bankers would make available a very substantial sum to ease the credit stringency and support the market.
米切尔：中午12点30分左右，有消息称这群银行家将提供一笔非常大的资金来缓解信贷紧缩并支持市场。
And right after that, Dick Whitney made his famous walk across the floor of the New York Stock Exchange.
紧接着，迪克·惠特尼在纽约证券交易所进行了著名的步行。
Narrator: : Richard Whitney, vice president of the Exchange, was chosen by the bankers to be their representative.
旁白： 理查德·惠特尼，交易所副总裁，被银行家选为他们的代表。
At 1:30 in the afternoon, at the height of the panic, he strolled across the floor and in a loud, clear voice, ordered 10,000 shares of U.S. Steel at a price considerably higher than the last bid.
下午1点30分，在恐慌最严重的时候，他在地板上漫步，用响亮而清晰的声音，以比上次出价高得多的价格订购了10,000股美国钢铁公司股票。
He then went from post to post, shouting buy orders for key stocks.
然后，他从一个岗位走到另一个岗位，高喊买入关键股票的指令。
Horace Silverstone, Former New York Stock Exchange telephone clerk: : He stood up on one of the seats at the post and he said, “I give 45 for 50,000 Standard Oil,” and everybody started to applaud.
霍勒斯·西尔弗斯通 (Horace Silverstone)，前纽约证券交易所电话职员： 他在岗哨的一个座位上站了起来，说道：“我以 45 美元兑换 50,000 标准石油”，所有人都开始鼓掌。
“Oh, the crash is over.
“哦，事故已经结束了。
If Morgan’s putting his money in, then maybe the crash is over.”
如果摩根投入资金，那么崩盘也许就结束了。”
John Kenneth Galbraith, Economist: : And sure enough, this seemed to be evidence that the bankers had moved in to end the panic.
经济学家约翰·肯尼思·加尔布雷斯 (John Kenneth Galbraith)： 果然，这似乎证明银行家已采取行动结束恐慌。
And they did end it for that day.
他们确实在那一天结束了。
The market then stabilized and even went up.
随后市场企稳甚至上涨。
Edward Lamont, Grandson of Thomas W.
爱德华·拉蒙特 (Edward Lamont)，托马斯·W·拉蒙特 (Thomas W.
Lamont: : The New York Times said that thanks to the formation of this bankers pool, most observers felt that the panic and the great sell-off was over.
拉蒙特：《纽约时报》表示，由于银行家池的形成，大多数观察家认为恐慌和大抛售已经结束。
And most people did feel that way.
大多数人确实有这种感觉。
Tom Lamont felt that way.
汤姆·拉蒙特也有这样的感觉。
John Kenneth Galbraith, Economist: : But Monday was not good.
经济学家约翰·肯尼思·加尔布雷思：：但是周一的情况并不好。
Apparently, people had thought about things over the weekend, over Sunday, and decided maybe they might be safer to get out.
显然，人们在周末、周日思考了一些事情，并决定也许他们离开可能更安全。
And then came the real crash, which was on Tuesday, when the market went down and down and down, without seeming limit.
然后真正的崩盘发生在周二，当时市场不断下跌，似乎没有限制。
Narrator: : October 29th.
旁白：： 10 月 29 日。
Morgan’s bankers could no longer stem the tide.
摩根的银行家们再也无法阻止这股潮流。
It was like trying to stop Niagara Falls.
这就像试图阻止尼亚加拉大瀑布一样。
Everyone wanted to sell.
每个人都想卖掉。
AT&T down 50 percent.
AT&T 下跌 50%。
RCA, once $110 a share, couldn’t find buyers at $26.
RCA 一度每股 110 美元，但在 26 美元的价格下却找不到买家。
Blue Ridge 100 plunged to $3 and still no buyers.
Blue Ridge 100 暴跌至 3 美元，但仍然没有买家。
On the floor, they had never seen anything like it.
在地板上，他们从来没有见过这样的东西。
Horace Silverstone, Former New York Stock Exchange telephone clerk: : And it was just like a nightmare and I couldn’t believe what was going on here.
Horace Silverstone，前纽约证券交易所电话职员：：这就像一场噩梦，我简直不敢相信这里发生了什么。
In those days, every buy order was on a black pad and every sell order was on a red pad.
那时，每个买单都在黑色垫上，每个卖单都在红色垫上。
And all I saw was members running around with fistful of red orders.
我只看到成员们拿着一把红色的命令到处跑。
Tom McCormick, Former Stock Sales Clerk: : Just chickens with their head cut off, they didn’t know which way to run.
汤姆·麦考密克（Tom McCormick），前股票销售员：：就像被砍掉头的鸡，他们不知道该往哪边跑。
They were panicking, screaming.
他们惊慌失措，尖叫着。
Everybody was bumping into everybody else.
每个人都在撞到其他人。
Horace Silverstone, Former New York Stock Exchange telephone clerk: : Don’t remind him.
Horace Silverstone，前纽约证券交易所电话职员：：别提醒他。
Anyhow, this is what happened and I tell you — and I was supposed to answer everybody yelling at me — I said, “What am I supposed to do?” I mean, nobody knew what the hell to do.
无论如何，这就是发生的事情，我告诉你——我应该回答每个对我大喊大叫的人——我说，“我应该做什么？”我的意思是，没有人知道该做什么。
Narrator: : William Durant, the bull of the bulls, now tried singlehandedly to support the market.
旁白：威廉·杜兰特，公牛中的公牛，现在正试图单枪匹马地支撑市场。
The further it plunged, the more of his millions he poured into it.
股价跌得越深，他投入的数百万美元就越多。
Aristo Scrobogna, Secretary to William C.
阿里斯托·斯克罗博尼亚 (Aristo Scrobogna)，William C.
Durant: : He became truly convinced that he was omnipotent.
杜兰特：：他真正确信自己是无所不能的。
He thought that nothing could really unseat him.
他认为没有什么可以真正让他动摇。
It was unfortunate.
很不幸。
The forces were too great.
势力太大了。
There was no one man that could have been so powerful to control the market.
没有人能够如此强大地控制市场。
Narrator: : There were some people, however, whose investment strategies made money.
旁白：：然而，也有一些人的投资策略赚了钱。
On October 29th, Jesse Livermore’s wife, hearing of the crash, ordered the servants to move all the furniture out of their mansion into a small cottage on the estate.
10 月 29 日，杰西·利弗莫尔 (Jesse Livermore) 的妻子得知坠机事件后，命令仆人将所有家具从豪宅搬到庄园的一间小小屋中。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : So when Mr. Livermore got home that night, he walked into a totally vacant house.
帕特里夏·利弗莫尔，杰西·利弗莫尔的儿媳妇：因此，当利弗莫尔先生那天晚上回到家时，他走进了一座完全空置的房子。
When she told him that she had effected the move because she was sure that they had lost all their money, he told her that he had made more money that day than he had ever made before.
当她告诉他，她之所以采取行动，是因为她确信他们已经损失了所有的钱，他告诉她，他那天赚的钱比以前赚的钱都多。
Narrator: : For most others, it was all over.
旁白：：对于大多数其他人来说，一切都结束了。
In brokers’ offices across the country, the small investors — the tailors, the grocers, the secretaries — stared at the moving ticker in numb silence.
在全国各地的经纪人办公室里，小投资者——裁缝师、杂货商、秘书——麻木地沉默地盯着移动的股票。
Hope of an easy retirement, the new home, their children’s education, everything was gone.
轻松退休、新家、孩子教育的希望，一切都破灭了。
Arthur Marx, Son of Groucho Marx: : My father was ready to kill himself.
格劳乔·马克思之子阿瑟·马克思：：我父亲准备自杀。
In the morning of the crash, he got a call and it was Max Gordon and Max Gordon says, “Groucho?” and my father said, “What?” And Gordon said, “Groucho, the jig is up.”
事故发生的早上，他接到了马克斯·戈登的电话，马克斯·戈登说：“格劳乔？”我父亲说：“什么？”戈登说：“格劳乔，一切都结束了。”
Reuben L.
鲁本·L.
Cain, Former Stock Salesman: : There were all sorts of rumors and you’d see people going down the street looking up to see if they could catch somebody jumping out the window.
凯恩（Cain），前股票推销员：有各种各样的谣言，你会看到人们沿着街道抬头看是否能抓住有人跳出窗外。
Now, it turned out there weren’t as many people who jumped out the window as they reported, but some did and others committed suicide other ways.
现在，事实证明跳窗的人并不像他们报道的那么多，但有些人跳了，另一些人则以其他方式自杀。
Narrator: : Five hundred miles from Wall Street in the Atlantic, the luxury liner, the Berengaria , was heading home.
旁白：：距大西洋华尔街五百英里，豪华客轮贝伦加利亚号正在回家的路上。
From Michael Meehan’s brokerage office, word spread through the ship: “The bottom’s fallen out of the market.” Men came running out of their Turkish baths in towels.
从迈克尔·米汉的经纪办公室传出消息：“市场已经触底。”男人们裹着毛巾从土耳其浴室跑出来。
Card games ended abruptly.
纸牌游戏突然结束了。
Everyone tried to jam into the tiny office, yelling, “Sell at market!” They had left England wealthy men.
每个人都试图挤进狭小的办公室，大喊：“到市场去卖！”他们离开了英格兰，留下了富有的人。
They docked in New York without a penny.
他们没有花一分钱就停靠在纽约。
John Kenneth Galbraith, Economist: : There’s nothing unique about this.
经济学家约翰·肯尼思·加尔布雷思：这并没有什么独特之处。
It is something which happens every 20 or 30 years because that is about the length of the financial memory.
这种事情每 20 或 30 年就会发生一次，因为这与财务记忆的长度有关。
It’s about the length of time that it requires for a new set of suckers, if you will, a new set of people capable of wonderful self-delusion to come in and imagine that they have a new and wonderful fix on the future.
这是关于一群新的傻瓜，如果你愿意的话，一群有能力自我欺骗的新人进来并想象他们对未来有一个新的、美好的解决方案所需的时间长度。
Narrator: : In the 1930s, Charles Mitchell was hounded by Senate committees and the IRS.
旁白：：20 世纪 30 年代，查尔斯·米切尔 (Charles Mitchell) 受到参议院委员会和美国国税局 (IRS) 的追捕。
The crash had left him $12 million in debt.
这次事故给他留下了 1200 万美元的债务。
Rita Mitchell Cushman, Daughter of Charles E.
丽塔·米切尔·库什曼，查尔斯·E·库什曼的女儿
Mitchell: : This house was taken over, of course, and things changed.
米切尔：当然，这所房子被接管了，事情发生了变化。
And I began to know what the real world was all about.
我开始知道现实世界到底是什么。
It was about time.
是时候了。
I was 19 years old.
那年我19岁。
Narrator: : Mitchell made a remarkable comeback.
旁白：：米切尔的复出令人瞩目。
He paid off his debts and died in 1955, a highly-respected figure on Wall Street.
1955年，他还清了债务并去世，成为华尔街德高望重的人物。
In 1936, William Durant filed for bankruptcy.
1936年，威廉·杜兰特申请破产。
His only assets, which he valued at $250, were the clothes on his back.
他唯一的资产是他背上的衣服，价值 250 美元。
In the late 30s, the founder of General Motors tried his hand at everything from running a bowling alley to selling a cure for dandruff.
30 年代末，通用汽车公司的创始人尝试了各种行业，从经营保龄球馆到销售头皮屑疗法。
He died in 1947, still talking about making a comeback.
1947年他去世时，仍在谈论东山再起。
Herbert Hoover spent much of the early 1930s fishing.
赫伯特·胡佛 (Herbert Hoover) 20 世纪 30 年代初的大部分时间都在钓鱼。
He explained in a speech that fishing is a constant reminder of humility and of human frailty, “for all men are equal before fishes.”
他在一次演讲中解释说，钓鱼不断提醒人们谦卑和人类的脆弱，“因为在鱼面前人人平等”。
Patricia Livermore, Daughter-in-Law of Jesse Livermore: : The game on Wall Street had changed a great deal for Livermore and the SEC was becoming a powerful factor and the rules were changed.
杰西·利弗莫尔 (Jesse Livermore) 的儿媳帕特里夏·利弗莫尔 (Patricia Livermore)：：华尔街的游戏规则对利弗莫尔来说发生了很大的变化，美国证券交易委员会正在成为一个强大的因素，规则也发生了变化。
He couldn’t operate freely, buy and sell the way he had in the past and he couldn’t adapt to the new regulations.
他不能像以前那样自由经营、买卖，也不能适应新的规定。
So, in a sense, his playing with the market was over and I think a great deal of his interest in life was over at that point.
所以，从某种意义上说，他对市场的玩弄已经结束了，我认为他对生活的大部分兴趣在那时已经结束了。
The game was gone.
游戏消失了。
Narrator: : In 1940, the day before Thanksgiving, a photographer snapped this photograph of an old and very tired Jesse Livermore.
旁白： 1940 年，感恩节前一天，一位摄影师拍摄了这张年迈且疲惫不堪的杰西·利弗莫尔 (Jesse Livermore) 的照片。
Several hours later, Livermore would go into a men’s washroom and put a bullet through his head.
几个小时后，利弗莫尔会走进男洗手间，用一颗子弹射穿他的头部。
At the end of 1929, as they celebrated New Year’s Eve, all that lay in the future.
1929 年底，当他们庆祝除夕夜时，一切都在未来。
Nobody knew that the Great Depression was coming — unemployment, bread lines, bank failures — this was unimaginable.
没有人知道大萧条即将到来——失业、排队领取救济金、银行倒闭——这是难以想象的。
But the bubble had burst.
但泡沫已经破灭。
Gone was that innocent optimism, the confidence, the illusion of wealth without work.
那种天真的乐观主义、自信、不劳而获的财富幻想都消失了。
One era had ended.
一个时代结束了。
They toasted the coming of the 30s, but somewhere, deep down, they knew the party was over.
他们庆祝 30 年代的到来，但在内心深处，他们知道派对已经结束了。
Watch a preview for the film The Crash of 1929 .
观看电影《1929 年崩溃》的预览。
Browse some photographs from “the age of permanent prosperity.”
浏览一些“永久繁荣时代”的照片。
By the turn of the 18th century, the British have taken over the colony and dismantled the barrier, turning it into a paved lane called Wall Street.
到了 18 世纪之交，英国人接管了这个殖民地并拆除了隔离墙，将其变成了一条被称为华尔街的铺砌小巷。
Stock Exchange clerks share their insights on the days spent on Wall Street.
证券交易所职员分享他们在华尔街度过的日子的见解。
Was optimism to blame?
乐观是罪魁祸首吗？
Historian Robert Sobel and Economist John Kenneth Galbraith share their experiences.
历史学家罗伯特·索贝尔和经济学家约翰·肯尼思·加尔布雷思分享了他们的经验。
Family members share the opulant lifestyle of their lifestyles and the lows that followed after the crash of 1929.
家庭成员分享着他们的奢华生活方式和 1929 年经济崩溃后的低谷。
Throughout 1929 daily papers reported that the future looked bright for investors — even after the devastating market crash in October.
整个 1929 年的日报都报道称，即使在 10 月份毁灭性的市场崩盘之后，投资者的未来仍然一片光明。