I actually calculated wrong. It went up 7.5x, not 3x.

In the roaring twenties stockbrokers allowed clients 10:1 margin. Investors were not as well-informed as they are today. There was no deposit insurance.

The SEC wasn't nearly as powerful as it was in 2024 and there was way more shady shit going on. In that respect, and the repeal of Glass-Steagall we're reverting to the pre-depression era.