7/1/2026
Brother, Can You Spare a Dime?" is one of the best-known American songs of the Great Depression. Written by lyricist Yip Harburg and composer Jay Gorney, it was part of the 1932 musical revue Americana; the melody is based on a Russian-Jewish lullaby. The song tells the story of the universal everyman, whose honest work towards achieving the American dream has been foiled by the economic collapse. Unusual for a Broadway song, it was composed largely in a minor key. The song became best known through recordings by Bing Crosby and Rudy Vallée that were released in late 1932. The song received positive reviews and was one of the most popular songs of 1932. As one of the few popular songs during the era to discuss the darker aspects of the collapse, it came to be viewed as an anthem of the Great Depression.
Dow Depression low was July 8, 1932 at 41.22.
The timing of the song and the lyrics, the unusual reality of the Depression for the average man, nothing average then or now about Broadway, and in a minor key, make this the perfect soconomic song for the Depression low of the Dow. In fact that was the low for the entire 1900s, previous December 1896 at 40.98,
The cause of the Depression was the drop from 391 in September 1929 to that low three years later, the Dow dropped 232 in November 1929, rallied to 239 by May 1930 and it was all downhill fro there. Then commercial banks would loan 90% of the purchase stock price with only 10% cash margin required. An 11% drop from the purchase price wiped out the stock collateral, if the buyer was unable to post margin the stock was sold by after May 1930 the bounce back high from the November low, probably a at lower price still. But the crash to 239 wiped out lots of margin accounts. With no FDIC bank insurance 30% of the banks closed wiping out that much of the money supply.
Margin debt has risen 54% to that $1.4 trillion, yes with a T, in just the last year. Oh and the Glass Stegall Act of 1933. talk about too late now, keeping commercial banks out of that business was repealed in 1999, less than a year before the Dot com top in March 200. The repeal sponsor, Phil Gramm , former Tx A & M Economics Professor and now occasional WSJ contributor, thanks Phil!
Exchange traded Funds ETFs can be leveraged, thy can borrow 2x or even 3x to double the bet on usually an industry, up or down. Now one can buy 0DTE zero day to expiration option yes theyexpire today. One can buy future on leveraged ETFs, all future are massively leverage, and even options on ETFs. Leverage is then ealisy500% or more in the ETF , related futures and options of 5x what it was in 1929. Yet who is bearish or even warning of impending danger?
See the WSJ Monday front page article. Direxion 3x ull Semi ETF rose 700% from late March to early June, fun on the way up. Okay math students at 50% margin for later buyers when would a margin call kick in, once the ETF dropped well before a 50% loss, hmm do you think the buyer could pst cash margie without selling the fund?
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Wed Update
The DOW gave up a 400point rally but closed down -13.96 day's end with all but Transports closing lower.
NDX
The end of June low was 28,890, then 28,600. we need lower closes than that to think about a top.
MU rallied from 400 to 1250 from April to late June dropping 10.57$ today. This is Oct 1929, March 2000, fall 2007 mania.
Silver is rallying from its over sold at 55.62, closing lower will renew the down trend.
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