In fact, the Jewish consortium and the Japanese consortium started at this time, they were already chasing high, a large amount of money was invested, and they couldn't even hear a sound, so they became a jumping red number, and the crazy stock market would only greedily devour the qiē it could affect, and even if the consortium did not organize, the funds would pour into Wall Street like a flood that burst the embankment. By this time, there was a wave of speculation across the United States, and everyone's mind was thinking about how to get rich overnight by trading stocks. It's a strange time when everyone is in stock, and even the drivers who drive for the financiers will listen to their employers in the back seat talking about the movement of Boehly Steel's stock and not concentrate on driving, because he may have bought exactly 50 shares.

This went on for weeks. There are a few stocks that are particularly good and have become the focus of attention, and Montgomery has come to the top. Ward stock is one of them. On top of that, airline shares rose sharply, with Lite Air shares up $34.75 to $190 and Curtis Inc. up $35.5 to $142 in just one week in May. Due to the huge volume of trading on a daily basis, the New York Stock Exchange had to make an exception to suspend trading on Saturdays several times just to allow stockbrokers who had to overwork every day to catch their breath. Of course, these brokers are still lending, and their lending volume is also increasing, and this unexpected situation has led to credit inflation continuing to expand.

This situation confuses Fed officials, because they have raised the discount rate from 3.5% to 4% as early as February, in order to cool down the overheated investment a little, but they are surprised to find that this investment boom has not only not subsided, but has intensified, especially ordinary individual stocks have also risen wildly, which is simply illogical and contrary to the principles of economics.

Fed officials were very unwilling to accept the failure of regulation, so in May, they raised the discount rate to 4.5%, and the "cold water" they poured did cause the stock market to fluctuate for a short time, but soon began to boil again. In order to curb the frenzied stock market, Fed officials sold all the government bonds for the whole of 1927, but instead of controlling the stock market, the government bond market suffered a heavy setback, and the Fed officials really had nothing to do.

However, in the East, which they look down on, China is promulgating a seemingly inconspicuous "Securities and Financial Regulation Law", in addition to stipulating the price limit, the limit of the fall, the information disclosure of listed companies and the rights and responsibilities of shareholders, the supervision and disclosure of capital flows have also reached a strict level, any use of vests or puppet means to manipulate the stock market is considered a strict illegal behavior, and its leading winding-up, fines and even high compensation liabilities discourage any consortium. Leveraged trading is illegal, the use of funds must be strictly controlled, and high financial taxes have made China's stock market difficult, except for some companies with good credit standing that can raise funds on the stock market, speculation is much more difficult than any stock market. With the implementation of the "Fund Supervision Law", after foreign funds enter China's financial market, the ins and outs must be strictly monitored by the financial center of the Ministry of Finance and the China Securities Regulatory Commission, and their flow information must be publicly disclosed on a regular basis. Although it has been criticized by many financial capitalists in Europe and the United States, and even caused negotiations between European and American governments, threatening to direct domestic funds into the Japanese market instead of China, and to take reciprocal measures against Chinese funds, these threats have also become useless under the hard* stance of the imperial government, and China has become a bend of pure water isolated from the world stock market.

In late May of the first five years, the momentum of the stock market's soaring momentum finally slowed down, and forecasters believe that this round of bull market is also coming to an end. In June, the stock market fell sharply again, and the Italian bank stocks owned by the financial giant Giannini were not spared, and the sudden crash caused huge losses to shareholders. On June 11, on the San Francisco Stock Exchange, Giannini's Italian stock plummeted by $100, shares issued by another bank he controlled also fell by $86, Bank of America fell by $120, and Federal Security Bank fell by $80. But in the over-the-counter market in New York, because the stock of the bank controlled by Giannini fell from $200 to $110, a large number of small shareholders went bankrupt, and even Giannini himself stood up and said: "The current stock price is ridiculously high", hoping that shareholders will be vigilant. But there are still many people who don't listen to this advice, they think it's just a temporary trough, and they think that eventually the stock price will definitely make a big stride towards the $1,000 target.

On June 12, Wall Street suffered another round of sell-offs, and all shareholders frantically filled out orders to sell their shares, and in an instant, the stock exchange traded 5 million shares. The market display also lagged by almost 2 hours. The cold current led to the American Radio Corporation, a "star stock" that once broke through $200, was not spared, falling by $23.5. However, the volatility did not last, and analysts were once again blinded, because on June 13, the stock market rose again. On June 14, Hoover was nominated for the election, and the stock market began to warm, with most stock prices still holding high prices and the great bull market still vigorously continuing to play out.

The boom in the stock market and the upturn in the economy made Herbert?? Hoover became more confident in his presidential campaign, and on November 6, he won the 1928 election by a landslide, and when the American people took to the streets to celebrate Hoover's election as president, the stock markets everywhere rose like rockets. This election has made people curb their panic at a certain time, and they are more confident in the big bull market, and the new expectation of shareholders is to "prosper for another 4 years"!

On Hoover's first day as president, stock markets soared again, with some of the leaders climbing between $5 and $15, with about 4 million shares traded that day. At the beginning of the year, stock market forecasters still thought that a daily trading volume of 5 million shares was impossible. But now, a daily trading volume of 5 million shares has become almost commonplace. On November 23, the stock market volume reached a staggering 7 million shares. Montgomery?? Ward's stock price also rose to $439 from $200 in the spring, and the shares of copper and airlines are getting higher. The American people are very confident in the high rate of return on the stock market, and they boldly take out loans and put all the money they borrow into the stock market, although the interest rate on such demand loans is as high as 8 to 9 percent, but people don't care at all.

The good times didn't last long, just entering December, the stock market was like falling into the evil, and the stock price began to plummet across the board, and many stocks fell even more than in June, but then began to rise again. But Fed officials are increasingly fidgeting. They realized that inflated speculation was causing more and more of the country's surplus money to flow into the stock market, and at the same time, credit inflation was on the rise. As a result, the Fed raised the discount rate again. However, this approach has not cooled down the investment fever, the discount rate has reached more than 5%, and the investment fever has risen instead of retreating, leaving the Fed in a dilemma, because the discount rate is urgently needed, the stock market may be hit by a huge shock, and although this measure can crack down on speculation, it will also drag down those normally operating enterprises, and even lead to the stagnation of the entire country's economy. Moreover, what worries the Fed even more is that gold is gathering in the United States at this time, which has a negative impact on global trade. In addition, the government has to borrow money to raise funds, and if the discount rate continues to rise, the government will have to pay higher interest rates for it. In the eyes of the Fed, the stock market frenzy at this time may only cool down when the United States suffers a major catastrophe.

The Fed has never been willing to be led by the nose by the stock market like this, and they have gathered many economists across the country to come up with a creative method, which is to "draw wages from the bottom of the kettle": prohibit Fed member banks from lending bank funds from the Federal Reserve to stockbrokers. On February 2, the sixth year of the Taichu Dynasty, the Federal Reserve issued this ban. Two weeks later, a notice was added stating that "the federal reserve funds of banks should be prevented as much as possible from flowing into the hands of speculators in the form of securities." "At the same time, the Fed is gradually reducing the number of securities that are freely available for sale in the open market, hoping that it will not raise the discount rate again.

In fact, the way the Fed cut off funds played a role. The stock market was in mourning overnight, and the Federal Reserve took advantage of the victory to raise demand loan rates again. By the end of March, the stock market speculation fever was finally charged, but the shortage of funds began to emerge, because the Fed's new policy made the demand loan interest rate continue to rise, from 12%, 15%, 17%, and even reached 20% on March 26! This interest rate was the highest in the 10 years after the war. On that day, the stock market traded 8.25 million shares, the highest since November 1928. The mailboxes of those small and medium-sized shareholders were filled with letters calling for deposits, and at this time, some people even felt that the big bull market had finally come to an end.

Despite the desperation of small stockholders, bankers are unwilling to sit idly by and have mixed opinions on the Fed's new policy. On the afternoon of March 26, they gathered to discuss how to save the precarious stock market. Citibank President Charles?? Mitchell announced on the same day that the bank would allocate $20 million for people to borrow, of which 5 million demand loans have an interest rate of only 15%, another 5 million have an interest rate of 16%, and the rest of the highest interest rates will not exceed 20%. It was Citi's move that made the people's sentiment settle down, and it also gave the Fed a slap in the face.

The stock market has rebounded little by little, and Fed officials have finally understood that the American people's confidence in the stock market has not been lost, that is to say, the big bull market is still unfinished, and only a real catastrophe can make the big bull market completely cool down. The stock market fluctuated in the months that followed, and by June, the stock price had risen again, signaling the complete failure of the Fed's soft landing policy. At this time, the dividends flowing to Europe had reached $76 million, and the money flowing to the Tokyo stock market had also reached $33 million. Tomorrow there will be a market waiting for them to make money for the Japanese Empire, but of course they don't know who these funds will end up in.