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'I remember the Wall Street Crash'
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Americas
By Mark Broad
Asia Pacific Business reporter, BBC News MARKET DATA 15:30 UK
Europe FTSE 100 4377.34 85.69 2.00%
"After the crash, I was one of the few left in our office," says 118.67 2.44%
Middle East Dax 4987.97
Russell Bickell, nearly 80 years on from the Wall Street Crash. 79.25 2.33%
South Asia
Cac 40 3487.07
Dow Jones 9325.01 144.32 1.57%
UK Now nearly 97 yearsold and still Nasdaq 1720.95 22.43 1.32%
Business working as a financial adviser, Mr Data delayed by at least 15 minutes
Market Data Bickell can see plenty of
Marketwatch ticker
Economy similarities between the current
Companies crisis and that of 1929.
Health "There was a lot of borrowing GLOBAL FINANCIAL CRISIS
Science & Environment going on before the crash, just
Technology like today, and everybody was KEY STORIES
Entertainment very happy," he says. Japan unveils new stimulus plan
The crash of 1929 heralded the Great
Also in the news "People were making lots of Depression, bringing misery to millions US interest rates slashed to 1%
money, but then suddenly things New IMF fund for emerging markets
Video and Audio
started to change." Hungary to get $25bn rescue deal
For many investors and brokers, the situation was too much to bear. VIDEO REPORTS
Rumours began to spread of people throwing themselves from their
Steve Forbes: 'The worst is
office windows. over'
EFFECTS OF THE DEPRESSION
While many of these accounts
later turned out to be Crisis time: The impact on
exaggerated, the shock of the daily lives
crash did push many to take their
own lives in order to escape their
financial woes. Wall Street trader's NYSE tour
And despite its distance from the
financial district of New York, Mr
Rotten roots and what
Bickell's home town of Reading did happened next
financial district of New York, Mr
Rotten roots and what
Bickell's home town of Reading did happened next
not escape unscathed.
"I remember two people in the
town committing suicide as the
effects of the crash hit home," he
says.
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As the gloom spread to all parts of HM Treasury
US industry, the number of 13 million people were out of work
The BBC is not responsible for the content of external
unemployed people reached Industrial production dropped by
internet sites
45% between 1929 and 1932
upwards of 13 million and signs
Housebuilding fell by 80%
saying "No Men Wanted" began to TOP BUSINESS STORIES
between 1929 and 1932
be displayed around the country. Oil prices up after record falls
From 1929 to 1932, 5,000 banks
For Mr Bickell and his colleagues, went out of business Alitalia gets lastminute rescue
the downturn forced them to take compulsory leave as their firm Recession fears grip US consumers
struggled to survive.
"It was quite common in the brokerage business that one week every MOST POPULAR STORIES NOW
month we'd take a week of unpaid leave," says Mr Bickell.
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"It became very common across the brokerage industry and became
known as Scotch Week." Email error ends up on road sign
Ossetia's connection to Scotland
Wall Street Crash II?
French cook up for US election
Like the final months of 1929, the past few weeks have seen the
The greatest political show on earth
foundations of the US financial system creak under the weight of
decisions made in the most powerful banks of Wall Street. Microsoft's virtual storage centre
And after nearly 80 years in the financial industry, Mr Bickell finds
Most popular now, in detail
himself once again buffeted by the winds of another economic storm.
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Now working at a branch of US campaign enters final weekend
Wachovia Bank in Wyomissing Actor Joaquin Phoenix quits films
near his home town, he has seen
Dig finds camp of 'real Crusoe'
the events of 1929 repeat
themselves with uncanny Obama 'unaware of illegal aunt'
similarity. Email error ends up on road sign
Like many banks after the Great
Crash, his current employer has Most popular now, in detail
EMAILED READ WATCHED/LISTENED
recently ensured its survival by
agreeing to be bought by its The crisis headlines of yesteryear have
renewed resonance French cook up for US election
competitor, Wells Fargo, after a
Arnie predicts Obama backlash
protracted period of uncertainty.
White House race enters final days
Sitting at his desk, casting his eye over the latest news of the
Alert at smoking Chile volcano
takeover, Mr Bickell jokes that his experience of 1929 could be a
valuable commodity for financiers currently fighting the latest crisis. New Yorkers celebrate Halloween
"I am slightly annoyed that I don't seem to have been consulted on
Most popular now, in detail
the latest deal, but then again, that may be because I am turning 97
years old next month," he says.
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