What caused the panic was not ridiculous leveraging by New York fianaciers, but instead:

The crummy loan made to the black guy who bought a house in my neighborhood, who certainly did not deserve the loan and can not pay it back.

I heard it on Rush, so it must be true. Of course, I had to translate it from Rushese to English, but that's it in a "nut-shell"

To paraphrase FDR, we have nothing to fear but fear itself. And stupidity, greed, and racism.

My opinion, this election may be the end of the Wallace vote-Republican coalition that Nixon formed after Wallace was shot.

Or is David Gerghen right in his analysis?