Stock Markets Exposed

What is the greatest impact of the stock market crash of 1929 that affects us until today?

Public Comments

1. That a crash is possilble at any time due to fear and panic selling off. In theory it can never be as bad as 1929 again because of better controls.
2. FEAR
3. The Securities and Exchange Commission. Before the crash, securities (e.g. stocks) were regulated on a state by state basis, and very ineffectively -- people could ignore them by offering securities across state lines. The crash and the aftermath encouraged the federal government to enact laws that couldn't be avoided that way. The uniform reporting requirements for publicly traded companies derive directly from reforms of that era.
4. The fact that brokers now have much higher margin requirements than they did then. Part of the reason for the crash back then was because people were getting huge margin loans to invest, many times only putting up 5% in collateral. Now, margin loans require at least 30% collateral. I sense that this will never drop lower, because of the 1929 crash lesson.