In the summer of 1929, a journalist named Samuel Crowther interviewed John J. Raskob, a senior financial executive at General Motors, about how the typical individual could build wealth by investing in stocks. In August of that year, Crowther published Raskob's ideas in a Ladies' Home Journal article with the audacious title "Everybody Ought to Be Rich." In the interview, Raskob claimed that America was on the verge of a tremendous industrial expansion. He maintained that by putting just $15 per month into good common stocks, investors could expect their wealth to grow steadily to $80,000 over the next 20 years. Such a return—24 percent per year—was unprecedented, but the prospect of effortlessly amassing a great fortune seemed plausible in the atmosphere of the 1920s bull market. Stocks excited investors, and millions put their savings into the market seeking quick profit.
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