Wall Street Crash of 1929 one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e. the dollar), and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the uptick rule, which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid. The stock
Wall Street Lays An Egg badly". "Variety" was noted for the slangy, breezy style of prose in its headlines and body text. Another famous headline in the paper was "Sticks Nix Hick Pix". According to author Ken Bloom, "Variety" publisher Sime Silverman wrote the headline. However, Robert John Landry, who worked at "Variety" for 50 years, including as managing editor, says it was written by "Variety" city editor Claude Binyon. The phrase is sometimes still used to invoke the Great Crash. For example, the sub-chapter describing the Crash in the 1973 book "A Random Walk Down Wall Street" is titled "Wall Street Lays An Egg",