There is certainly no evidence here to support the left-wing myth that steel prices were "sticky" in a "downwards" direction. In just seven months after the Crash, they declined to levels not previously reached in seven years.

Governments responded to the crisis with substantial tax cuts and public works projects.

Exports and imports continued their inexorable decline. Reports that Russia would reenter the market as a substantial wheat exporter hurried agricultural commodity prices lower. Unemployment was reaching worrying levels. Where on average it only took mere weeks for the unemployed to find new work during 1929, it now took several months. Railroad car loadings remained at the lowest levels since 1922. The bankers group, which had rallied to support the market by making large purchases of blue chip stock during the Crash, reported that they had successfully unloaded their holdings - at a profit. Farm Board price supports drove wheat prices up to levels that eliminated exports and induced the planting of huge crops. The NYSE recouped all but about 12% of its losses, some of which was made up by gains in the bond markets.