Only three million Americans owned any stock at all

The New York Stock Exchange estimated in 1929 that twenty million Americans owned stock, and Frederick Lewis Allen used that figure in the popular history he published in 1931. It was wildly wrong. The chief actuary of the Treasury calculated that about three million Americans, under two and a half per cent of the population, held securities in 1928, and brokerage firms reported 1,548,707 customers in 1929. Pension funds did not yet exist to give workers an indirect stake. So the crash by itself did almost nothing to the finances of the ordinary American, who owned nothing to lose. Stock prices recovered about a fifth of their losses by April 1930 and no major bank or company had failed. Kennedy's point is that the crash and the depression are two different events, and that the most careful students of 1929 have never demonstrated a causal link running from one to the other.

Two groups of Haitian intellectuals reorganised the country's politics between 1926 and 1937, along the fault lines of class and colour. Jolibois fils wrote to Moscow in 1926 and the Comintern ignored him. In 1930, under French party sponsorship, Jacques Roumain founded the Haitian Communist Party with Max Hudicourt. President Vincent jailed Roumain in 1934, released him two years later, and outlawed the party by decree in November 1936. Its members, with the notable exception of Jacques Alexis, were mulatto men of the literary elite: Jean Brierre, Jules Blanchet, Roumain himself. French Marxism did not reach the second group. Black professionals and bureaucrats produced by the occupation, and by Russell's effort to build a Black middle class, were looking for Haiti's roots in Africa, and in 1937 they took the name Les Griots. Jean Price-Mars, Lorimer Denis and Doctor J. C. Dorsainvil led them, and a young ultranationalist physician named Francois Duvalier was among them. The Griots had the constituency the communists could never reach, and they used it.

From January to September 1931 Melville Herskovits and Frances Herskovits travelled in Dahomey, Nigeria and the Gold Coast, working mainly in Dahomey, the kingdom on the Bight of Benin whose people the colonists of Saint Domingue had called Arada. An initial grant from Elsie Clews Parsons paid for the trip and Columbia and Northwestern universities carried it afterwards. Their chief interpreter was Prince Rene Aho Glele, a member of the family that had ruled the kingdom, and the French Residents of the districts of Abomey and Allada opened doors for them. The journey matters on a Haitian timeline because the deities, the ceremonies and most of the African vocabulary of Haitian Vodou come out of this region, and because Herskovits built the study of African survivals in the Americas from material gathered here. He arrived already carrying a knowledge of the Maroon communities of Surinam.

Beginning on 19 November 1929 Hoover summoned the heads of the banks, railroads, manufacturing industries and utilities to the White House, and for nearly two weeks they came out of daily meetings repeating that the economy was sound. On 5 December he reported the results to four hundred business leaders. The Federal Reserve had eased credit through open market purchases and a lower discount rate and was refusing to discount for banks making stock market call loans. The industrialists had agreed to hold wage rates where they were, on his argument that the first shock should fall on profits. Railway and utility executives had agreed to expand building and maintenance, and he had wired governors and mayors to speed up road and public building work. No president had previously believed that the federal government carried a responsibility in a slump. Hoover believed it and said so.