Hoover left Mellon to communicate alone, and of course apologizes to apologize. Andrew Mellon is not an ordinary person. He just swept his face and if he didn't give an explanation, he wouldn't be able to work together in the future. But scolding is a public scolding, and apology is a private apology. This feels different. What else can Mellon say about this? He can only suffer a loss and agree. He knew that the president called him to stay and stayed there must be something waiting for him.

As expected, Hoover just scolded Mellon for taking advantage of the issue. What really annoyed him was that Wall Street took advantage of the situation in the past few days and used the circuit breaker to place short orders of more than $3 billion - these short orders pushed the originally shaky market into the abyss. What is even more embarrassing is that Hoover has retrieved all short customers with a position of more than $5 million from the exchange through others: what stocks to short, how big positions to hold, and when to short orders to the exchange. This even surpassed Mellon and stabbed it to the exchange in one fell swoop.

"While you say that the market is being damaged by the United Group, you are desperately betting on short positions to fuel the fire, forcing the market into a desperate situation. I need to hear an explanation for this hypocritical double-faced method."

Mellon said: "Wall Street is just taking advantage of the situation to short, but you see that the positions shorted through United Trust channels are more than 4 billion US dollars! This shows that United Group is more and more ruthless!"

"I haven't been the Minister of Commerce. Do I really understand nothing? I don't deny that Ziano has a short order in his hands, but those invested through United Trust are all United Group positions? Is it all the money in Citibank owned by Mitchell or this bank?"

Hoover was very unhappy and said, "This is one. Look at their positions. More than half of them were shorted before September. At that time, the market points were as high as 450 points. Don't you still welcome short selling. Do you want to pull down the stock market? I also want to short. It has plummeted in the past two days. United Trust has certainly taken advantage of the situation to short selling positions, but there are also many people who close the positions. So what do you say? This is the second. Also, you say they threaten to sell stocks, but as far as I know, United Trust controls

The United Group stocks are even more than before, and Puhui, which has just completed the transaction recently, have also bought a lot of shares. In other words, they have not sold and increased their holdings, and even took out 15 million yuan of managers to increase their holdings. Although the amount is not very large, there is a little bit of an attitude. Where is your attitude? I will not let you ensure employment. What do you want? Is this country my own? What are the benefits of screwing him up?"

Mellon was speechless: the short-seller deployed early, so it is convenient to harvest now, and Wall Street deployed late, everything has problems, and it needs to be raced against time to make the appearance look ugly.

Hoover sighed: "I know Wall Street has suffered a lot, but everyone should be united and not criticize each other. The president complained to me more than once that the financial industry and the Fed work together to suppress him. Do you dare say that if there was no such thing, he would tear up the 4.4 billion contract?"

"Your Excellency, this is nothing." Mellon quickly defended.

"Don't bother or not, at least you give people the feeling this way." Hoover knew that Mellon was talking lies with his eyes open, but this kind of thing could not be said. He even lost his last tacit understanding. He changed his mind, "Didn't you say that there is a difficulty in capital flow? The president said that he had $300 million in his hand, which was returned by the customer. If you need it, you can return it to you in advance..."

"Then... OK..." Mellon didn't know what to say, but at this time, it was better to take back the money as soon as possible. If it went bankrupt, it would be troublesome. You don't have to worry about the money you lend to United Bank. The money you lend to other small and medium-sized banks is troublesome.

The five emergency items were scattered through radio stations that night. Hoover himself also accepted an interview with reporters for this and said: "Although temporary restrictions on short selling seem to affect some freedom, in the long run, a United States that avoids entering a crisis can guarantee the true freedom and democracy of the vast majority of people. If there is only the freedom of capital and no freedom of the people, then we will inevitably encounter a revolution in the future, so I hope everyone can fully realize this..."

This is Hoover's most severe political warning so far. All the reporters present were silent. They have learned a lot more or less through the news in the past two days, knowing that this is by no means sensational. In despair and desperate, anything can happen. Just like the bankers who committed suicide in the past two days, they actually have little losses in stocks. It is okay if they barely maintain their personal lives, but they lent large sums of money to investors. After these investors were forcibly settled, they still owed securities companies a lot of money, let alone repaying bank loans. Then the bank had to go bankrupt in the end. Seeing that their lifelong efforts were gone, people who couldn't think of it would of course commit suicide.

At the opening of the next day, under the five Hoover bans, the situation stabilized a lot, the market transactions were very active, and the large-scale decline was curbed - it was not that there were so many buying orders, but that after the stock fell sharply, there would always be a part of the short sellers coming out to close the positions. This was the Wall Street speculator who was warned by Hoover yesterday. Mellon told these warnings intact, so the tycoons removed the weakest players to complete the task of dealing with Hoover, and continued to wait for the harvest of maximizing interests.

What Hoover and Mellon said yesterday was only effective for 3 minutes. After 3 minutes, this kind of passion and mentality of taking the country as its mission was defeated in the face of the real dollar and interests. In Contini's words, it was difficult to touch interests than to touch the soul. It would be impossible to expect the Wall Street tycoon to stop.

At least on the surface, Hoover's requirements were partially met, and the overall short positions were declining, which made him feel more satisfied.

However, no matter what, the overall loss of the stock market is still very large. Since the circuit breaker triggered on Black Wednesday, the US stock market, which has experienced multiple circuit breakers, has been cut in half at the average point, and has been cut at least 60% from the highest point. The market value loss in this week alone exceeded more than $10 billion, while the market value loss from the highest point has reached nearly 40 billion, which is more than the total investment of the United States in World War I, including military spending and other various fiscal expenditures.

With these bans, more than 200 banks announced bankruptcy and entered the market liquidation process within one day. There are so many announcements of bankruptcy that it was not enough to use the newspaper's mid-slit to publish announcements. The New York Times and the Wall Street Journal made an exception to publish news of bankruptcy liquidation in a total of 4 pages - an unprecedented irony!

This kind of bankruptcy is just the beginning. After the bank goes bankrupt, the United States will soon usher in a wave of industrial enterprises bankruptcy...

Chapter 50 Great Collapse (6)

"President, I received a call from the exchange and told me to stop shorting immediately and close the position as soon as possible."

"I've finally called you?" Contini smiled, "Is your personal position or the company's position?"

"Including me, my investment company's position, I didn't talk about United Trust..." Livermore said unhappily, "They are bullying the weak and afraid of the strong!"

Contini laughed: "You only know? Now you know that I have so many people and guards, and there are battleships outside to stand guard, isn't it a waste?"

"Indeed, they dare not move your strength."

"I will still move when it's time to move." Contini smiled, "How much have you made? 200 million?"

"It's still a little short, about 160 million..." Livermore muttered, "Give me another month, no! I'll have the confidence to work 200 million in another 10 trading days."

"It's almost done, don't make the last money, safety first, you can't make it all."

Livermore was a little unwilling to give up, but he knew he could do nothing. The exchange was really too big. If he didn't want to die on the street one day, it would be better to obey the orders.

"Of course, you can't lose too much. Let's do this. Find a low point tomorrow to help me close my position of 300 million. You can cooperate with 30 million, so that you can explain to them."

"Why?" Livermore said strangely, "You are not like this."

"I promised Hoover to return $300 million in advance to help Wall Street stabilize the financial system."

"There is no need to reduce the holdings so much. Now there is more than 500 million cash on the account, which is more than enough to deal with daily liquidity..."

"I also want to transfer $400 million to Italy." Contini sighed, "Wall Street has political pressure, I have it too. The situation in Italy is very bad, and I also have to prepare in advance to stabilize the situation... I can watch the fun in the US market without any worries. Can I still watch the fun in Italy?"

Now it was Livermore's turn to be silent: It is impossible to be a purely investor unless you are very small. When your scale reaches a certain level, politics will inevitably come to you. Many times, it will be easier to make money with political protection, but sometimes you have to worry about political factors and reduce your money. Although the Caracolo-class battleship in New York Harbor is cool, there is no need to lose any responsibility behind it. He asked hesitantly: "I will stop selling short tomorrow. Do you think this market is still saved?"

"I don't see hope, because Europe is also plunging. A globalized world will have cross-infection and volatility feedback. Before these emotions are vented, it will be difficult for the stock market to have a major turnaround. Maybe it will improve after the New Year next year, but November and December are probably still tormented. We must be prepared to fall below 150 points for Dow Jones."

Dow Jones is still 180 points, and falling below 150 points means that it will continue to fall by at least 20%. Livermore knows it in his mind: this is highly consistent with his judgment. But Contini did not tell him the complete truth - this is an economic crisis that lasted for a full four years, not a few months, and after a brief rebound, he will continue to fall into the quagmire of plunge. You think 150 points has been cut by two-thirds from 450 points, thinking it is almost the same, but there is hell under the floor, and there is more than one layer of hell - in history, the Dow Jones index fell to 48 points before it ended, which is equivalent to cutting another two-thirds from the base of 150 points, which is only one-tenth of the highest peak.

The index moved a decimal point, and the stock price plummeted like mud. Similar to General Electric, stocks that were not based on subject matter and concepts, the stock price finally fell from the highest $396 to only $8 - only 2% of the highest value. Livermore was historically misjudged that the stock had fallen to the end and was ready to rebound. Unexpectedly, he committed suicide by expending himself. In 1929, when a large number of people jumped off the building, he made more than 100 million. When everyone began to gradually forget about this in 1934, Livermore was almost done - because he bought the bottom too early!

Of course, the plot of saying that he was so poor that he could not even get dozens of dollars was obviously outrageous. Before Livermore committed suicide, he still had about $4-5 million in property. As an investor with more than 100 million property, this was obviously an undisguised failure, but for most people, the $5 million in the 1930s was still a striking figure.

Contini is now looking forward to Livermore's subsequent fate. Although Francesco has hinted to "clean up", Contini thinks it is not possible, because unlike Roosevelt and Churchill, almost no one suspects the deaths of these two. However, Livermore's work for United Group is almost an open secret - everyone just doesn't know that all accounts of United Trust are United Group's own, and even Livermore doesn't know that he always thought he was managing financial services and trading on behalf of customers, thinking that Contini had a third of these positions at best, and the other two-thirds were those big Europeans. He didn't understand that the other two-thirds were Contini's. Killing him would cause too much suspicion - it would be extremely unwise!

Of course, there were problems in Italy. After the continuous circuit breaker and plummeting in the US stock market, the bond market in Italy fell simultaneously, and government bonds had fallen to a point where the face value was only 10% off - even slightly lower than United Group's long-term bonds. It is obvious that investors have learned how Contini dealt with the runs in the US market. They have confidence in United Group and even surpassed their confidence in government finances.

At the same time, the exchange rate of lira to pound and US dollar is constantly declining, and a large number of orders have been cancelled, exports have been blocked, forming a unique situation of stocks, bonds, foreign exchange and trade. In particular, lira has reacted more sharply as an economic indicator: the warning line set by Contini for lira was 125 lira to 1 pound and 25 lira to 1 US dollar, but in fact, so far, lira has exceeded 150 lira to pound, and the US dollar has also exceeded 30 lira. Since the US dollar and pound are also depreciating compared to gold, it is equivalent to the depreciation of lira to gold.

Mussolini sent another emergency telegram to ask how to deal with it, and strongly asked Contini to return to China as soon as possible to discuss the major plan - because the Ministry of Finance is now helpless, even the $100 million that Contini transferred back last time was invested by the Ministry of Finance to stabilize the lira exchange rate, but it is still a drop in the bucket.

Although the United Bank headquarters still has nearly $1 billion and 800 million gold reserves, without Contini's orders, no one dared to touch these things. Mussolini was also anxious, but one thing he thought was clear - he didn't understand the economy, and most of the people around him who knew the economy had other consortium backgrounds. If they believed their suggestions, they would be doomed if something happened. Only when Contini came back to preside over the overall situation would have hope. Old Ziano had already expressed his opinion to him: he thought he could serve in the Great Fascist Committee, but the Minister of Transportation wanted to leave it to his son. Mussolini believed that this could be completely agreed. The current position of the Minister of Transportation is not a hot commodity.

After receiving a domestic telegram, Contini said that the same method as the foreign exchange crisis was handled last time. On the basis of prohibiting lending, United Bank still exchanged foreign exchange, and then repurchased discounted bonds on the market. If they belong to United Group's long-term bonds, they will be cancelled. If they belong to government public bonds, they will be required to issue new long-term bonds to be replaced, and old bonds will be cancelled simultaneously.

The only thing to note is to first purchase bonds held by domestic Italian people and institutions, and ignore the bonds held by foreign institutions, so as not to get the lira and then go abroad for foreign exchange.

In other words, it doesn't matter if Contini's new $400 million is released to the Italian people and consortium. It must not be the ammunition for European speculators to further attack Italy. After thinking about it, he left a note in the telegram: "If the market is really weak, temporarily stabilize the price at 150 lira: 1 pound is acceptable, but gold must be strictly prohibited from exporting, and violators will be punished strictly without lending!"

With the $400 million as the foundation, especially the ability to repurchase government bonds, Mussolini began to shake again and said shamelessly: "The government will fight to the last moment to defend the Lira..." He kept whispering to the business community that they should not panic, but instead urged Contini to return home as soon as possible.

Old Ziano couldn't understand his son's operation: This is obviously a good opportunity for you to show off, so why give it to the leader for nothing? Now he doesn't urge you to return to China, and he typically wants to take credit for himself.

Angnes could see clearly: "Calais's operation confirmed the position of the Minister of Transportation, the limelight? Let the leader go and sell it. Do you really think that those oligarchs can't understand where the leader's money was repaid? Besides, what is 400 million US dollars? Calais must have made several 400 million US dollars in the United States!"

That night, the couple were trying hard to guess how much Contini made through the stock market: Old Ziano is estimated to be 2.5 billion US dollars, Angnes is estimated to be 3.2-3.5 billion US dollars. In fact, since its layout in 1922, Contini first used the rising stock market to harvest more than 3 billion, and then used the plummeting to harvest 1 billion convertible bonds. The 1.5 billion convertible bonds were all turned into stocks, and then the stock fell sharply and bought them back.

, 1 billion yuan was added at most, and then 5.5 billion short orders were placed, and nearly 3 billion yuan was harvested after the stock market fell to its current point. Although the deposit of 500 million US dollars was lost due to a package of industrial contracts, the operation of cutting leeks back and forth in the past month has basically earned the 500 million US dollars back. Therefore, the accumulated profits of the total were about 7 billion yuan. After deducting some necessary expenses, interest and expenses, at least 6.5 billion yuan.

Last time, 100 million, and this time, 400 million, the total amount is only 500 million, which is really nothing compared to the total income of 6.5 billion US dollars.

So Contini was able to accept Livermore earning 160 million with a calm mind - this is what others deserve.
Chapter completed!