Broke in spite of high wages."A large majority of the people in the cities have not saved anything. They do not own much. Most of what they earn goes for food, and clothes, and shelter. Only a small percent live in the lap of luxury Noun 1. lap of luxury - in conditions of wealth and comfort; "he was raised in the lap of luxury" ease, comfort - a freedom from financial difficulty that promotes a comfortable state; "a life of luxury and ease"; "he had all the material comforts of this world" , or even accumulate Accumulate Broker/analyst recommendation that could mean slightly different things depending on the broker/analyst. In general, it means to increase the number of shares of a particular security over the near term, but not to liquidate other parts of the portfolio to buy a security good-sized fortunes. To millions of them, tomorrow carries a threat of no work, no food, no clothes, no shelter. They are afraid. In spite of high wages when they work, a vast multitude of these city folks are broke. They owe more than they can pay. Thirty days out of a job will send many of them to pawn shops a shop where a pawnbroker does business. - Shak. See also: Pawn . For millions of them three months without work means the complete exhaustion Exhaustion Situation in which a majority of participants trading in the same asset are either long or short, leaving few investors to take the other side of the transaction when participants wish to close their positions. of their resources." -- T. W. LeQuatte, publisher of Farm Life, March, 1929 ... seven months before the stock market crash |
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