Five factors that spurred industrial growth in the late 1800's are Abundant natural resources (coal, iron, oil); Abundant labor supply; Railroads; Labor saving technological advances (new patents) and Pro-Business government policies.
Your answer would be
“He thought it had some problems but was necessary”
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The first main reason was most of the market was based solely on credit, which was stock that was purchased without actual cash, but purchased on credit.
The second factor was the massive pull out by many investors due to a panic that caused the Banks to attempt to purchase these stocks leading to a complete collapse in the market.
