The wealth of the land was being tied up in the hands of a very few men. The people were not buying because they had nothing with which to buy. The big business interests were not selling, because there was nobody they could sell to.
One per cent of the people could not eat any more than any other one per cent; they could not wear much more than any other one per cent; they could not live in any more houses than any other one per cent. So in 1929, when the fortune holders of America grew powerful enough that one per cent of the people owned nearly everything, ninety-nine per cent of the people owned practically nothing, not even enough to pay their debts, a collapse was at hand.
From Every Man a King, the Autobiography of Huey P. Long