Electrification was vital for the consumption of the new types of durable items—US households with electricity connected nearly doubled between 1921 and 1929. Radios, vacuum cleaners, and refrigerators followed. Motor car registration increased to more than 28 million by 1929. Payment arrangements facilitated the extension of buying further.
Banks engaged in reckless lending, with debt over 200% of the GDP of that time, causing the first wave of consumerism to collapse suddenly.
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