- The housing and consumer boom of the 1920’s created the basis of prosperity in the US.
- Large investments in housing and household goods seemed to create a cycle of higher employment and incomes, rising consumption demand, more investment and yet more employment and incomes.
- In 1923, US resumed exporting capital to the rest of the world and became the largest overseas lender.
- US imports and capital exports also boosted European recovery and world trade and income growth over the next six years.