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It came about after The Crash – the big one… in the ‘20s … the one with soup kitchens, and long lines of men waiting for a hand out from the government, and dig-a-hole and fill-it-up government spending and The Joads. Stocks that were public had no business being public – they were hideously unregulated and a lot of unsophisticated investors got hurt. So a bunch of laws came as a reaction to that brutal era and the 1933 Act was all about the regulation of new securities – the laws rev...
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