Hi Shoreco: I don't think margin rates were 50% in the late '20's though I may be wrong. Nor do I agree with you that "stock market gains" were feeding the economy. Perhaps the hoopy/loopy market led to a general feeling that the future was bright, opportunities limitless and that things would be different this time led to people spending with abandon. A good book describing the times is "Only Yesterday" by Fredrick Lewis Allen. You casn get it in poaperback. I read it occassionally; it is eerily reminiscent of the past few years. It's a good read.
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