I don’t disagree that there was a credit expansion that was going to cause an economic contraction. But the credit expansion in the 20s was similar in size or smaller than during the 80s (S&L era), 2000s (housing boom). What turned a likely recession into The Depression was the Feds overly restrictive monetary policies.
Credit caused the great depression.
I used to know someone who had shares of RCA for around 500 bucks. Couldnt sell it so hung on to it to the day she died in the mid 80s.