The fact was that so much stock had been bought on margin—backed by dimes rather than dollars—that much of it amounted to little more than paper. Even worse, although production in well-financed factories soared, the buying power of consumers failed to keel) pace. Soon, industry was making more than people were buying. As goods piled up and prices fell, industry began laying off workers. People without jobs do not buy goods. As more workers were laid off, the marketplace shrunk smaller and smaller. Companies do not make new hires in a shrinking marketplace. And so the cycle went.