28, 1962 alone, in what was termed the "Flash Crash of 1962". Explanations During the time of the Kennedy Slide, the head of the American Stock Exchange, Edwin Posner, explained to reporters that "this definitely is not panic selling". Instead, he attributed the drop in stock prices as an adjustment from the previous 10 years of increases. With this drop, Posner believed that stocks were reaching their realistic levels. After a thorough investigation led by a special committee of the U.S. Securities and Exchange Commission, the committee concluded that there were clear signs of incompetence, but none of malfeasance that would have warranted further investigation. The SEC had hoped to figure out the causes of wrongdoing in order to pass legislation that would prevent further mishaps, but it did not find any evidence of such behavior. In its report, the SEC concluded that the downturn in the market was due to "a complex interaction of causes and effects—including rational and emotional motivations as well as a variety of mechanisms and pressures", which led to a "downward spiral of great velocity and force". The end of the report labeled the market slide as an isolated, nonrecurring incident with precipitating causes that were unable to be confidently ascertained. Recouping President John F. Kennedy was asked by many to address the public about the state of the economy, but he ultimately decided not to do so. Kennedy's advisors pushed for all sorts of remedies, from reducing the margin requirement to announcing a tax cut of $5–10 billion to holding a "fireside chat" and discussing the health of the economy. Six weeks after deciding on not taking an action, however, Kennedy reduced the margin requirement and decided on a tax cut, hoping to incentivize large, self-financing companies. The public began gaining confidence after important businessmen and fund managers addressed press about the concerns of the market. J. Paul Getty, an oil tycoon with large investments in Wall Street, addressed the press and explained, "When some folks see others selling, they automatically follow suit. I do the reverse—and buy. I don't think the slide will go on. In fact, I think there will be a rather substantial rise shortly." Walter Benedict, fund manager of the billion dollar mutual fund Investors Planning Corporation, also announced that the market was bullish, stating that his funds had recently purchased $20 million worth of stock. With the backing of