The Wall Street Crash of 1929 heralded worldwide economic disaster. The Nazis and the Communists made great gains at the 1930 federal election. The Nazis and Communists between them secured almost 40% of Reichstag seats, which required the moderate parties to consider negotiations with anti-democrats. "The Communists", wrote historian Alan Bullock, "openly announced that they would prefer to see the Nazis in power rather than lift a finger to save the republic".