Black Tuesday
Notes
- Dow Jones Industrial average collapsed
- Continued selloff took place until 1932 when the DJIA was 89% of its 1929 peak
- People threw themselves out of buildings
- Businesses go bankrupt
- Banks close
- Depression begins
Political Cartoon
Quote
One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.
-Ron Chernow
-Ron Chernow
Interesting Fact
One American sheep farmer found that he would not make money off of his sheep during the depression. Rather than watch his 3,000 sheep starve to death, he cut their throats and threw them in a canyon.
Subjunctive Question
How would America and the rest of the world be different to this day if the stock market hadn't crashed in 1929?
Summary
Because many investors in the stock market borrowed money that they didn't have, the stock market crash plummeted on October 22nd, 1929. This was one of the causes of the Great Depression.