lernerchapter22

Black Tuesday

The NYSE was the site of the famous Black Tuesday which is the day in October of 1929 when the stock market crashed and lost over $30 Billion in a matter of hours. People's life savings invested into the market were broke in a matter of seconds. THis day in history led to a 10 year Great Depression that left millions jobless and homeless. It affected all Western industrialization because of its catastrophic domino effect. What caused the stock market to crash can be blamed solely on the banks that loaned too much money to too many people who couldn't pay those bills of credit they had accumulated. The Gov't shut those banks down and left million who had their life savings in the bank homeless and broke. Black Tuesday accounted for a loss of $30 Billion. That's 3 times more money than the national budget for the US at the time lost in a matter of hours. People saw stock prices drop therefore making them pull out of the market as well leaving thousands of companies with the lowest stock value of its existence.



McDougal, Holt. The Americans 2012. 1 of 1 ed. EPub: n.p., 2012. Print.