29 Okt 1929 Jahr - Stock Market Crash

Beschreibung:

In the 20's the average American buying stocks would buy on margin, meaning that one pays a small percentage and borrows the rest of the money in order to buy a stock. Since this wasn't physically money, American's lead themselves into big trouble with this system because they couldn't afford to pay back the money they borrowed. Leading up to the crash, consumer spending was high and the distribution of wealth was enormous. On "Black Thursday" the market took a tumble and customers couldn't get a bid for their share. Then on the famous "Black Tuesday" the market continually went downwards and everyone wanted to sell their stocks. Everyone's retirements were gone and many were left with no money at all.