oct 29, 1929 - Stock Market Crash

Description:

On October 29, 1929, “Black Tuesday” hit Wall Street as investors rushed to trade sixteen million shares on the New York Stock Exchange within a single day. Citizens rushed to sell their dropping stock shares, but it was too late. Billions of dollars were lost, wiping out thousands of investors. In the aftermath of “Black Tuesday”, America and the rest of the industrialized world spiraled downward into the Great Depression. Many citizens bought things on “credit”, so many businesses shut down their suppliers as their buyers could not pay them back. Furthermore, many banks went bankrupt as they gave out too many loans, so many citizens (even those who where hard working citizens) lost all of their money. Overall, these series of events lead to the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time.

Added to timeline:

Date:

Images: