dec 31, 1928 - the U.S. economy had spiraled out of control.The context was one of economic extremes. A bunch of people ls, such as oil magnate John D. Rockefeller, bank titan John Pierpont Morgan and steel giant Andrew Carnegie, controlled massive amounts of wealth and economic responsibilities, while many workers had a much more precarious existence, still often depending on payday jobs and agricultural harvests. (Timeline)