Crash of Wall Street
What was the 'Crash of Wall Street" and how did it influence the economic concerns of the 1930's?
A stock market is a place where investments in companies are bought and sold to, hopefully, receive profit over time. Unfortunately, on October 24, 1929, known as "Black Thursday," the stock markets crashed; investors traded almost 16 million shares on the New York Stock Exchange, and in the span of a day, and billions of dollars were lost. This devastating occurrence came to be known as the Crash of Wall Street. It all started with falling stock prices in September of 1929. People started to lose faith in their investments, and panic set in, causing people to frantically trade back in their stocks, in hope that their money would not be lost. The frantic selling caused the market to go into a free fall. Essentially, anyone who invested money into a company prior to that day, lost their investments, leaving people without money to provide for their families. This is a huge bulk of what lead to the Great Depression. The gross national income went from 103,828,000,000 to 55,760,000,000 cutting down by nearly half of what it was before. Additionally, around 5,000 of America's banks failed leaving multiple families without money, leading into the Great Depression. |
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