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Encyclopedia > Wall Street Crash 1929
The 1929 stock market crash devastated economies worldwide
The 1929 stock market crash devastated economies worldwide

The Wall Street Crash refers to the stock market crash that occurred on October 29, 1929, when share prices on the New York Stock Exchange collapsed, leading eventually to the Great Depression. The day, and by extension the event, is also known as Black Tuesday. However, the days leading up to the 29th ("Black Thursday", "Black Monday") had also seen enormous stock market upheaval, with panic selling and vast levels of trading interspersed with brief periods of recovery. Celebrate the Century stamp - Stock Market Crash of 1929 This image is a postage stamp produced by the United States Postal Service after 1978. ... Celebrate the Century stamp - Stock Market Crash of 1929 This image is a postage stamp produced by the United States Postal Service after 1978. ... The New York Stock Exchange A stock market is a market for the trading of financial instruments, which may include company stock, bonds, and other associated financial instruments (including stock options, convertibles and stock index futures). ... October 29 is the 302nd day of the year (303rd in leap years) in the Gregorian Calendar, with 63 days remaining. ... 1929 was a common year starting on Tuesday (link will take you to calendar). ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is the largest stock exchange in the world, although its trading volume was exceeded by that of NASDAQ (historic comparison graph {pdf}) during the 1990s. ... This article needs to be cleaned up to conform to a higher standard of quality. ...

The crash followed a speculative boom which had taken hold in the late 1920s, which had led millions of Americans to invest heavily in the stock market. Speculation involves the buying, holding, and selling of stocks, commodities, futures, currencies, collectibles, real estate, or any valuable thing to profit from fluctuations in its price as opposed to buying it for use or for income ( via dividends, rent etc). ... Sometimes referred to as the Jazz Age or primarily in North America as the Roaring Twenties. // Events and trends Technology John T. Thompson invents Thompson submachine gun, also known as Tommy gun John Logie Baird invents the first working mechanical television system (1925) Charles Lindbergh becomes the first person to...

This investment drove share prices up to artificially high levels, the rising share prices encouraged more people to invest, as they hoped the shares would rise further, thus fueling further rises, and creating an economic bubble. The banks lent heavily to fund this share-buying spree. On October 24, 1929, the bubble finally burst and panic selling set in. Thirteen million shares were sold in the space of one day, as people desperately tried to dispose of their shares before they became worthless. A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... Currier & Ives print on economic bubbles, 1875. ... The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. ...

Over the following few days another thirty million shares were sold, and share prices collapsed, ruining millions of investors.

The banks who had lent heavily to fund share buying found themselves saddled with debt, which caused many banks to fail. Debt is that which is owed. ... Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ...

While millions of people lost their savings, businesses lost their credit lines and were forced to close, causing massive unemployment. The term credit can have several meanings in different contexts. ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ...

The crash dramatically worsened an already fragile economic situation, and was a major contributing factor to the Great Depression. There is a good deal of controversy among economists and historians about the nature of that contribution, though. Some hold that political over-reactions to the crash, such as in the passage of the draconian Smoot-Hawley Tariff Act through the US Congress, caused more harm than the crash itself. This article needs to be cleaned up to conform to a higher standard of quality. ... The Hawley-Smoot Smoot-Hawley Tariff Act raised US tariffs on over 20,000 dutiable items to record levels, and, in the opinion of many economists, protracted or initiated the Great Depression. ... The Congress of the United States is the legislative branch of the federal government of the United States of America. ...

After the experience of the 1929 crash, stock markets around the world instituted measures to temporarily suspend trading in the event of rapid declines, so as to prevent such panic sales. As a result, later stock market crashes, such as the crash of 1987 (Black Monday), have never been quite as severe as that of 1929. 1987 is a common year starting on Thursday of the Gregorian calendar. ... Dow Jones (19 July 1987 through 19 January 1988) FTSE 100 Index (19 July 1987 through 19 January 1988) Black Monday is the name ascribed to Monday October 19, 1987. ...

Further reading

John Kenneth Galbraith Professor John Kenneth Galbraith, OC , Ph. ... Jude Wanniski (June 17, 1936–August 29, 2005) was an American journalist and conservative commentator. ...

External links

  • About.com: Black Thursday - 1929
  • About.com: 1929 Stock Market Crash

  Results from FactBites:
::Wall Street Crash of 1929 and its aftermath:: (653 words)
The strength of America's economy in the 1920's came to a sudden end in October 1929 - even if the signs of problems had existed before the Wall Street Crash.
Suddenly the 'glamour' of the Jazz Age and gangsters disappeared and America was faced with a major crisis that was to impact countries as far away as Weimar Germany - a nation that had built up her economy on American loans.
For example the African Americans and the farmers had not benefited in the Jazz Age but neither had 60% of the whole population as it is estimated that a family needed a basic minimum of $2,000 a year to live (about £440) and 60% of US families earned less than this.
Wall Street Crash of 1929 - Wikipedia, the free encyclopedia (1398 words)
The Wall Street Crash of 1929, also called the Great Crash or the Crash of '29, was the stock-market crash that occurred in late October 1929.
The market was crashing and the floor of the NYSE was in a state of panic.
In 1931, the Pecora Commission was established to study the causes of the crash.
  More results at FactBites »



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