CARD 42 - The Great Depression

 As prices rose, some economic analysts warned of economic collapse, but leading pundits ignored them. Banks and individuals began dangerous speculative spending and investing. In October 1929, the buying frenzy waned and a selling craze began. On Thursday, October 24, 1929 (Black Thursday) the bottom began to fall out. Prices quickly dropped. Investors were losing money quickly. On Tuesday, October 29 (Black Tuesday) the New York Stock Exchange lost four billion dollars ($4,000,000,000) by the end of the day. Fifteen billion ($15,000,000,000) would be lost by the end of the year.

NY Times Headlines
Sunday, October 13, 1929
STOCK PRICES WILL STAY AT HIGH LEVEL FOR YEARS TO COME, SAYS OHIO ECONOMIST

October 24, 1929 - Black Thursday

October 28, 1929 – Black Monday (2nd worst day in stock market history)

October 29, 1929 - Black Tuesday. Black Tuesday marks the point where the Roaring 20’s ended and the Great Depression started.

October 19th, 1987 –Black Monday (worst day in stock market history)