December 6, 2011
History oftentimes repeats itself and U.S. debt has guaranteed unprecedented economic upheaval is a coming reality. The difference between investor gain and loss in October 1929 was that of less than 24 hours. It took the average American 25 years just to break even.- Gold Goliath
After the Roaring Twenties, a decade of partying, lavish living and social and cultural change, Americans thought the rising stock market and good times would last forever.
On Sept. 3, 1929 the stock market hit an all-time high, with the Dow Jones Industrial Average peaking at 381.17
But Oct. 24, 1929 — what became known as “Black Thursday” — the healthy bull market was shaken, and stock prices plummeted. The market lost 11 percent of its value. Investors tried to step in by putting money into the market, but it was no use.
By Oct. 29, ‘Black Tuesday’, stocks tanked again. People panicked. Some flooded Wall Street trying to get a straight story about what was going on. Others flocked to the banks to withdraw all their money. The market closed down 12 percent that day.
The hours leading up to, during and after the stock market crash of 1929 were documented in photos. We have some for you here.