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Article: Black Tuesday.(Stock Market Crash)
- Article from:
- Current Events, a Weekly Reader publication
- Article date:
- January 28, 2008
CopyrightCOPYRIGHT 2008 Weekly Reader Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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October 29, 1929, was a dark day in U.S. history. The roaring '20s had been an exciting decade with a "get-rich-quick" mentality. People invested heavily in land and businesses, believing the value could only go up. Then the bubble burst. In 1929, stock prices started to fall, triggering a panic on Watt Street. On Tuesday, October 29, the market lost 12 percent of its value as everyone tried to cash out. The fear quickly spread to banks and then swept through the rest of the economy.
In the days that followed Black Tuesday, banks were unable to give customers their money. Businesses failed, and people's savings were wiped out. By 1933, about 25 percent of the ...