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About Black Tuesday
Politics
Ends: Oct 29, 2022
DESCRIPTION:
Black Tuesday, October 29, 1929, is when the stock market collapsed, losing 13% of its value in a single day and sending the industrialized world into a ten-year economic depression. Sixteen million four hundred ten thousand thirty shares traded on the New York Stock Exchange that day, a record. Leading up to Black Tuesday, the stock market fell for nearly six weeks, losing 40% of its value between September 1929 and October 29, 1929.
This catastrophic event wiped out the savings of millions of people and ushered in the worst economic period in global history, known today as the Great Depression.
And then history almost repeated itself.
As early as 2006, warning signs started to appear in the US economy. By 2008 the world entered what would become known as the Great Recession. During this event, millions lost their homes, jobs, and savings. Wages stagnated, and this recession was particularly brutal on white collar, college educated, and knowledge workers, wiping out entire industries while consolidating others.
The impact globally of the 2008 economic implosion was even more profound than in 1929. Over a decade later, countries, families, and entire communities are still trying to recover. Just as gains were being made, COVID-19 hit. Nearly three years into that crisis, the world appears to be on the precipice of another major global economic catastrophe due to the pandemic, global warming, conflicts, and inflation.
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