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About Black Tuesday
Politics
Ends: Oct 29, 2021
DESCRIPTION:
Black Tuesday is the 29th of October 1929 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.
16,410,030 shares were traded on the New York Stock Exchange on this one day, breaking an all time record.
By Black Tuesday, the stock market had been falling 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.
Beginning in 2006 warning signs began 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 as well. Wages stagnated, and continue to this day.
The impact globally of the 2008 economic implosion was even more profound than in 1929. Nearly a decade later, countries, families and entire communities are still trying to recover. Some never will.
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