Happy Anniversary, Black Tuesday!

Today's the 79th anniversary of the infamous Black Tuesday, one of three days in which Wall Street crashed. Many people mark the Crash of 1929 as the official beginning of the Great Depression.

It's interesting to note that on Black Tuesday, the market lost about $14 billion in value (a chump change when compared to the $700 billion bailout package of 2008) and the Dow Jones Industrial Average lost only 30.57 points (a bit percentage though: about 12%).

People who thought that this drop in price was a buying opportunity would be in for a rude surprise: stock values bounced back a little but then continued its slide for several years. The bottom was reached about two and a half years later; by then the Dow had lost almost 90% of its value from before the crash.

Obviously the stock market recovered from the Crash of 1929 and the Great Depression - but it took almost 25 years for it to do so.

Read more about it on Neatorama's 10 American Financial Meltdowns in the Past Century

Newest 1
Newest 1 Comment

you obviously dont understand how money works in the USA. There is a big difference between the 14 bill of 1929 and the 700 bill bailout of today. 1 dollar in 1913 had about %100 more purchasing power than it does today. 14 bill in 1913 would equal about 1.400 tril in todays dollars! also the ratio of that amount to total money supply was not equivalent.
Abusive comment hidden. (Show it anyway.)
Login to comment.

Email This Post to a Friend
"Happy Anniversary, Black Tuesday!"

Separate multiple emails with a comma. Limit 5.


Success! Your email has been sent!

close window

This website uses cookies.

This website uses cookies to improve user experience. By using this website you consent to all cookies in accordance with our Privacy Policy.

I agree
Learn More