Black Tuesday: Stock Market Crash
- October 29, 1929
- Dow Jones Industrial Average collapsed
- Continued sell off took place until 1932 when the DJIA was 89% of its 1929 peak
- Stocks were at a peak and crashed very suddenly
- All investors (esp. those who had bought on margin) went from having wealth and were suddenly put into major debt
- People lost their entire life savings in the matter of a few hours
- People committed suicide when they found out (jumped off buildings)
- Companies and businesses declare bankruptcy
- Banks close, people who had any savings remaining in the bank lost them (not yet federally secured)
- The Great Depression begins
- People don't have jobs- companies can't afford to pay employees