Today in history: The Stock Market Crash
On this day in 1929 the US financial world crumbled. This would lead to the great depression, and we did not recover until WWII depending on who you ask. From History:Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression.During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated.
See the full story as well as other events in history, from History.com. And be sure to check back for tomorrows Grunt Style history lesson.[mwi-cat-listing cat="94" ppp="4" cols="4" desc="false" type="view" btn_color="black" ]