Stock Market Crash
- Stock Market Crash Black Tuesday Oct 29 1929
- Dow Jones industrial average collapsed.
- People committed suicide
- Continued selloff took place until 1932 when the DJIA was 89% of its 1929 peak
- Businesses go bankrupt
- Banks close
- Depressions begin
- Not federally secured
- People lost entire life savings in a matter of hours/days.
- The great depression causes:
- Over production (agriculture) Followed by drought
- Stock market
- Tariffs (tax on trade) designed to protect American economies
- International debt (Germans, French, British still in debt)
- Weak European economy
- Consequences: unemployment
- Bank failures and closures
- Government changes (gov steps in to make banks more secure)
- Hoover brought in more tariffs (which backfired because so did other countries).
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Summary: The stock market crash happened on October 29th 1929. This was the beginning of the Great Depression causing citizens to sell everything they owned in order to buy essentials as all their money was lost in the crash.