Happy Anniversary

NYSE 1929

NYSE in 1929

Tomorrow marks the 80th anniversary of the 1929 stock market crash.   It’s actually said that the crash took place over a three business days.  Beginning with Black Thursday, October 24th, Black Monday October 28th and finally Black Tuesday October 29th, 1929.  In September and October, the market had fallen by 40% and by the end of November, lost over $100 billion dollars.   I’d have to wonder what that would translate into by todays standards but I’ll leave that to the historians and those much more learned than I.  A few fun facts:

  • Herbert Hoover was elected President in November 1928.
  • The average annual income was $750
  • The actual “crash” took place between the dates shown above.  Losses in October alone totalled $16 billion.
  • The first bank panic didn’t occur until 1930.
  • The Great Depression took place from 1930 to 1939.
  • 9,000 banks went out of business.
  • 9 million savings accounts were wiped out.
  • 86,000 businesses failed.
  • Wages were decreased by an average of 60%.
  • The unemployment rate went from 9% all the way to 25%.
  • About 15 million jobless people.

Want more facts?  CLICK HERE

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