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.
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