Stock Market Crash, Black Tuesday Oct. 29, 1929
- Dow Jones Industrial average (DJIA) collapsed
- Continued selloff took place until 1932 when the DJIA was 89% of its 1929 peak
- People threw themselves off buildings
- Businesses go bankrupt
- The banks had no more money so they closed
- If you didn't buy on margins and had money in the bank you were still out of luck and lost all their money
- The depression begins
Summary
Stock market crashed and businesses went bankrupt and so did the banks because of all the money that had been loaned from them and never payed back. This was the beginning of the great depression.