October 29: “Black Tuesday”
On 29 October 1929, also known as “Black Tuesday,” the stock market crashed putting the United States into the worst economic depression it had ever seen. Prices began to plummet in a hurry. On this day, the stock market lost 14 billion dollars. In a last ditch effort to keep the stock market alive, many larger companies began to buy millions of dollars in stocks to show their confidence in a market that was on its way to rock bottom. The efforts of the Rockefeller family and other people like them was futile and the United States was left with the worst economic crises it had ever been faced with.
The Great Depression left millions of Americans without work and homeless. With banks loaning many people money to invest in the stock market, they were forced to close. Unemployment was at a high and people were unable to put a meal on the table for their families. By 1933, nearly four years after the stock market crash, unemployment was at 24.9%. The economic situation not only affected the United States economy, but also hurt international trade. Increased tariffs on exports were added decreasing international trade tremendously.
With the country in chaos, soup lines and bread lines began to show up at nearly every corner. People began selling apples for very low prices to avoid panhandling. The Great Depression was a time the United States wish they could forget for its brutality on the average American.
–Ahmad Jawad
Photo Caption: People who could afford apples would buy them from the individuals selling them as a way to help them out.
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Meet the Author: Ahmad Jawad
This is my first semester at Schoolcraft College. I attended the University of Detroit Mercy last year. I play soccer on the men’s team at Schoolcraft. Outside of soccer I enjoy spending time with my friends and family.
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“Black Tuesday” may have been the true date where people came to be aware of the stock market crashing, but most people do not realize that crash started happening in the early month of September. Richard Lancaster wrote an article about the crash of 1929, but made in clear that in September the market lost 40%. Then on “Black Tuesday”, Dow Jones lost around 13%, which made citizens run from their stock’s creating chaos in the market. Then in 1932 the market total lost 89% which is a huge drop in the market altogether.
Now most people know that the United States has been in a recession but I found an article written by David Rosenberg that claims we are in a modern-day depression. In his article “We Are Living in a Modern-Day Depression”, he makes clear points as why people should see we are in a depression. He started off his article saying that 46 million people are collecting food stamps (survey taken in 2011). Then he goes on to listing other reasons people should see that we are in one do to, wealth destruction, housing bust and unemployment. These are huge factors that he claims have lead us not into a recession but a depression.
Haley Hilt