on this day in 1929, more than 16 million shares of stock were sold off in a panic in the stock market crash known as “Black Tuesday.”
Yeah, our economy is bad, but back then…
Thirty billion dollars disappeared.
1,300 banks closed within a year.
Almost 30 percent of the workforce was unemployed.
The stock market lost $30 billion, more than a third of its value, in the next two weeks.
By 1932, more than 100,000 businesses had failed and 13 million people had lost their jobs.
Within four years, 11,000 of the 25,000 banks in America had failed, and the Great Depression was in full swing.