It happened on the New York Stock Exchange on Tuesday October 29, 1929, now known as Black Tuesday. The crash started the Great Depression and stock prices did not reach the same level until late 1954.
The crash signalled the beginning of the 10-year Great Depression that affected all Western industrialized countries. It did not end in the United States until the start of American mobilization for World War II at the end of 1941. More than 13 million people had unemployment coming to them after the banks crashed.
- "Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to eve". Richard M. Salsman.
Stock-exchange speculation led hundreds of thousands of Americans to invest heavily in the stock market. Many were borrowing money to buy more stocks.
- "At the turn of the 20th century stock market speculation was restricted to professionals, but the 1920s saw millions of 'ordinary Americans' investing in the New York Stock Exchange. By August 1929, brokers had lent small investors more than two-thirds of the face value of the stocks they were buying on margin – more than $8.5bn was out on loan".
The amount of money out on loan was more than the entire amount of currency circulating in the U.S. at the time.
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Wall Street Crash of 1929 Facts for Kids. Kiddle Encyclopedia.