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Great Depression Thesis

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One of the most devastating moments in American financial history was the stock market crash of 1929. Billions of dollars were lost in a matter of days, and the crash's effects on the economy continued for years. The Great Depression was brought in by this event and also changed the future of American history. The 1929 stock market crash serves us as a reminder of the risks of uncontrolled speculation and the need for smart financial regulation.
During the early 1920s, American companies profited greatly from exporting their goods to European countries when they were rebuilding from World War l. Following President Herbert Hoover's inauguration in January 1929, it continued for the first six months. During the great "Hoover bull market," stock values soared to the roof and members of the public, including cooks, chauffeurs, and financial and industrial tycoons, rushed to brokers to invest their savings or liquid assets in securities that they could later sell for a profit. For brokers' loans to hold margin accounts, Wall Street drew billions of dollars from the banks. The South Sea Bubble and the Mississippi Bubble shows were …show more content…

When panic quickly set in, a record 12,894,650 shares were traded on Black Thursday, October 24. By purchasing large blocks of shares, investment firms and top bankers tried to stabilize the market, leading to a small rally on Friday. Then on Monday, the storm erupted once more, sending the market crashing. On October 29, 1929, Black Monday was followed by Black Tuesday, when stock values entirely crashed and 16,410,030 shares were traded on the New York Stock Exchange in just one day. The machinery was unable to handle the increasing amount of trading, which caused billions of dollars being lost and the eventual loss of thousands of investors. Stock tickers also ran hours behind

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