What happened on the morning of Thursday October 24 1929?
Black Thursday is October 24, 1929, the first day of the stock market crash of 1929. That was the worst stock market crash in U.S. history. It kicked off the Great Depression.
What was Black Tuesday in the 1920s?
Also known as the Wall Street Crash of 1929, Black Tuesday was the worst stock market crash in US history. Black Tuesday was an abrupt end to the rapid economic expansion of The Roaring 20’s. This event is widely considered to be one of the largest contributors to the beginning of The Great Depression.
Who was hit the hardest by the Great Depression?
The poor were hit the hardest. By 1932, Harlem had an unemployment rate of 50 percent and property owned or managed by blacks fell from 30 percent to 5 percent in 1935. Farmers in the Midwest were doubly hit by economic downturns and the Dust Bowl.
Why was Black Thursday so devastating?
Although Black Thursday preceded it, the stock market crash of 1929 was actually caused by several factors. These include excess production in several industries, an oversupply in multiple areas of the market, faltering share prices, numerous shares having been bought on margin, and a lack of cash on the sidelines.
How many bank accounts were wiped out during the Great Depression?
The Great Depression was an economic crisis of a magnitude never before seen in the United States. During this time, stock prices plummeted, 9,000 banks went out of business, 9 million savings accounts were wiped out, 86,000 businesses failed and wages decreased by an average of 60%.
Which state was most affected by the Great Depression?
What is often referred to as the Dust Bowl and the Great Depression hit the great farming areas of the US the hardest. States like Oklahoma, the panhandle of Texas, Kansas, Colorado and Portions of New Mexico were devastated. Tens of thousands of farmers lost their lands and had to migrate elsewhere.