How Did Black Tuesday Fail
Black Tuesday and Bank Failures:
During the Roaring 20's as people celebrated the triumph of war, no American would have ever guessed that their time of partying and fun would soon come to an abrupt end and that the years following would consist of them fighting for survival. October 29, 1929 was the fourth and last day that stock markets crashed and is widely known as “Black Tuesday”. Black Tuesday was the worst financial crisis in U.S. history, with it signaling the start of the 10-year depression that would later follow. This historical event caused people to go bankrupt, sparked a rise in unemployment, and caused families to have to fight for their survival.
Black Tuesday was significant because this was the day the stock market crashed and left the U.S. unprepared and shocked. Around the time of the stock market crash, investors traded 16.4 million shares and lost $14 billion($199 billion in today's money)on the New York Exchange. During the four days of the stock market crash, the Dow Jones Industrial Average, which is the stock market …show more content…
Since Black Tuesday was the start of the Great Depression, in order to prevent another crisis like this from happening, people needed to be prepared for situations like this to occur and supervise banks better. The New Deal Programs were created by Franklin D. Roosevelt to control and supervise banks and also give Americans a chance to recover from the Great Depression. Programs meant to regulate the financial economy and help Americans better themselves were: the Emergency Banking Relief Act, Farm Credit Act, Federal Repost Insurance Corporation, Civil Work Administration and etc. Although many of the New Deal Programs are not in use today, Black Tuesday was one of the reasons these programs were created and used to improve conditions for Americans nationwide during a rough time
During the Roaring 20's as people celebrated the triumph of war, no American would have ever guessed that their time of partying and fun would soon come to an abrupt end and that the years following would consist of them fighting for survival. October 29, 1929 was the fourth and last day that stock markets crashed and is widely known as “Black Tuesday”. Black Tuesday was the worst financial crisis in U.S. history, with it signaling the start of the 10-year depression that would later follow. This historical event caused people to go bankrupt, sparked a rise in unemployment, and caused families to have to fight for their survival.
Black Tuesday was significant because this was the day the stock market crashed and left the U.S. unprepared and shocked. Around the time of the stock market crash, investors traded 16.4 million shares and lost $14 billion($199 billion in today's money)on the New York Exchange. During the four days of the stock market crash, the Dow Jones Industrial Average, which is the stock market …show more content…
Since Black Tuesday was the start of the Great Depression, in order to prevent another crisis like this from happening, people needed to be prepared for situations like this to occur and supervise banks better. The New Deal Programs were created by Franklin D. Roosevelt to control and supervise banks and also give Americans a chance to recover from the Great Depression. Programs meant to regulate the financial economy and help Americans better themselves were: the Emergency Banking Relief Act, Farm Credit Act, Federal Repost Insurance Corporation, Civil Work Administration and etc. Although many of the New Deal Programs are not in use today, Black Tuesday was one of the reasons these programs were created and used to improve conditions for Americans nationwide during a rough time