Wall street crash
The Wall Street Crash of 1929, also known as Black Tuesday[1] and the Stock Market Crash of 1929, began in late October 1929 and was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its fallout.[2] The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries[3] The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war.[4] World War II had a dramatic effect on many parts of the economy, and may have hastened the end of the Great Depression in the United States.[5] Government-financed capital spending accounted for only 5 percent of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67 percent of U.S. capital investment.[6]
The Roaring Twenties, the decade that led up to the Crash,[8] was a time of wealth and excess. Despite the dangers of speculation, many believed that the stock market would continue to rise indefinitely. On March 25, 1929, however, a mini crash occurred after investors started to sell stocks at a rapid pace, exposing the market's shaky foundation.[9] Two days later, banker Charles E. Mitchell announced his company the National City Bank would provide $25 million in credit to stop the market’s slide.[9] Mitchell's move brought a temporary halt to the financial crisis and call money declined from 20 to eight percent.[9] However, the American economy was now showing ominous signs of trouble.[9] Steel production was declining, construction was sluggish, car sales were down, and consumers were building up high debts because of easy credit.[9] The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929.[9] Shortly before the crash, economist Irving Fisher famously proclaimed, "Stock
The Roaring Twenties, the decade that led up to the Crash,[8] was a time of wealth and excess. Despite the dangers of speculation, many believed that the stock market would continue to rise indefinitely. On March 25, 1929, however, a mini crash occurred after investors started to sell stocks at a rapid pace, exposing the market's shaky foundation.[9] Two days later, banker Charles E. Mitchell announced his company the National City Bank would provide $25 million in credit to stop the market’s slide.[9] Mitchell's move brought a temporary halt to the financial crisis and call money declined from 20 to eight percent.[9] However, the American economy was now showing ominous signs of trouble.[9] Steel production was declining, construction was sluggish, car sales were down, and consumers were building up high debts because of easy credit.[9] The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929.[9] Shortly before the crash, economist Irving Fisher famously proclaimed, "Stock