But, the worse happened on October 24, 1929 or Black Thursday. The stock market took a downturn following this peek. As the stocks began to drop, investors who had their money in shares began to panic (Grant 17). Many investors attempted to sell their stock before the value dropped even lower. The market panic abated somewhat when Richard Whitney, vice president of the New York Stock Exchange, and other Wall Street executives attempted to halt the downturn by buying shares above the current market price. The infusion of the money proved to be only a temporary fix. Stocks continued to fall over the next week, then on October 28, 1929, Black Monday, stock values fell by thirteen percent. Three million shares were traded in the first half of the next day and the market lost another twelve percent that day. In total, the stock market lost twenty- five billion dollars or the equivalent of more than three hundred billion dollars in modern terms(Crash 1). Several different explanations have been given throughout the year on what cause the market to crash. The main debate is whether fundamental conditions or a speculation bubble drove the market upward, resulting in an inevitable crash. When the stock market crash people were looking for someone to blame, but Kenneth Galbraith
But, the worse happened on October 24, 1929 or Black Thursday. The stock market took a downturn following this peek. As the stocks began to drop, investors who had their money in shares began to panic (Grant 17). Many investors attempted to sell their stock before the value dropped even lower. The market panic abated somewhat when Richard Whitney, vice president of the New York Stock Exchange, and other Wall Street executives attempted to halt the downturn by buying shares above the current market price. The infusion of the money proved to be only a temporary fix. Stocks continued to fall over the next week, then on October 28, 1929, Black Monday, stock values fell by thirteen percent. Three million shares were traded in the first half of the next day and the market lost another twelve percent that day. In total, the stock market lost twenty- five billion dollars or the equivalent of more than three hundred billion dollars in modern terms(Crash 1). Several different explanations have been given throughout the year on what cause the market to crash. The main debate is whether fundamental conditions or a speculation bubble drove the market upward, resulting in an inevitable crash. When the stock market crash people were looking for someone to blame, but Kenneth Galbraith