stock market crash oct. 29, 1929. black tuesday stock market collapse people panic/lost faith and...
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Stock Market Crash
Oct. 29, 1929
Black Tuesday
• Stock market collapsepeople panic/lost faith and sold=stock prices go down
• People were trying to sell shares=nobody wanted to buy
Stock on Credit
• People bought stock on credit (money they didn’t have)=huge debt
• Others lost entire savings in the market
Money Lost
• Mid November 1929investors lost $30 million=amount of money spent by USA on WWI!!!!
Results of the Crash
• Signaled the “Great Depression”
• People panicked/withdrew their money from banks
• Banks invested their money into stock market=didn’t have enough to pay the people
People pulling money out of bank!
Results of the Crash
• 1929=600 banks fail
• 1932=25,000 banks fail
• Banks were not insured/when they failed people lost all of their money!
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