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The Wall Street Crash of 1929, also known as the Great Crash, was a major American
stock market crash A stock market crash is a sudden dramatic decline of stock In finance, stock (also capital stock) consists of all of the shares In financial markets A financial market is a market in which people trade financial securities and deri ...
that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy an ...

New York Stock Exchange
collapsed. It was the most devastating stock market crash in the
history of the United States The history of the United States started with the arrival of Native Americans in North America around 15,000 BC. Numerous indigenous cultures formed, and many disappeared in the 1500s. The arrival of Christopher Columbus Christopher Colu ...
, when taking into consideration the full extent and duration of its aftereffects. The Great Crash is mostly associated with October 24, 1929, called ''Black Thursday'', the day of the largest sell-off of shares in U.S. history, and October 29, 1929, called ''Black Tuesday'', when investors traded some 16 million shares on the New York Stock Exchange in a single day. The crash, which followed the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and sell security (finance), securities, such ...
's crash of September, signaled the beginning of the
Great Depression The Great Depression was a severe worldwide economic depression An economic depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a economic recession, recess ...
.


Background

The "
Roaring Twenties The Roaring Twenties, sometimes stylized as the Roarin' 20s, refers to the decade of the 1920s in Western world, Western society and Western culture. It was a period of economic prosperity with a distinctive cultural edge in the United States ...
", the decade following
World War I World War I, often abbreviated as WWI or WW1, also known as the First World War or the Great War, was a global war A world war is "a war engaged in by all or most of the principal nations of the world". The term is usually reserved for ...

World War I
that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with the hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. Despite the inherent risk of
speculation Speculation is the purchase of an asset (a commodity In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distr ...
, it was widely believed that the stock market would continue to rise forever: on March 25, 1929, after the
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series ...

Federal Reserve
warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker Charles E. Mitchell announced that his company, the National City Bank, would provide $25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, and
call money Call money is minimum 5% short-term finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers a ...
declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble: Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. Despite all the economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the
Dow Jones Industrial Average The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a price-weighted measurement stock market index In finance, a stock index, or stock market index, is an Index (economics), index that measures a stock market, or a ...

Dow Jones Industrial Average
increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before the crash, economist
Irving Fisher Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concep ...

Irving Fisher
famously proclaimed "Stock prices have reached what looks like a permanently high plateau." The optimism and the financial gains of the great
bull market A market trend is a perceived tendency of financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs In economics Economics () is the social science that studie ...

bull market
were shaken after a well-publicized early September prediction from financial expert
Roger Babson Roger is a given name Image:FML names-2.png, Diagram of naming conventions, using John F. Kennedy as an example. "First names" can also be called given names; "last names" can also be called surnames or family names. This shows a structure typ ...

Roger Babson
that "a crash is coming, and it may be terrific". The initial September decline was thus called the "Babson Break" in the press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, 1929, the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and sell security (finance), securities, such ...
crashed when top British investor
Clarence Hatry Clarence Charles Hatry (16 December 1888 – 10 June 1965) was an English company promoter, financier An investor is a person that allocates capital with the expectation of a future financial return (profit) or to gain an advantage (interest) ...
and many of his associates were jailed for fraud and forgery. The London crash greatly weakened the optimism of American investment in markets overseas, and in the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery.


Crash

Selling intensified in mid-October. On October 24, "Black Thursday", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on the
ticker tape Ticker tape was the earliest electrical dedicated financial communications medium, transmitting stock Stock (also capital stock) is all of the shares into which ownership of a corporation A corporation is an organization—usually a ...
in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading
Wall Street Wall Street is an eight-block-long street in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial services firms suc ...

Wall Street
banker A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital ma ...

banker
s met to find a solution to the panic and chaos on the trading floor. The meeting included
Thomas W. Lamont Thomas William Lamont, Jr. (September 30, 1870 – February 2, 1948) was an American banker A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making lo ...

Thomas W. Lamont
, acting head of Morgan Bank;
Albert Wiggin Albert Henry Wiggin (February 21, 1868 – May 21, 1951) was an American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the United States The United States of A ...
, head of the
Chase National Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in Manhattan Manhattan (), known regionally as the City and the urban core of the New York metropolitan area, is the m ...

Chase National Bank
; and Charles E. Mitchell, president of the
National City Bank of New York Citibank is the consumer division of financial services multinational corporation, multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 bran ...

National City Bank of New York
. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other " blue chip" stocks. The tactic was similar to one that had ended the
Panic of 1907 The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nomina ...
and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing with it down only 6.38 points for the day. On October 28, "Black Monday", more investors facing
margin calls In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money availab ...
decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. On October 29, 1929, "Black Tuesday" hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors. The next day, the panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 23% in two days. On October 29, William C. Durant joined with members of the
Rockefeller family The Rockefeller family () is an American Industrial sector, industrial, political, and List of banking families, banking family that owns one of the List of wealthiest historical figures, world's largest fortunes. The fortune was made in the Hi ...
and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with the Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak (
bear market A market trend is a perceived tendency of financial market A financial market is a market Market may refer to: *Market (economics) *Market economy *Marketplace, a physical marketplace or public market Geography *Märket, an island shared b ...
rally) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for the index in less than three years. Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to the peak closing of September 3, 1929, until November 23, 1954.


Aftermath

In 1932, the
Pecora Commission The Pecora Investigation was an inquiry begun on March 4, 1932, by the United States Senate Committee on Banking and Currency The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Curre ...
was established by the
U.S. Senate The United States Senate is the Upper house, upper chamber of the United States Congress, with the United States House of Representatives, House of Representatives being the Lower house, lower chamber. Together they compose the national Bica ...
to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between
commercial bank A commercial bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), s ...
s, which take deposits and extend
loan In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money avai ...
s, and
investment bank Investment is the dedication of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance Finance is the study of financial institution ...
s, which underwrite, issue, and distribute
stock In finance, stock (also capital stock) consists of all of the shares In financial markets A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities i ...

stock
s, bonds, and other
securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
. After, stock markets around the world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday, October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929 was larger than that of October 19, 1987, and remains the worst two-day decline ).


World War II

The American mobilization for
World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a global war A world war is "a war War is an intense armed conflict between states State may refer to: Arts, entertainment, and media Literatur ...
at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. 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. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment.


Analysis

The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in the first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. A significant number of them were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out on loan, more than the entire amount of currency circulating in the United States at the time.''New York: A Documentary Film''
PBS
The rising share prices encouraged more people to invest, hoping the share prices would rise further. Speculation thus fueled further rises and created an
economic bubble An economic bubble is a situation in which asset prices are much higher than the underlying fundamentals can reasonably justify. Bubbles are sometimes caused by unlikely and overly optimistic projections about the future. It could also be describ ...
. Because of margin buying, investors stood to lose large sums of money if the market turned down – or even failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms. According to economist
John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908 – April 29, 2006), also known as Ken Galbraith, was a Canadian-American economist, diplomat, public official, and intellectual An intellectual is a person who engages in critical thinking Cr ...

John Kenneth Galbraith
, this exuberance also resulted in a large number of people placing their savings and money in leverage investment products like
Goldman Sachs The Goldman Sachs Group, Inc. () is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage Prime ...

Goldman Sachs
's "Blue Ridge trust" and "Shenandoah trust". These too crashed in 1929, resulting in losses to banks of $475 billion in 2010 dollars ($ billion in ). Good harvests had built up a mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter-wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. This oversupply caused a drop in wheat prices so heavy that the net incomes of the farming population from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street predicted for May by Sir George Paish arrived on time. In June 1929, the position was saved by a severe drought in the Dakotas and the Canadian West, plus unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $1.49 in July. When it was seen that at this figure American farmers would get more for their crop than for that of 1928, stocks went up again. In August, the wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags", amateur speculators, and investors. Congress voted for a $100 million relief package for the farmers, hoping to stabilize wheat prices. By October though, the price had fallen to $1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, then started to falter after
Roger Babson Roger is a given name Image:FML names-2.png, Diagram of naming conventions, using John F. Kennedy as an example. "First names" can also be called given names; "last names" can also be called surnames or family names. This shows a structure typ ...

Roger Babson
issued his prescient "market crash" forecast. By the end of September, the market was down 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days.
Panic selling Panic is a sudden sensation of fear Fear is an emotion induced by perceived danger or threat, which causes physiological changes and ultimately behavioral changes, such as mounting an aggressive response or fleeing the threat. Fear in hu ...
of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday"). The president of the Chase National Bank, Albert H. Wiggin, said at the time:


Effects


United States

Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan."Crashes, Bangs & Wallops"
''Financial Times''
The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until the present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed.Jameson, Angela (August 10, 2005
"Pyramid structures brought down by Wall Street Crash"
''
The Times ''The Times'' is a British Newspaper#Daily, daily Newspaper#National, national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its s ...
'', Retrieved March 17, 2010
Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $1.7 billion in deposits. Many businesses failed (28,285 failures and a daily rate of 133 in 1931). The 1929 crash brought the
Roaring Twenties The Roaring Twenties, sometimes stylized as the Roarin' 20s, refers to the decade of the 1920s in Western world, Western society and Western culture. It was a period of economic prosperity with a distinctive cultural edge in the United States ...
to a halt. As tentatively expressed by economic historian Charles P. Kindleberger, in 1929, there was no
lender of last resort headquarters in Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall The National Mall is a Landscape ar ...
effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises. The crash instigated widespread and long-lasting consequences for the United States. Historians still debate whether the 1929 crash sparked the Great Depression"The Market Turmoil: Past lessons, present advice; Did '29 Crash Spark The Depression?"
''The New York Times''
or if it merely coincided with the bursting of a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less of a weight in causing it. However, the psychological effects of the crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regards to income, naturally the propensity to consume declined. The decline in stock prices caused
bankruptcies Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditor A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. ...
and severe
macroeconomic Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), producti ...
difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of the money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated the Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e. the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the
uptick rule The uptick rule is a trading restriction that states that short selling a stock is only allowed on an uptick. For the rule to be satisfied, the short must be either at a price above the last traded price of the security, or at the last traded pric ...
, which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a
bear raid A bear raid is a type of stock market strategy, where a Trader (finance), trader (or group of traders) attempts to force down the price of a stock to cover a short selling, short position. The name is derived from the common use of Market trend, '' ...
.


Europe

The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy an ...

New York Stock Exchange
, the world noticed immediately. Although financial leaders in the United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe. In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within the UK, protests often focused on the so-called
means test A means test is a determination of whether an individual or family is eligible for government assistance or welfare Welfare (or commonly, social welfare) is a type of government support intended to ensure that members of a society can meet ba ...
, which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the Means Test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to the violation of public order.


Academic debate

There is a constant debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. ''
The Economist ''The Economist'' is an international weekly newspaper A weekly newspaper is a general-news or current affairsCurrent affairs may refer to: Media * Current Affairs (magazine), ''Current Affairs'' (magazine), a bimonthly magazine of cult ...
'' argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression."Reactions of the Wall Street slump"
''The Economist'' (November 23, 1929)
However, ''The Economist'' also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that the position of the banks was the key to the situation, but what was going to happen could not have been foreseen.
Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and c ...

Milton Friedman
's ''
A Monetary History of the United States ''A Monetary History of the United States, 1867–1960'' is a book written in 1963 by Nobel Prize–winning economist Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who receiv ...
'', co-written with
Anna Schwartz Anna Jacobson Schwartz (pronounced ; November 11, 1915 – June 21, 2012) was an American economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and app ...
, argues that what made the "great contraction" so severe was not the downturn in the business cycle,
protectionism Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies sh ...
, or the 1929 stock market crash in themselves but the collapse of the banking system during three waves of panics from 1930 to 1933."Panic control"
''The Washington Times''


See also

*
Causes of the Great Depression The causes of the Great Depression in the early 20th century in the USA have been extensively discussed by economists and remain a matter of active debate. They are part of the larger debate about economic crises and recession In economics, a r ...
* Criticism of the Federal Reserve *
Great ContractionThe Great Contraction is economist Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual ...
*
List of largest daily changes in the Dow Jones Industrial Average This is a list of the largest daily changes in the Dow Jones Industrial Average from 1896. Compare to the list of largest daily changes in the S&P 500 Index. Largest percentage changes Some sources (including the filHighlights/Lowlights of Th ...


Notes


Further reading

* Axon, Gordon V. (1974). ''The Stock Market Crash of 1929''. London: Mason & Lipscomb Publishers Inc. * * Brooks, John (1969). ''Once in Golconda: A True Drama of Wall Street 1920–1938''. New York: Harper & Row. * . "1929: New York City." ''
Lapham's Quarterly ''Lapham's Quarterly'' is a literary magazine A literary magazine is a periodical Periodical literature (also called a periodical publication or simply a periodical) is a category of Serial (publishing), serial published, publications that appe ...
'', no. 2 (Spring 2015): 145–146 * Klein, Maury (2001). ''Rainbow's End: The Crash of 1929''. New York: Oxford University Press. * Klingaman, William K. (1989). ''1929: The Year of the Great Crash''. New York: Harper & Row. * Leone, Bruno (1994). ''The Great Depression: Opposing Viewpoints,'' 14–25. San Diego, California: Bender, David L. * Pendergast, Tom ( 2003). ''American Decades: 1920–1929''. Farmington Hills, Michigan: UXL American Decades Publishing * Shachtman, Tom (1979). ''The Day America Crashed: A Narrative Account of the Great Stock Market Crash of October 24, 1929''. New York: G.P. Putnam. . * Thomas, Gordon and Morgan-Witts, Max (1979). ''The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929''. Garden City, New York: Doubleday. * Watkins, Tom H. (1993). ''The Great Depression: America in the 1930s,'' 22–55. New York: Little, Brown & Company


External links


''The Crash of 1929''
American Experience ''American Experience'' is a television program upright=1.35, A live television show set and cameras A television show – or simply TV show – is any content produced for viewing on a television set A Sony Wega CRT television set A tele ...
documentary {{Authority control 1929 in economics 1929 in international relations 1929 in New York City Economic bubbles Great Depression in the United States Roaring Twenties Stock market crashes October 1929 events