On October 29, 1929 – 93 years ago – the country experienced the worst stock market crash it has ever seen, which left thousands of people stranded and the Great Depression began. In the years following the First World War, known as the Roaring 20s, America boomed – people flocked from the countryside to the cities, the automobile industry flourished, jazz music rose in popularity, people began to dress differently, and a new lifestyle of wealth, prosperity, optimism, opulence and partying reigned supreme. Nearly 100 years after the 1929 Stock Market Crash, also known as the Wall Street Crash, new color images have been released showing the anguish and devastation of bankers as they realized the stock market had plummeted On October 29, 1929 – 93 years ago – the country experienced the worst stock market crash it has ever seen, which left thousands of people broke and started the Great Depression In the years following World War I, known as the Roaring 20s, America’s economy boomed and the stock market boomed. Employees at the New York broker’s office are seen days before the crash However, things took a turn for the worse in August 1929, when the Federal Reserve Bank of New York raised interest rates from five to six percent—sparking investor panic. At the same time, America’s economy was booming. According to History.com, the country’s total wealth more than doubled between 1920 and 1929 – and many people took their new fortunes and invested them in the stock market, which soon began to soar. However, things took a turn for the worse in August 1929, when the Federal Reserve Bank of New York raised interest rates from five to six percent—sparking investor panic. This “led to hordes of people rushing to the banks to withdraw their money,” History.com reported, but “investors were unable to withdraw their money because bank officials had invested it in the market.” On October 28, the Dow Jones Industrial Average fell nearly 13 percent, and the next day, it fell another 12 percent, in what became known as one of the worst financial crashes in US history. This “led to hordes of people rushing to banks to withdraw their money,” History.com reported. A panicked crowd appears outside The American Union Bank in 1931 On October 28, the Dow Jones Industrial Average fell nearly 13 percent, and the next day it fell another 12 percent. People appear outside the Bank of the United States in 1931 Now, as the country once again faces economic turmoil, new photos from the day the stock market crashed in 1929 have come to light. Crowds and police outside the New York Stock Exchange after the Wall Street Crash in October 1929 Some of the photos show rowdy crowds on the day of the crash, while others depict the aftermath. Police are seen trying to calm hunger strikers in Philadelphia in 1932 A heart-wrenching photo shows bank chairman Walter Hudson trying to calm a panicked mob running into his bank in 1932 “Billions of dollars were lost, wiping out thousands of investors,” History.com reported. “Billions of dollars were lost, wiping out thousands of investors,” History.com reported of the crash. “In the wake of this event, America descended into the Great Depression, the deepest and longest economic depression in history.” Traders seem to be watching stock market numbers after the crash “In the wake of this event, America and the rest of the industrialized world ended up in the Great Depression, the deepest and longest economic depression in the history of the Western industrialized world up to that time.” Now, as the country once again faces financial turmoil, new photographs have emerged from the day the stock market crashed in 1929, showing terrified men and women facing the fact that most of the money they had invested was now gone. . Some of the photos show anxious crowds outside various banks across the country on the day of the crash, while others depict the aftermath of the event. A chilling image shows bank president Walter Hudson trying to calm a panicked mob running into his bank in 1932, and another powerful image shows men lined up around a soup kitchen in 1930. The period of time after the stock market crash, known as The Great Depression, saw a significant decline in the United States economy. Many people lost their homes. Families were separated in search of work. and people were often hungry. Factories closed, mills and mines were abandoned, and businesses and workers were in dire straits. At the height of the Depression in 1933, 24.9 percent of the nation’s total labor force—12,830,000 people—was unemployed Another powerful image shows men lined up around a soup kitchen in 1930 (left), while a third shows queues of unemployed people queuing for government assistance (right) The period of time after the stock market crash, known as The Great Depression, saw a significant decline in the United States economy. Seattle, Washington is shown in 1933 At the height of the Depression, 24.9 percent of the nation’s total labor force was unemployed. President Herbert Hoover is shown giving a speech during the Great Depression Many people lost their homes. Families were separated in search of work. and people were often hungry. Factories closed, mills and mines were abandoned, and businesses and workers were in dire straits. A combination of President Franklin D. Roosevelt’s New Deal and World War II finally pulled the US out of the Depression in 1939. Women are seen outside a pawn shop in 1933 The Commerce Department said in a July report that U.S. gross domestic product contracted 0.9 percent in the second quarter, after falling 1.6 percent in the first quarter A combination of President Franklin D. Roosevelt’s New Deal—a law that created 42 new agencies that created jobs, allowed unionization, and provided unemployment insurance—and World War II finally pulled the U.S. out of the Depression in 1939. Now, America appears to be heading into recession once again. The Commerce Department said in a July report that U.S. gross domestic product contracted 0.9 percent in the second quarter, after falling 1.6 percent in the first quarter. President Joe Biden responded in a statement at the time, explaining that it was “no surprise that the economy is slowing as the Federal Reserve acts to reduce inflation.” “But even as we face historic global challenges, we are on the right track and will come through this transition stronger and more secure,” he added, citing strong consumer spending and a low unemployment rate as signs that the U.S. economy remains strong. . Although two-quarters of GDP contraction is the classic and informal definition of a recession, he insisted to reporters: “We are not going to be in a recession.”
