BEFORE BLACK TUESDAY: The roaring twenties were an exciting time for the U.S. coming straight out of the first world war.
Facts about the 1920's: (pre-black Tuesday)
- It was a wild and crazy time where money seemed to be in abundance
- The "flapper" emerged from this time.
- Known as the "Jazz age".
- Prohibition started around this time along with speakeasies and the rise of organized crime figures such as Al Capone.
- The red scare lead to immigration laws.
- In 1929 spending dropped and unsold goods started piling up.
- Black Tuesday is the day the stock market collapsed on Oct, 29, 1929.
- On that day Many people were trading. Billions of dollars were lost, and because of the massive amount of trading tickets ran hours behind.
- In 1929 production had already started to decline and unemployment rise.
- The stock market began to decline in September and only got worse from there.
- On October 24th a record setting 12,894,650 shares were traded.
- The banks tried to stabilize it by buying huge portions of stock.
- It collapsed soon after - on black Tuesday.
- By 1933 the banks failed
- 30% of the workforce was soon wiped out, or 15 million.
- By 1933 stocks were only worth 20% of their original value
The great depression