This is an article about the 1929 stock market crash – it was that one major cataclysmic event that ushered in the Great Depression (1929 – 1940). It all came crashing down on October 24, 1929 – the stocks offered at the New York Stock Exchange had lost 80% of their value; the day was immediately dubbed Black Thursday by all those who experienced it. When the sun rose that morning, the U.S. unemployment estimate stood at 3%; shortly afterward it soared to a staggering 24%.
In every town families had dropped from affluence into debt…Americans were soon to find themselves in an altered world which called for new adjustments, new ideas, new habits of thought, a new order of values. The Post-War Decade had come to its close. An era had ended. The era that followed was was the polar opposite of the one that had just gone down in flames: if the Twenties are remembered for confidence and prosperity, the Thirties was a decade of insecurity and want. The attached essay was penned by a popular author who knew the era well.
Yet, regardless of the horrors of The Crash, the United States was still an enormously wealthy nation…