The Crash (Coronet Magazine, 1946)
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…
The Crash (Coronet Magazine, 1946) Read More »