Friday, March 11, 2022

Black Tuesday


The Great Depression in the United States began on October 29, 1929, a day known forever after as “Black Tuesday,” when the American stock market–which had been roaring steadily upward for almost a decade–crashed, plunging the country into its most severe economic downturn yet. Speculators lost their shirts; banks failed; the nation’s money supply diminished; and companies went bankrupt and began to fire their workers in droves. Meanwhile, President Herbert Hoover urged patience and self-reliance: He thought the crisis was just “a passing incident in our national lives” that it wasn’t the federal government’s job to try and resolve. By 1932, one of the bleakest years of the Great Depression, at least one-quarter of the American workforce was unemployed.

1) Why was it called 'Black Tuesday?'

2) What is 'Black Friday?'

3) In economics what does 'being in the black' mean?

4)  How is this name misleading?

5) Who took the blame for the market crash?  Why?  Was it fair?

6) What measures were taken by the Government in the aftermath of the Crash?'

7) What actions should they have taken?

8) Could another crash like this happen again?  What would be the effects?

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