Anyone who bought stocks in mid-1929 , and held onto them saw most ofhis adult life pass by before g

> " Anyone who bought stocks in mid-1929 and held onto them saw most of

> his adult life pass by before getting back to even. "

> http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

Wall Street Crash of 1929

The Wall Street Crash of 1929, also known as the Crash of '29, was -

taking into consideration the full scope and longevity of its fallout

- the most devastating stock market crash in American history.

Three catchphrases, "Black Thursday", Black Monday, and "Black

Tuesday," evoke this collapse of stock values.

All three are authentic, for the crash was no one-day affair. The

initial crash occurred on Black Thursday (October 24, 1929), but it

was the catastrophic downturn of Black Monday and Tuesday (October 29,

1929) that precipitated widespread panic and the onset of

unprecedented and long-lasting consequences for the United States.

The collapse continued for a month. Economists and historians

disagree as to what role the crash played in subsequent economic,

social, and political events. Some consider it to be the beginning of

the Great Depression, but most believe it was just one symptom.

[citation needed]

It occasioned the institution of landmark financial reforms and new

trading regulations.

At the time of the crash, New York City had grown to be a major

metropolis and its Wall Street district one of the world's leading

financial centers. The New York Stock Exchange (NYSE) was the largest

stock market in the world. The roaring twenties was a time of

prosperity and excess in the city, and, despite warnings of

speculation, many believed that the market could sustain high price

levels. Irving Fisher proclaimed shortly before the crash, "Stock

prices have reached what looks like a permanently high plateau."[1]

The euphoria and financial gains of that great bull market were

shattered on October 24, 1929, Black Thursday, when share prices on

the NYSE collapsed. Stock prices fell on that day and they continued

to fall, at an unprecedented rate, for a full month.

In the days leading up to Black Thursday the market was unstable.

Periods of panic selling and high volumes of trading were interspersed

with brief periods of rising prices and recovery. After the crash the

Dow Jones Industrial Average (DJIA) recovered early in 1930, only to

reverse again, reaching a low point of the great bear market in 1932.

The market did not return to pre-1929 levels until late 1954,[2] and

was lower at its July 8, 1932 level than it had been since the 1800s.

[3]

" Anyone who bought stocks in mid-1929 and held onto them saw most of

his adult life pass by before getting back to even. "

http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

Desperate attempts to trick the sheeple failed AGAIN AND AGAIN

At 1 p.m. on Friday, October 25, several leading Wall Street bankers

met to find a solution to the panic and chaos on the trading floor.

The meeting included Thomas W. Lamont, acting head of Morgan Bank;

Albert Wiggin, head of the Chase National Bank; and Charles E.

Mitchell, president of the National City Bank. They chose Richard

Whitney, vice president of the Exchange, to act on their behalf. With

the bankers' financial resources behind him, Whitney placed a bid to

purchase a large block of shares in U.S. Steel at a price well above

the current market. As amazed traders watched, Whitney then placed

similar bids on other "blue chip" stocks. This tactic was similar to a

tactic that ended the Panic of 1907, and succeeded in halting the

slide that day. In this case, however, the respite was only temporary.

Over the weekend, the events were dramatized by the newspapers across

the United States. On Monday, October 28, more investors decided to

get out of the market, and the slide continued with a then record loss

in the Dow for the day of 13%. The next day, "Black Tuesday", October

29, 1929, 16.4 million shares were traded, a number that broke the

record set five days earlier and that was not exceeded until 1969.

Author Richard M. Salsman wrote that on October 29--amid rumors that

U.S. President Herbert Hoover would not veto the pending Smoot-Hawley

Tariff bill--stock prices crashed even further."[4] William C. Durant

joined with members of the Rockefeller family and other financial

giants to buy large quantities of stocks in order to demonstrate to

the public their confidence in the market, but their efforts failed to

stop the slide. The DJIA lost another 12% that day. The ticker did not

stop running until about 7:45 that evening. The market lost $14

billion in value that day, bringing the loss for the week to $30

billion, ten times more than the annual budget of the federal

government, far more than the U.S. had spent in all of World War I.[5]

A /////

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Black Tuesday: 4th-worst day in ASX history

NEWS.com.au, Australia - 4 hours ago

By Scott Murdoch THE biggest share market rout since the October 1987

crash has caught millions of Australian shareholders offguard and

raised fears the ...

..

Black Tuesday wipes off $100 billion The Age

all 38 news articles >>

..

Black Tuesday: $104b wiped off share index

Sydney Morning Herald, Australia - 6 hours ago

Yesterday's meltdown on the Australian bourse was the fourth biggest

sell-off in Australian history but was still dwarfed by Black Tuesday

in October 1987, ...

Boston Globe

Black Tuesday fuels recession fears

maltaStar.com, Malta - 1 hour ago

In a widely surprising move, the US Federal Reserve slashed a key

interest rate by a bold 0.75% on Tuesday, responding to a global down

spiral in stock ..

...

Futures in Red: Fed Cuts 0.75% in Emergency Action FOXNews

Stocks Plunge on Recession Fears The Associated Press

all 1,302 news articles >>

Prelude to Black Tuesday?

Seeking Alpha, NY - 5 hours ago

..

Chicken littles all over the Internet are forecasting "Black Tuesday,"

a massive market crash the likes of which we haven't seen in a

generation. ...

..

Black Tuesday?

Seeking Alpha, NY - 11 hours ago

The bottom line is that we are set up for an extremely ugly opening

for US stocks on Tuesday. This is not a tech story per se, but it has

become ...

PR-Inside.com (Pressemitteilung)

Asian stock market decline and 'black Tuesday' is feared

EiTB, Spain - 11 hours ago

Global stock markets extended their shakeout into a second day

Tuesday, plunging amid worries that a possible US recession will cause

a worldwide economic ...

..

Fears of Black Tuesday as markets struggle Metro

all 244 news articles >>

Stocks set to plummet Tuesday, Asian markets crash -Black Tuesday ...

Cherry Creek News, CO - 13 hours ago

..

The Dow Jones Industrial Average futures contract was down 491 points

at 12130, Nasdaq futures were at 1774.25, down 75.25, and the Standard

& Poor's 500 ...

RussiaToday

'Black Tuesday' for Russian stocks markets?

RussiaToday, Russia - 14 hours ago

Global financial woes that badly hit stock markets around the world

sent shockwaves through the Russian bourses. Russia's benchmark RTS

and Micex indices ...

..

$90 billion -- gone

Edmonton Sun, Canada - 11 hours ago

Some doomsayers equate this madness to the Crash of 1929, when on

Black Tuesday the Dow Jones crashed by 11%, ushering in the Great

Depression. ...

This Is Anfield

Black Tuesday

This Is Anfield, UK - 18 Jan 2008

.... and wearing black as we mourn that fateful day a year ago will

send that message loud and clear. Tuesday, February