Stock Market Crash of 1929
A Decade of Regret
"Our Big Mistake"
It was Black Tuesday and business had become an all time high in the economy. Tons of profits had been made and selling at the exchange was better than usual. Although our economy was at its golden time, stock markets began to collapse and the losses became higher than what we had made. "Wall Street investors traded 16 million shares on the New York Stock Market..." (A&E TvN, 1996). Losing billions of dollars and wiping out thousands of investors, our mistake caused the largest economic crisis in American history. "We had lost ten times more profit than the annual budget of our federal government and had spent far more than the amount we payed for WWI." (New York PBS, 2008)
"History Not To Be Repeated"
The tragedy was said to have either occurred on Thursday the 24th or Tuesday the 29th of October 1929. The day after, the markets declined by 21%. As time went by, more investors and investments disappeared and the American Economy was at an all time low. "By the time the crash was completed in 1932, following an unprecedentedly large economic depression, stocks had lost nearly 90% of their value." (Bierman, 2010). With over 14-32 billion dollars lost, we had lost enough profit to put the entire country into an economic standstill; it was the largest known Economy crisis in American history .
1929 Wall Street Stock Market Crash
This only happened because we blindly accepted deals with our naively open minds. If we had thought harder about the, later on, consequences, we wouldn't have experienced the crash. Although this whole thing was a tragedy, it was our mistake that made us better people and business workers today. We learned from our past experiences and made ourselves better through hard times and endless struggle. It's our mistakes that make us who we are, and it was our mistake that made the America we have today.