Nearly 100 years after 1929 Stock Market Crash, also known as the Wall Street Crash, newly-colorized images have been released, which showcase the bankers’ agony and devastation as they realized that the stock market had plummeted and that they had lost most of their fortunes.
On October 29, 1929 – 93 years ago – the country experienced the most severe stock market crash it has ever seen, which left thousands broke and kick started the Great Depression.
In the years following World War I, known as the Roaring 20s, America flourished – people flocked from farmland to the cities, the automobile industry was booming, jazz music rose in popularity, people started dressing differently, and a new lifestyle of wealth, prosperity, optimism, luxury, and partying took over.
Nearly 100 years after 1929 Stock Market Crash, also known as the Wall Street Crash, newly-colorized images have been released, which showcase the bankers’ agony and devastation as they realized that the stock market had plummeted
On October 29, 1929 – 93 years ago – the country experienced the most severe stock market crash it has ever seen, which left thousands broke and kick started the Great Depression
In the years following World War I, known as the Roaring 20s, America’s economy flourished and the stock market was thriving. Clerks in New York broker’s office are seen days before the crash
However, things took a sharp turn in August 1929, when the Federal Reserve Bank of New York raised the interest rate from five to six per cent – which sparked panic in investors
At the same time, America’s economy was thriving. According to History.com, the nation’s total wealth more than doubled between 1920 and 1929 – and many people took their new found fortunes and invested them into the stock market, which soon began to soar.
However, things took a sharp turn in August 1929, when the Federal Reserve Bank of New York raised the interest rate from five to six per cent – which sparked panic in investors.
This ‘led to hordes of people rushing to banks to withdraw their funds,’ History.com reported, but ‘investors were unable to withdraw their money because bank officials had invested it in the market.’
On October 28, the Dow Jones Industrial Average plunged nearly 13 per cent, and the next day, it went down another 12 per cent, an event that went on to be known as one of the worst economic crashes in US history.
This ‘led to hordes of people rushing to banks to withdraw their funds,’ History.com reported. A panicked crowd is seen outside The American Union Bank in 1931
On October 28, the Dow Jones Industrial Average plunged nearly 13 per cent, and the next day, it went down another 12 per cent. People are seen outside the Bank of the United States in 1931
Now, as the country faces economic turmoil once again, new photos from the day the stock market crashed in 1929 have come to light. Crowds and police are seen outside the New York Stock Exchange after the Wall Street Crash in October 1929
Some of the photos show alarmed crowds on the day of the crash, while others depict the aftermath of the event. Police are seen attempting to calm hunger marchers in Philadelphia in 1932
One heart wrenching picture featured bank president Walter Hudson trying to calm a panic-stricken mob that is making a run on his bank in 1932
‘Billions of dollars were lost, wiping out thousands of investors,’ History.com reported.
‘Billions of dollars were lost, wiping out thousands of investors,’ History.com reported of the crash. ‘In the aftermath of that event, America spiraled downward into the Great Depression, the deepest and longest-lasting economic downturn in history.’ Traders are seen watching the stock market numbers after the crash
‘In the aftermath of that event, America and the rest of the industrialized world spiraled downward into the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world up to that time.’
Now, as the country faces economic turmoil once again, new photos from the day the stock market crashed in 1929 have come to light, which show horrified men and women coming to grips with the fact that most of the money they had invested was now gone.
Some of the photos show alarmed crowds outside of various banks across the country on the day of the crash, while others depict the aftermath of the event.
One heart wrenching picture features bank president Walter Hudson trying to calm a panic-stricken mob that is making a run on his bank in 1932, and another powerful image shows men lined up around the block of a soup kitchen in 1930.
The time period after the stock market crash, known was The Great Depression, saw a major fall in the United States’ economy.
Many people lost their homes; families were split up in search of work; and people often went hungry. Factories closed, mills and mines were abandoned, and business and labor alike were both in serious trouble.
At the height of the Depression in 1933, 24.9 per cent of the nation’s total workforce – 12,830,000 people – were unemployed
Another powerful image shows men lined up around the block of a soup kitchen in 1930 (left), while a third features lines of jobless people queuing for government assistance (right)
The time period after the stock market crash, known was The Great Depression, saw a major fall in the United States’ economy. Seattle, Washington, is seen in 1933
At the height of the Depression, 24.9 per cent of the nation’s total workforce were unemployed. President Herbert Hoover is seen making a speech during the Great Depression
Many people lost their homes; families were split up in search of work; and people often went hungry. Factories closed, mills and mines were abandoned, and business and labor alike were both in serious trouble
A combination of President Franklin D. Roosevelt’s New Deal and World War II eventually lifted the US out of the Depression in 1939. Women are seen outside a pawnshop in 1933
The Commerce Department said in a report back in July that US gross domestic product shrank 0.9 per cent in the second quarter, following a decline of 1.6 per cent decline in the first quarter
A combination of President Franklin D. Roosevelt’s New Deal – a law creating 42 new agencies that created jobs, allowed unionization, and provided unemployment insurance – and World War II eventually lifted the US out of the Depression in 1939.
Now, America appears to be heading towards a recession once again. The Commerce Department said in a report back in July that US gross domestic product shrank 0.9 per cent in the second quarter, following a decline of 1.6 per cent decline in the first quarter.
President Joe Biden responded in a statement at the time, explaining that ‘it was no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation.’
‘But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure,’ he added, citing strong consumer spending and a low unemployment rate as signs that the US economy remains robust.
Though two quarters of shrinking GDP is the classic and informal definition of a recession, he insisted to reporters: ‘We’re not going to be in a recession.’
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