News, analysis and personal reflections on the markets & the financial sector

Monday, October 29, 2007

This Day in Wall Street History - October 29, 1929

October 29, 1929, was a dark day in history. "Black Tuesday" is the day that the stock market crashed, officially setting off the Great Depression. Unemployment skyrocketed--a quarter of the workforce was without jobs by 1933 and many people became homeless. President Herbert Hoover attempted to handle the crisis but he was unable to improve the situation. In 1932,
Franklin Delano Roosevelt was elected president and he promised a "New Deal" for the American people. Congress created The Works Progress Administration (WPA) which offered work relief for thousands of people.
The end to the Great Depression came about in 1941 with America's entry into World War II. America sided with Britain, France and the Soviet Union against Germany, Italy, and Japan. The loss of lives in this war was staggering. The European part of the war ended with Germany's surrender in May 1945. Japan surrendered in September 1945, after the U.S. dropped atomic bombs on Hiroshima and Nagasaki.



President Roosevelt signs the Declaration of War against Japan, December 1941

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