1929 Wall Street Stock Market Crash Video

Skip the first 0:35 seconds.  Otherwise, there is some nice video footage of the period in 1929.  Commentary is also worthwhile. Some notable quotes:

“All through the summer of 1929 there had been ominous rumblings.  For months, unemployment had been rising, automobile sales and department store revenues had fallen off sharply.”

“Cheers broke out when word came that a consortium of bankers had agreed to pump hundreds of millions of dollars into the stock exchange, to shore up the faltering market.  Word spread once again, that the day had been saved by the house of Morgan.  But the day had not been saved.  On Friday with the market apparently stabilized, the banks withdrew their funds.  The following Tuesday, October 29th, 1929, known forever after as Black Tuesday, another tidal wave of selling hit the exchange, and this time no one came to the rescue.”

“But the trading record set on the day of the crash, the 16 million shares, was not bested until 1969.  It was forty years before the New York Stock exchange traded more shares than it traded on the day of the crash.  The tickers did not stop running until quarter of eight when the market had closed at 3:30….”

“In the worst single day in the history of the New York Stock Exchange, the market lost 14 billion dollars in value, bringing the week’s loss to more than $30 billion dollars, ten times more than the entire annual budget of the federal government, and far more than the United States had spent during all of World War I.”

“Financiers who had not been wiped out tried to put a brave face on things, insisting there was no cause for alarm.  ‘Prudent investors are now buying stocks in huge quantities,’ John Jakob Raskob told the New York Times and ‘will profit handsomely when this hysteria is over.'”

Source:
1929 Wall Street Stock Market Crash
YouTube, Orion602, Accessed October 25, 2008

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