Today marks the 93rd anniversary of the Wall Street Stock Exchange collapse, also known as Black Tuesday, which occurred on October 29, 1929, the day after the previous collapse, which occurred five days earlier on October 24, 1929, and served as the precursor to the global economic crisis of the 1930s of the 20th century. The phrase “gross corruption” describes it.
It is known as Black Tuesday because five days later, on Tuesday, October 29, 1929, another collapse in the stock market caused the public to become fearful that the nation is about to enter a state of recession or even the collapse of the system. This is because there were roughly 19 million shares offered for sale on the sale list, which brought stock prices to their lowest level after a previous rise.
The reason for the collapse came to invest huge sums, which raised stock prices to fictional and unrealistic values and prices, and the high prices attracted and attracted investors from the various classes and levels on investing their money on the stock exchange, even banks participated in the investment where they funded loans with comfortable conditions for investors, which doubled investments and raised Prices are rising steadily.
The sale list was offered more than 13 million shares on October 24, 1929, which caused the offer to exceed the request and move towards the bottom, creating chaos where investor money started to disappear. The situation grew worse when the number of shares offered rose to 30 million shares in a matter of days. That led to the collapse of the stock exchange and the bankruptcy of investors, which left stock prices worthless and left many investors in deep debts and a severe load for banks that declared bankruptcy owing to the deep debts that accumulated from the high number of loans that are not repayable.
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Grey Tuesday. Great Depression is the largest economic crises in the twentieth century
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