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What Caused the Stock Market Crash of 1929—And What Didn't | Time

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B y the end of Thursday, Oct. 24, 1929, the New York Stock Exchange had rebounded from the 10% dip that the market had taken earlier that day. But then stocks plummeted again the following Monday, Oct. 28, and Tuesday, Oct. 29, saw similar drops. The stock market would continue to tumble for the next few weeks. “For so many months so many people had saved money and borrowed money and borrowed on their borrowings to possess themselves of the little pieces of paper by virtue of which they became partners in U. S. Industry,” TIME wrote of the mood on that first frightening day. “Now they were trying to get rid of them even more frantically than they had tried to get them.” In retrospect, the Wall Street crashes of late October 1929 — now known as Black Thursday, Black Monday and Black Tuesday — have often been seen as the beginning of what would become the Great Depression. But just as there was a lot of confusion back then about what was going on, there is still confusion about the effec

By the end of Thursday, Oct. 24, 1929, the New York Stock Exchange had rebounded from the 10% dip that the market had taken earlier that day. But then stocks plummeted again the following Monday, Oct. 28, and Tuesday, Oct. 29, saw similar drops. The stock market would continue to tumble for the next few weeks. “For so many months so many people had saved money and borrowed money and borrowed on their borrowings to possess themselves of the little pieces of paper by virtue of which they became partners in U. S. Industry,” TIME wrote of the mood on that first frightening day. “Now they were tryi

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