The best tidbit in the email-delivered NYT today is the On This Day feature. Turns out, as news outlets everywhere are celebrating the official end of this year’s recession and the government’s growing GDP (though not everyone is breaking out the champagne), today also happens to be the day the stock market crashed back in 1929.
On Oct. 29, 1929, stock prices collapsed on the New York Stock Exchange amid panic selling. Thousands of investors were wiped out.
Stock prices virtually collapsed yesterday, swept downward with gigantic losses in the most disastrous trading day in the stock market’s history. Billions of dollars in open market values were wiped out as prices crumbled under the pressure of liquidation of securities which had to be sold at any price.
From every point of view, in the extent of losses sustained, in total turnover, in the number of speculators wiped out, the day was the most disastrous in Wall Street’s history. Hysteria swept the country and stocks went overboard for just what they would bring at forced sale.
Ah, the memories. For a sense of fun and perspective, read the full article here.