Black Tuesday, October 22nd 1929: The Stock Market Crash
- Dow Jones Industrial average collapsed
- continued selloff took place until 1932 when the DJIA was 89% of its 1929 peak
- People threw themselves out of buildings
- Businesses go bankrupt
- Banks close
- Depression begins
"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy." - M. Friedman