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Black Thursday: The Events Leading To The Great Depression

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Financier John Raskob advised Americans to invest just $15 dollars a month in the market. After twenty years, he claimed the venture would be worth $80,000. In 1925, the total value of the New York Stock Exchange was $27 billion; by 1929 it was $87 billion. However, on October 24th, 1929, or also known as “Black Thursday” was when appalling events have occurred when panicked sellers traded nearly 13 million shares on the New York Stock Exchange, and investors suffered $5 billion in losses. Low wages kept spending down; more stress was put on banks due to proliferation of debt. Also large bank loans could not be paid. When stocks declined, everyone began to sell and nobody was buying. When everyone was selling and nobody was buying, the value
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