. Thursday 31st of October 1929. The Wall Street Crash
of 1929, also known as Black Thursday
, that, despite earlier signs
, marked the beginning of the Great Depression
The Great Crash
was due to a number of things, among them the boom period
, both economically and socially, of the roaring 20s
. This had led to an increase in inflation
and credit loans
, which had given the false appearance
of economic prosperity.
At the same time people were encouraged to invest in the stock market, and the introduction of newbies
to the stock market, with the illusion
that they could get rich quick
, injected cumulatively insane amounts of money
into the market, causing stock prices to rise so high they did not accurately represent any sensible value.
The market, unable to sustain these false prices, eventually crashed
. Due to it's massive sphere of influence
, this resulted in national
and subsequent global economic turmoil
- ala Great Depression
Effects of the Great Crash still exist today. For instance, many superstitious investors
still shy away from investing on Thursdays, and more recent crashes have occurred on Thursdays as well.