Black Tuesday, the worst day in the history of the stock market, fell on October 29, 1929. On that fateful day, more than 16 million stocks were traded and between eight and nine million dollars lost. Many blamed Republican President Herbert Hoover (1929-33), because he believed in a laissez-faire approach to government and did not directly involve the government in citizen affairs. As a result, Franklin Delano Roosevelt was elected as president in 1932, and he immediately began implementing measures such as his fireside chats to make the public more willing to accept and be reassured by government authority. Roosevelt appointed Frances Perkins as the first female cabinet member in 1933 to serve as the U.S. Secretary of Labor. Perkins started two programs, the Civilian Conservation Corps and the Social Security Act, to help combat the joblessness and poverty in America. In 1935, Roosevelt added the Works Progress Administration, which employed more than 8.5 million people. This 114-page book provides a detailed overview of the period between the two World Wars, including the Roaring Twenties and the Great Depression. It also provides a good introduction to the operations of the New York Stock Exchange. The book is in the "Milestones in American History" series. Reviewer: Lynn O'Connell
The Stock Market Crash Of 1929: The End of Prosperityby Brenda Lange
When the closing bell tolled on Tuesday, October 29, 1929, the New York Stock Exchange had experienced the worst day of its 112-year history. A record 16 million shares of stock had been traded on a day that would come to be known as Black Tuesday. After an astounding eight-year-long bull market, which peaked at 381 points on September 5, 1929, the market began a precipitous 48-percent decline on Black Tuesday. The prosperity of the Roaring Twenties had come to a close and a dark era of financial despair dawned in the United States.
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