This episode is about the 1929 Great Depression. For those who are unaware, this was one of the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its aftereffects.
To what extent, you might ask? How severe was this crisis?
Well.. on the 29th of October 1929, also known as the Black Tuesday, 16 million shares were traded on the New York Stock Exchange in a single day, millions of investors were wiped out, 15 million Americans went unemployed and 2000 banks closed down.
And if you think that way bad, think again.
The aftermath of the crash lasted for 10 years. The American economy together with the rest of the industrialized world continued to spiral down.
That, my friend, was the Great Depression, the deepest and longest economic downturn in the history of the Western industrialized world up to that time.
Looking back at this, it is definitely something worth learning from and worth understanding so that we don't make the same mistakes again.
As George Santayana quoted: "Those who do not remember the past are condemned to repeat it."
To better understand, let us go back in time to see what actually happened?
Check out this episode to find out more!
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