Washington, D.C., October 29, 1929 -
The American people are experiencing the first days of an unprecedented economic collapse. On Thursday, October 24, a wave of selling that began on the New York Stock Exchange spread across all markets in five days and turned into a financial catastrophe. As of today, Tuesday morning, October 29, the market has completely collapsed.
On October 24, Black Thursday, more than 12 million shares changed hands on the stock exchange. Major company shares plummeted in value within hours. Banks and financial institutions intervened to stabilize the situation but failed to restore confidence. The sell-off accelerated in the following days as panic grew.
Today, on what became known as Black Tuesday, more than 16 million shares were traded. In just one day, the stock market lost more than $14 billion. Millions of Americans lost their savings. Some small banks closed. This crisis is not limited to Wall Street. Banks were run in the Western and Southern states. Prices of agricultural products, especially wheat, corn and cotton, are falling rapidly. Farmers and workers are the first to be hit. Production in factories is slowing down and layoffs have begun.
Experts in the capital say this may not be a temporary surge, but the beginning of a prolonged economic contraction. The Senate is expected to take urgent measures on the banking system, market regulation and budget spending. America is at a critical crossroads. The economy is going through a major disruption and the country is facing a strong political