1929, the stock market looked full of vitality before the stock market crash. There are a large number of stock salesmen selling in the park, on the roadside, at the subway, and even at the door of their homes. They talk about the benefits of stocks in a passionate way, instigating people to rush into the stock exchanges frantically, so stock trading has become a speculative behavior for the whole nation.
1928, the enthusiasm of the people pushed the stock market to a crazy situation. On many ranches, tweeters keep playing the radio's stock market channel; many factories place large blackboards in each workshop to announce the stock market, and people update the latest information every hour; every taxi driver will enthusiastically discuss the stock market with passengers, and even the little shoe boys who shine leather shoes on the street will enthusiastically introduce the popular stocks of the day to customers. Once, the subway company was complained that the subway company did not install information transmission equipment on the carriage, so that people could not trade stocks on the subway...
Under such stimulation, the New York stock market rose wildly. On September 10, 1929, the stock price began to fall, and on October 24, a selling frenzy began, which was also the beginning of the major collapse of the US stock market. The stocks of listed companies fell frequently like they had infectious diseases, and then they ushered in a big collapse: the crazy stocks in the past instantly became a pile of waste paper, and the piles of numbers were completely meaningless; a boss looked at the falling indicator board in his agent's office, and died of shock ; some wealthy people who drove a tycoon to sea and traveled back found that they had lost all their money; countless rich people woke up and became "negative men". Some very authoritative and wise economists did not escape this nightmare. The most famous economist at the time, Keynes , was caught off guard by the crisis, and he almost went bankrupt in this big collapse. Later, although he relied on his keen judgment and professional economic knowledge to a certain extent, the psychological shadow caused by this great collapse was not erased until his death.
The collapse of the stock market has made all investors penniless and severe financial turmoil has occurred. Many banks in the United States declared bankruptcy, thousands of businesses went bankrupt, and in 1933, about 13 million people were unemployed, with an average of one in every four people unemployed. Later, this far-reaching economic event affected the entire world, and the global economic depression lasted for nearly a decade.
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