The US Wall Street Crash of 1929, otherwise known as “Black Thursday” occurred on October 24, 1929, and is the most damaging stock market crash in the history of the United States. According to the website of the London Times, It is said that this crash heralded a consequential depression of the US economy that lasted for 10 years. It is said that the antecedent reason for the crash of the stock market was the people continued to purchase stocks, as they were attracted to the continuous rising of stock prices owing to the growing industrialization of the United States. However, many of the purchases of stocks were made using loans – people began to borrow heavily to finance the purchase of their stocks. The gains in stock prices continued despite the fact that just prior to this period, the US economy was sluggish at the time, and thus, in 1929, the stock market bubble burst. Stock prices began to tumble by as much as 90%, and even if several prominent businessmen continued to purchase stocks in order to stem the price slide, the price of stocks ultimately plummeted amidst massive selling.
