The crash of the stock market in 1929 marked the beginning of the Depression. The rapid increase in industrialization was fueling growth in the economy, and technology improvements had the leading economists believing that the up rise would continue. During this boom period, wages increased along with consumer spending, and stock prices began to rise as wel

An Outline of American History: The Great Depression. Online. Internet. 26 Aug. 2002. Available http://odur.let.rug.n1/~usa/H/1994/ch9_p8.htm

On Thursday, October 24, 1929, the bottom began to fall out. Prices dropped precipitously as more and more investors tried to sell their holdings. By the end of the day, the New York Stock Exchange had lost four billion dollars, and it took exchange clerks until five o'clock in the morning the next day to clear all the transactions. By the following Monday, the realization of what had happened began to sink in, and a full-blown panic resulted. Thousands of investors, many of them ordinary working people, not serious investors, were financially ruined. By the end of the year, stock values had dropped by fifteen billion dollars. Many of the banks that had speculated heavily with their deposits were wiped out by the falling prices, and these bank failures sparked a "run" on the banking system. Each failed bank, factory, business, and speculation contributed to the downward spiral that would drag the world into the Great Depression.

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