Notes

-The Wall Street Crash of 1929 was the greatest stock market crash in the history of the United States. It happened in the New York Stock Exchange on Tuesday October 29, 1929, now known as Black Tuesday. The crash started the Great Depression and stock prices did not reach the same level until late 1954.

-A number of financial experts warned that the American economy was slowing down and in September 1929 some investors started selling shares in large numbers. Many people started feeling nervous and investors went into panic and rushed to sell their shares. On 24 October, now referred to as Black Thursday, 12.8 million shares were sold. Thousands of people saw their fortune, or any money they had in the bank, disappear. On 29 October 1929, 16 million shares were sold at very low prices. The Stock Market New York in had collapsed.

-The Roaring Twenties came to a sudden end. Investors lost their money in the Crash and could not pay their debts. Many banks closed, ordinary people lost their savings and people lost all hope for the future. People could no longer buy consumer goods like cars and clothes. As a result, workers were made redundant, other workers' wages was cut and unemployment rose to very high levels. This was the start of The Great Depression of the 1930s.