Black Tuesday and a Return to Big Government
By Mike Whitney
October 27, 2009 "Information Clearing House" -- October 29, marks the 80th anniversary of the Stock Market Crash of 1929, the event which most historians point to as the beginning of the Great Depression. On Black Tuesday, traders dumped 16 million shares in one day sending the markets into freefall. In the months that followed, stocks rallied--sometimes for long periods at a time--but the underlying economy continued to deteriorate as consumers curtailed spending and cut back sharply on credit. As a result, hundreds of banks were shuddered, thousands of businesses failed, and unemployment soared to 25 percent. Public confidence plunged and the economy slipped into a decade-long slump. Tariffs were thrown up, international trade slowed to a crawl, and shanty towns began to sprout up across the country.