1929: The Great Crash

Published on 14th April 2016 by

When the world experience the great global financial crisis of 2008 the media immediately began to draw parallels with a similar crash in 1929, The Great Crash, which resulted in an economic depression in the Western world and some would argue contributed hugely to the rise of Hitler and the second world war.

Over six desperate days in October 1929 the New York Stock Exchange saw one third of the value wiped off of its stocks, and what followed was the biggest financial crisis in history. Thousands of banks failed, families saw their savings wiped out, and unemployment hit record levels. Preceding the crash was a boom fueled by easy credit and a boom fueled by mass production and ever growing consumption. The stock market grew constantly and investors plowed money into the markets, in 1928 the market grew by more than 50%.

The recovery from the 1929 crash took two and a half decades, stock prices had not recovered to their 1929 levels until 1954. This hour long documentary by the BBC explores the causes of the crash and uses testimony from people who lived through the crash and were still around to help tell the story.

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