Over 16 million shares were traded in panic selling on the New York Stock Exchange and thousands of investors were wiped on Friday October 29, 1929. Prices plummeted, millions lost billions, and the buying boom was over.
The market crashed. It had been preceded, by four days, with a speech by the President of the United States, Herbert Hoover, in which he said, “The fundamental business of the country ... is on a sound and prosperous basis.”
The Great Depression was longer and harsher than previous depressions, which had seen an upturn in business activity after one or two years. But, from October, 1929 until Franklin D. Rooselvelt became President in March, 1933, the economy just went from bad to worse on an almost monthly basis. Banks, factories and stores failed and unemployment soared. Millions of people lost their jobs, savings and homes.
Astrologer Evangeline Adams saw into the future and predicted the crash - along with other events that actually occurred, like Lindbergh’s flight - but didn’t listen to her own predictions. She lost $100,000.
The Great Depression was depressing, indeed!