Saturday, August 27, 2011

Recalling a Steeper Plunge

From the August 14th Chicago Tribune Chicago Flashback page by Ron Grossman.

The Tribune has definitely scored a good one with the addition of this page every so often. It takes a look back at the past.

The Wednesday, October 30, 1929, front page of the Tribune had the headline "Stock Slump Ends in Rally," putting a hopeful spin on a really bad day at the stock market. This, of course, due to the recent ups and downs of the market for silly investing folk.

On Tuesday, October 29th, 81 years ago, the Stock Market tanked, ever since called Black Tuesday. The slide actually began the week before. On Oct. 24, 1929, the Tribune reported "Billions Lost in Wild Stock Market Crash."

During the Roaring 20s, the Dow Jones had risen from 63.9 to 381.2, with a lot of it buying stocks on "margins" where stocks were bought with just a down payment.

Greed Was With Us Then, Just As It Is Today, Folks. --Cooter

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