Black Tuesday: Wall Street Crash of 1929

On Black Tuesday, the last day of the stock market crash, bankrupt investor Walter Thornton attempts to sell his luxury Chrysler Imperial 75 Roadster for $100 on the streets of NYC, October 29, 1929.

The Wall Street Crash marked the beginning of the Great Depression which lasted until the late 1930s. During this time, businesses were wiped out and unemployment peaked at 25% in 1933. Al Capone was the first person to open a soup kitchen to feed the poor. His kitchens served three meals a day to ensure that everyone who had lost a job could get a meal. Soon, every city and town had a soup kitchen.

Not everyone experienced misfortune during this time. JFK’s father, Joseph Kennedy, realized that it was time to get out of the market when a shoe-shine boy offered him some trading advice. During the Great Depression, Kennedy increased his fortune by investing his money in real estate. In 1929, his net worth was around $4 million ($59.6 million today). By 1935, his wealth had increased to $180 million ($3.36 billion today).