October 24: The 1929 Wall Street Crash Began on the Same Day

October 24th, 2008

Via: Wikipedia:

The Wall Street Crash of 1929 … was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and longevity of its fallout.

Three phrases – Black Thursday, Black Monday, and Black Tuesday – are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month.

9 Responses to “October 24: The 1929 Wall Street Crash Began on the Same Day”

  1. tochigi Says:

    “Good night. You should hear our version of Louie Louie, woah”

  2. Loveandlight Says:

    This is interesting from an astrology perspective, because as of very shortly after Midnight GMT on Monday, that Uranus-Saturn Opposition I’ve been babbling about for a while will go into one degree of orb (meaning the aspect will be very nearly exact) and stay that way for three weeks. So what will correspond with this aspect will likely be at its most intense during this period.

  3. Loveandlight Says:

    Another interesting correspondence between “then” and “now” (Apologies for not getting this in one single comment, but your intrepid astrologer had to go take a shower so as not to smell yucky for work today):

    Shortly before the market dislocation, Uranus was opposed by Mars in the band of the Zodiac, and soon after that, Uranus was opposed by a conjunction of Mercury and Venus. The financial markets are a big system, so it probably takes a while for instabilities that assert themselves to work their way throughout the entire system.

  4. lagavulin Says:

    And gold is giving a vibe like it just bottomed…I think they’re gonna run her…

  5. Kevin Says:

    @lagavulin

    I bought some deep, deep out of the money November calls on GLD, the gold ETF. It’s tough to resist the options lotto when something gets this extreme.

  6. skeevie Says:

    Yeah, I’ve been in the options lotto since before the rout, with actual futures options. I’ve been watching them die a slow death during the current slaughter, but I suppose if TSHTF in a big way there might be some “hope,” if only to get out of the position with a small loss. Not sure that’s worth hoping the wheels come off completely, though. I’m not really sure what to hope for these days.

    So much for the “safe haven.” But like you guys, I’m in it for the long haul. Haven’t sold a gram of physical and I’m not going to.

    Quick question, if I may: what effect do you think this “historic rate cut” they’re wanking on about will have on gold prices?

  7. Eileen Says:

    @LoveandLight,
    Ray Merriman calls this Cardinal Climax, and said about a year ago this was when all things reached the same places in the sky that they did in 1929. He said to save money – not too long now we might be able to afford to buy things that we would normally not be able to afford. He said then that this would be a good time to buy gold:-)
    @skeevie,
    I think the historic rate cut spells the end for the dollar. Why invest in it when holding it in a Treasury note or in the bank or elswhere equals no earnings for it?
    PBS Nightly Business report had some traders saying the market needs to go down to 6,000 to be at bottom. One trader they interviewed was visibly shaken and said he feels the doom. So maybe Monday really will be the Black Monday?
    Perhaps this time around there will be better brains at work. Capitalism and its never ending wish to make money off of money and might just now be a finished enterprise.
    Not a bad thing really. Didn’t Jesus get really pissed and throw the money lenders tables over (I don’t think it mattered that the tables were in temple). I think he just didn’t like crooks.

  8. John Doh Says:

    Unrelated to topic and the what’s up at your bank thread is long gone a few pages back in the archive,…but I COLLAPSED A BANK!
    Pulling a Cramer here but if you need money
    for anything in a bank you have an account at
    do it now.
    I was moving “stuff” around today and they gave me the withdrawal I asked for and some
    woman (monitoring my transaction?) who was in another window told me I
    WIPED OUT the branch and requested I give them a FEW business days next time I come around.
    They have to ORDER teh munny.
    Never mind that how Beatty described dollars+business in NETWORK I transferred big chunk of change to this local bank.
    Guess what?
    That money I gave them is now inacessible for 11 business days.
    In other new’s I have not heard The Monster Mash
    yet,only a week or so away from hookerween and my utility is still charging me SUMMER RATES!!!!
    I heard of Indian Summer but this if re-goddam-diculous!

  9. Loveandlight Says:

    I COLLAPSED A BANK!

    Perhaps you should get that printed up on a t-shirt or a bumper-sticker, John Doh. 😀 I sure would!

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