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Essay text:
On October 24, 1929 (with the Dow just off its September 3rd peak from at 381.17), the bubble finally burst and panic selling set in. 12,894,650 shares were traded in the space of one day, as people desperately tried to dispose of their shares before they became worthless.
Over the following few days another thirty million shares changed hands and share prices collapsed, ruining many investors.
The banks which had lent heavily to fund share buying found themselves saddled with debt, which caused many banks to fail.
While millions of people lost their savings, businesses lost their credit lines and customers and were forced to close, causing massive unemployment...
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