Wall Street Crash of 1929
The Wall Street crash of 1929 was the most devastating crash in U.S. history and helped signal the beginning of the twelve harsh years known as 'The Great Depression'.
What was to blame? An oversupply of produce, an economic bubble, and widespread panic after a similar London crash. Mobilization for World War II efforts in 1941 eventually helped pull America out of its economic turmoil.
On Oct. 19, 1987 -- Black Monday -- the stock market tanked. The Dow Jones Industrial Average fell over 500 points -- a 22% decline. Caused by a number of factors including programmatic trading and an illiquid market, among other things, the world of finance has taken many steps to avoid such stark declines in markets 30 years removed.
Crash of 2008-2009
Due to deregulation, both public and private institutions were allowed to get involved in subprime lending and mortgage-backed securities. When the housing bubble burst in 2008, those risky home loans came back to bite everyone. A taxpayer funded bailout of big banks occurred, and the recession lasted until 2009.
More of What's Trending on TheStreet:
- For Millennials, JPMorgan Develops a Judgment-Free Checking App
- Elon Musk Dukes It Out With Richard Branson Over Space Tourism
- In Your 60s: Refi or Reverse Mortgage?
- Earnings Not Scary Enough For You? TheStreet's Halloween Roundup
This article was written by a staff member of TheStreet.