Black Tuesday was Tuesday, October 29, 1929. This was the day the New York Stock Exchange crashed. This was the largest accident in the country. Black Tuesday hit Wall Street and investors traded 16 million shares in one day on the New York Stock Exchange. Black Tuesday wiped out thousands of investors and billions of dollars were lost. Black Tuesday was an event that led to the stock market crash. As a result, many Americans have lost much of their savings. Black Tuesday was also known as the start of the Great Depression, an economic recession that left Americans struggling to make money and provide food, shelter, and clothing for their families. The Great Depression was also caused by the poor distribution of wealth. The top 5% of the rich earned 70% of income. People spent less due to lack of money and industries were struggling. There was high speculation on stocks. During the 1920s there were countless Americans interested in Wall Street and buying stocks. The United States enjoyed enough prosperity and success that the average American was able to purchase luxury items. For example, they had radios, vacuum cleaners and cars. They could pay monthly installments and purchase on credit. Buying on credit allowed them to purchase very expensive and nice items that they wanted but didn't have the money to buy at the time. There was also a downside to buying on credit, which was that people bought very expensive things and couldn't pay back the money they owed. This has led many Americans into deep debt. Buying on margin is when you borrow from a broker to buy stocks. Not all stocks can be purchased on margin. The Federal Reserve Board tells you what actions… middle of paper… we learned from this to improve their economies. We are still affected by this event, but our country is still working to make our economy more powerful. Works Cited “Events Leading to the Stock Market Crash of 1929.” Humanistic studies360. Elio Inc.,, 2013. Web. November 12, 2013. “The Stock Market Crash of 1929.” About.com. About.com, 2013. Web. November 12, 2013. “Stock Market Crash of 1929, October 24, 1929–October 29, 1929.” Discovering the history of the United States. Detroit: Gale, 1997. Page no. Gale Student Resources in Context. Network. November 6, 2013. “The Wall Street Crash of 1929 and Its Aftermath.” Site for learning history. HistoryLearningSite.co.uk, 2013. Web. 12 November. 2013. .