On Tuesday, 29th of October (became known as Black Tuesday) 16.4 million shares were sold, breaking the record set on Black Thursday by 4 million. All the year's gains were wiped away and in Canada, liquidation records were set. Terrified investors amassed in the financial districts, while brokers and exchange works were beset with mass amounts of paperwork. In Montreal, some 500,000 shares were sold (5x normal); and in Toronto 330,000 got sold (13x normal). Unfortunately, things didn't get any better either, losses continued to climb as stocks continued to decline. Prime Minister R.B. Bennett (Conservatives) used this time to score a victory in the election over the Liberals who held power for a decade up until then. Bennett knew the country was in a terrible economic depression, but the low point came in 1933 because national output and exports were down a third from the late 1920 levels. Close to 1/3 of the workforce became unemployed and Canadians blamed Bennett for everything that happened. Despite his best efforts at stopping the crisis with establishing the Bank of Canada and his New Deal for social service reform in 1935, he lost power in the next election. The economy lagged upwards for a long time until a late 1930s recession destroyed the slow upward trend.

By 1939, there were still hundreds of thousands of Canadians on “the Dole”, with monthly rates for a family of being varying between $19 and $60 dollars. However, with the onset of the Second World War, the great depression ended, and the whole world shifted gears to a new, and even more alarming crisis.

Those pre-1929 levels would never return until 1954. Alongside the US crash came its effects on Canada and our markets. Prices fell, orders to sell came in droves, and our economy tanked as well. Apparently it hit people so hard that many resorted to committing suicide over their lost fortunes; and some even found ways to make their suicide look like homicide, so their family could still collect the insurance. The crash was also very much fueled by people buying stocks and funds on credit. Which of course, turned out very poorly when they couldn't cash in on their investments anymore - instead faced with great debt. Some saw the crash coming and sold out beforehand, like the Kennedy family (JFK). They actually profited immensely from it.

It would take over a decade to recover from the crash, and it was also followed by the Great Depression. Although, this video claims they had very little to do with each other.

for you.
This topic provides insight into the current financial crisis that is taking place over COVID-19 concerns. Are we headed towards a crash right now? Perhaps we are, and if that's the case, maybe we can all learn from what happened in October of 1929.

3. If you could pass on your knowledge to a family member or friend, what

do you think is the most important thing to pass on?
That a stock market crash always has signs, and delirious optimism of stock brokers is the last sign before the crash happens. It's important to watch for the signs today, rising unemployment, bad harvests, loss in sales of cars and other merchandise. When you stop and think about it, these are all things that are happening right now aren't they?