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EconomiccrisisInOctober24,1929,AmericanblackThursday,crazystocktrendsuddenlyappearedintheNewYorkstockexchange,tradingatotalofnearly13000000sharesofstock,beyondmorethan10timesofthenormaldailytradingvolume.Infinancialspeculationandbubbleeconomy,thesoaredstockpricenowmovedsothatitcannotkeepupwiththespeedofpricequotes.Withmanypeopleinbankruptcywithamountainofdebt,even8peoplekillingthemselvesonthedaybecauseofDutchactofdebt,thefinancialpanicstarted.However,thiswasthelargest,thelongest,andtheworststartofeconomiccrisisinthehistoryofcapitalism.Inthefollowingfouryears,thecapitalistworldsankintotheglobalcrisiseconomically,sociallyandpolitically,hasbeenahugeimpact,precarious.OntheBlackThursday,at12o’clocknoon,anumberofWallStreetfinancialgiantsintheMorganFoundationOfficeheldanemergencymeeting,decidingtoraisemoneytosavethemarket.Twodayslater,thesituationtemporarilystabilized.Buton28th,Monday,withthewindcomingagain,9,250,000stockssprungoutsuchasthefloodandthefinancialgiantsfinallywereunabletoresistwithwealthexhaustion,andtheyissuedastatementatnight:giveuptherescueandpanicisunstoppabletocome.Thenextday,Tuesday,at10o’clockinthemorning,withthestockmarketopeningandtheGongringing,largeamountsofstockwasthrownout,evenatanyprice,butnotmanypeoplewantedtobuywiththechaoticscene.Atthebeginningofstockopening,3000000shareswerethrownout,reachingmorethan8000000sharestwohourslater,andmorethan12,000,000stocksclosedatonethirty.whensharesreached16,410,000,thestockmarketfinallycollapsedandthestockmarketfellby12.82%.Hundredsofbillionsofdollarsinstantlybecamenothingandeconomiccrisishasopenedaprelude.Lateron,thestockcontinuallyplungedwithstockindex100pointsin1926,145pointsinNovember1929,102pointsinDecember1930,andfallingto54pointsinDecember1931.Until1933,thesituationwasextremelyserious,evenfallingto34pointsinJune,finallytheindexhadlost5/6.NearlyonehundredbillionU.S.assetsburstmiraculouslydisappearedsuchassoapbubbles.FromSeptemberin1929toJanuary1933,thirtykindsofstocksfellby82.8%,fromtheaverageof$364.9to$62.7.Inthemeanwhile,20kindsofrailwaystockfromanaverageof$180pershareto$28.1,decreasingby84.4%.ThecrisisheavilyhittheUnitedStatesfirstly,thousandsoffactoriesandbankscollapsed.Therewere26400companiesand934banksbrokenIn1930.In1931,28300companiesand1440banksfailed;In1932,31300companiesand1453banksfailed;In1933,20300companiesand1783banksalsofailed.Peoplerushedintobanksinapanictodrawalargenumberofdeposits,whichcausedagreatlossofgoldreservesaswellascapitaloutputsharplydecreasednearlybeingstopped..Inearly1933,allbanksintheUnitedStateswereoutofbusinessbasically.Financewasjustthenervecenterofmoderneconomy,anditsparalysisinevitablyledtotheentirenationaleconomichavocandtheeconomyintheUnitedStatesalmostcollapses,whichresultedincontinuousdeclineinAmerica'sGDP.In1929,GDPwas$103.1billion,$55.6billionin1933.DuringthepastthreeyearsGDPhasdecreasedbyhalf.Tenyearslater,itwentbackto$99.6billionin1940.Whatismore,industrialproductionofUSAinJuly1932,hasfallentothebottom,contrastinMay1925,plummeted55.6%,steelfellbynearly80%,fellby87%inthemachinetoolmanufacturing,autoindustryhasdeclinedby95%.Withtheeconomiccrisisleadingtoalargenumberofunemployedpeople,people'slifebecameseriouslypoorandtheunemployedintheUnitedStateshadmorethan400in1930to8millionpeoplein1931,breakingthroughthetenmillionmarkin1932.In1933,themostseriousunemploymentwentupto17million,whichmeansnearlyathirdoftheworkersintheUnitedStates.FromOctober1930toMarch1931,therewere223000peopleoutofworkamong690,000workersand5,000householdslosingtheirhomeswithinonly6daysjustwereunabletopaythemortgage.Theunemployedfullyinurbanandrural,cold,hunger,andhomeless,havebeenadmittedtotheHoovercottagemadeofwood,sheetmetalorpaperboxesandsoon.ThehumbledwellingwerecalledHoovercottage,becausewhenHooveroncewasrunforPresidentoftheUnitedStates,hehadpromisedtheworkersthattheycouldhavethechickentoeatandcarstodrive.OnceinAmerica,about34,000,000peoplehadnoincome,accountingfor28%ofthetotalpopulation,andevenalargenumberofschoolswentbust.In1932,onlyNewYork,atonetime,hadmorethan30studentsoutofschoolandmillionsofpeoplereliedoncharitywithfearanddespairthroughoutthecrisis.ThisissocalledthehistoryofthegreattragedyofAmerica.Intheearlytwentiethcentury,therewereavarietyoflatentcrisisfactorsinAmericaeconomicprosperitysuchaslargegapbetweentherichandthepoor,wealthisconcentratedinafewrichpeople,sothatthemajorityofpeopleinlowerclasslackedpurchasingpowerbecauseofpoverty.In1929,therichinUSA,accountingfor5%ofthepopulationofthecountry,hadapersonalcollectionof1/3.Atthesametime,thepoorhouseholdswiththeannualincomeoflessthan$2000wereupto60%ofthewholefamilies.Inaddition,thenumberofthepre-crisisunemploymentreachedabout2,000,000.Anotherimportantfactoristherampantspeculation,suchasspeculationfrenzyofthestockandrealestate,formingthebubbleeconomy.TheNewYorkStockExchangelistedsharesincreasedtofrom443,000,000sharesinJanuary1925tomorethan1,000,000,000sharesofstockinOctober1929,withthefacevaluehigherwith3to20times,someevenupto50times.Thethedoubledpricesandaseriousdeparturefromt