Don Wildman

It was an era more than a singular event, one that left a deep impact on my own family, let alone the nation, of course, economically, politically, emotionally for generations of Americans.

I'm curious, did you have family connections to the Depression?

It was a badge of honor for our middle class.

It really was.

It was a tough, tough time, but it left a lot of values in place that worked out pretty well for people.

Let's first examine the causes of the collapse.

It usually starts with the stock market crash of 1929.

But of course, it has much to do with what came before, namely the roaring 20s and more, and how the American economy had operated for decades.

Can you explain that?

It's so interesting you say that because, I mean, now we have just a day or so ago, a big drop in the stock market.

I look at my phone and go, okay, you know, it'll be up in a couple of days.

I mean, that's the feeling that you have now of stability.

Of course, there's problems also, but for decades and I guess a century since then, almost a century, there has been a sense of stability in this world that has kept something like the depression happening.

But

There were laissez-faire policies that were very laissez-faire, right, in the early decades of this country.

It's October 1929 when this actual crash occurs.

On the 24th of October, now known as Black Thursday, there was a panic selling of shares, 12.9 million of shares, a sudden fall in share prices.

Almost a week later, 29th of October is now known as Black Tuesday.

16.4 million shares were sold on the stock market on Wall Street.

Markets lose $14 million in one day when $14 million really counted.