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Oct. 14, 1929
"Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board". New York Times
"Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board". New York Times
Stock Market Crash
- Everyone lost 89% of money in 3 years
- People commited suicide
- Banks closed - people lost all the money in banks
- Depression began
Summary
Stock Marget crashed and everyone lost money and they began to kill themselves. The economy went really bad.