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The Wall Street Crash of 1929, also known as Black Tuesday, took place on October 24th, 1929. As the most devastating stock market crash of the 20th century, it led to the 10-year Great Depression that affected all Western industrialized countries including their auto industries.
Car production dropped about 50% between 1929 and 1931, while overall unemployment rates exceeded 25% in the U.S. -- slightly worse than Europe, which was still picking up the pieces from World War I.
Even the powerful Rockfeller family, which made a fortune in the oil business, lost nearly 80% of its wealth.
Source: Wikipedia
Car production dropped about 50% between 1929 and 1931, while overall unemployment rates exceeded 25% in the U.S. -- slightly worse than Europe, which was still picking up the pieces from World War I.
Even the powerful Rockfeller family, which made a fortune in the oil business, lost nearly 80% of its wealth.
Source: Wikipedia