Professor Elam

4/2/2025

Important dates from 1929

At the time he said it, in early October, he had good reason to believe he was right. On Sept. 3, 1929, the Dow Jones Industrial Average swelled to a record high of 381.17, reaching the end of an eight-year growth period during which its value ballooned by a factor of six. That was before the bubble began to burst in a series of “black days”: Black Thursday, October 24, when the market dropped by 11 percent, followed four days later by Black Monday, when it fell another 13 percent; and the next day, Black Tuesday, when it lost 12 percent more.

Now various stock exchange indexes have topped last November – December. The DJIA, NDX SPX are all down since. The Smoot Hawley Tariff Act  of 1930 was passed in January 1930. Now Trumps' tariffs are passed today 4/2/2025. The DJIA is down 1,000 points post close.

The similarity is amazing. Will Kenneth Hassett try to reason with Trump?

Crash of 1929