The Great Depression Begins
October 29, 1929.
The Great Depression began with the collapse of the New York Stock Exchange and the fall in stock prices.
One of the interesting facts about the Great Depression is that many of the most successful and richest people in history began their journey to prosperity during this crisis.
During the Great Depression, for example, Warren Buffett purchased Goldman Sachs shares for less than their true value, allowing him to build the basis for his vast fortune. Also John D. Rockefeller, one of the richest men in history, developed his oil empire during the Great Depression, when oil prices were extremely low.
Subsequently, it changed the perception of reality, the economy and the response to crises.
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Contributed by
OldPik
January 6, 2025
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