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This Day in Legal History: Black Tuesday
On October 29, 1929, the New York Stock Exchange suffered the worst day of the crash that had begun the previous Thursday. About 16 million shares changed hands, a record that stood for decades, and the Dow fell about 12 percent. Investors who had bought stock on margin, with borrowed money, were wiped out as their loans were called. The crash didn’t cause the Great Depression by itself, but it became its symbol.
The legal response defined American financial regulation for the rest of the century. The Securities Act of 1933 required companies selling…
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