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🗓️ 17 June 2025
⏱️ 22 minutes
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June 17, 1930. The Smoot-Hawley Tariff Act takes effect in the US, raising most tariffs by 20% and damaging the world’s already suffering economy.
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0:28.8 | Okay. It's the morning of October 29, 1929, on Wall Street in Lower Manhattan. |
0:31.6 | Reporter Jonathan Leonard makes his way along the crowded sidewalks outside the New York Stock Exchange. |
0:37.1 | He's been covering |
0:37.8 | the stock market long enough to see its mood swing from exuberance to anxiety, but he's |
0:42.4 | rarely witnessed anything like what he saw yesterday. On October 28th, the stock market took a dive, |
0:49.0 | with panic selling dominating the trading floor. Over 9 million shares changed hands as major stocks plunged in value. |
0:56.9 | Now Jonathan wants to see if the crisis is passing or getting worse. Clutching his notebook, |
1:02.9 | Jonathan pushes open the doors to the exchange, and immediately a wall of sound hits it. |
1:08.3 | Traders yelling, papers flying, and the endless metallic jangle of the stock picker machines. |
1:13.6 | On the floor, men shoved their way through the crowd desperate to reach the trading posts. |
1:18.6 | Some are red-faced with anger, others are white with fear. |
1:22.6 | One man has just slumped on the ground in despair. |
1:25.6 | Jonathan approaches the traders with questions, but none of them give him a second look. |
1:30.3 | None have the time. |
1:31.3 | The numbers are collapsing faster than anyone can comprehend. |
1:35.3 | Messenger boys race past with fistfuls of paper. |
1:38.3 | There are no buyers, just crowds of desperate men pressing forward, shouting, pleading to sell anything at any price. |
1:47.2 | This is not just another bad day. |
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