On October 29 1929, "Black Tuesday" descended upon the New York Stock Exchange. Prices collapsed amid panic selling and thousands of investors were wiped out as the Great Depression began.
See : http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929.
By the way, the resulting unemployment was much more severe than the financial losses of the speculators : as usual, innocent people paid for the horrendous debacle and millions upon millions of people suffered the consequences. The Great Depression was felt worldwide, but US unemployment, for instance, rose from 3 to 25 percent.
Many financial "specialists" and economists claim that such a catastrophy will never happen again. I agree : the next one will probably be even more catastrophic and severe : it will be a financial and social tsunami. And believe you me, the disequilibria which may cause that tsunami have been in place for years and years.
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