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Shortly before the crash, Irving Fisher famously proclaimed, "Stock prices have reached what looks like a permanently high plateau. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. All three are appropriate, for the crash was not a one-day affair.At the time of the crash, New York City had grown to be a major metropolis, and its Wall Street district was one of the world's leading financial centers." The euphoria and financial gains of the great bull market were shattered on Black Thursday, when share prices on the NYSE collapsed. Economist and author Jude Wanniski later correlated these swings with the prospects for passage of the Smoot-Hawley Tariff Act, which was then being debated in Congress.Three phrases—Black Thursday, Black Monday, and Black Tuesday—are used to describe this collapse of stock values.In the days leading up to Black Tuesday, the market was severely unstable. In 1929, the Economist wrote, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" The crash in America came near
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