“‘Twas a Hard Old Week!”
Wall Street is in sorry shape and surrounded by a myriad of remedies following the stock market crashes of the Panic of 1907 in this untitled illustration by Clifford Berryman on October 27, 1907. The fallout from the events would ultimately lead to the creation of the Federal Reserve System in 1913.
Following a period of rampant speculation on Wall Street, the stock market crashed on October 29, 1929, a major precipitating event of the Great Depression — a decade-long economic catastrophe. By 1933 industrial production had fallen to one-third its pre-Depression levels, thousands of banks were closed, and almost 13 million Americans were jobless. This photo of a Depression-era bread line was taken by Dorothea Lange at the White Angel Jungle, a soup kitchen for San Francisco’s jobless.
“The White Angel Bread Line” By Dorothea Lange, San Francisco, California, 1933; Records of the Social Security Administration ; Record Group 47; National Archives.