It refers to the date, October 29, 1929, the third day after the Great Depression, where the stock market crashed badly. It was the most devastating stock crash in US history. Share prices of the New York Stock Exchange collapsed. Many investors were eagerly trying to sell off their shares so that they won't get "bad cash" and there was a huge period of economic decline in the market, affecting many Western countries, and causing widespread suffering. Unemployment was on a all-time high, and many were bankrupt or have their assets liquidated
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