The economic bad news had been centered in the United States, but in 1931, bank failures began multiplying in Europe, leading to the Great Depression.

The combination of higher reparations payments and a slower economy led the German government to pursue harsh and unpopular austerity policies.

The crash of the stock market was a shock, but what did it mean? No one was sure, but over the next 18 months, the US economy went from bad to worse.

There were voices warning that the stock market was overpriced, but even in October 1929, there were louder voices proclaiming that all was well, right up to the moment the bottom fell out of Wall Street.