Answer:
In the spring and summer of 1929, the U.S. economy was riding high on the decade-long winning spree called the Roaring Twenties, but the Fed was raising interest rates to slow a booming market and an increasingly vocal minority of economists and bankers were beginning to wonder how long the party could possibly last.
In 1929, popular prognosticators like the Yale economist Irving Fisher swore that if a correction came, it would look like a harmless slump, while others predicted a jagged cliff. But nobody, absolutely nobody, could have foreseen the stock-market slaughter that happened in late October.
On two straight days, dubbed Black Monday and Black Tuesday, the stock market crashed by 25 percent and by mid-November it had lost half its value. When the market collapse finally hit rock bottom in 1932, the Dow Jones Industrial Average had withered away by a staggering 90 percent.
Hindsight is 20/20, but there were signals back in the summer of 1929 that trouble lay ahead.
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