How one of the first big property bubbles led to the Great Depression

John Stepek looks back at Florida’s property boom of the 1920s – and the inevitable crash that followed.

Today, we return to the Great Depression.

We have already looked at how the Crash of 1929 unfolded Black Thursday (24 October, 1929) gave way to mildly overcast Friday. But this unfortunately proved a brief period of respite before Black Monday and Black Tuesday saw the Dow Jones crater.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.