Black Tuesday – 95th Year Anniversary

by | Nov 1, 2024 | Financial | 0 comments

You may not have realized it, but today marks 95 years since Black Tuesday—the day that sent the world into the economic turmoil of the Great Depression. 

You may not have realized it, but today marks 95 years since Black Tuesday—the day that sent the world into the economic turmoil of the Great Depression. 


This era was marked by profound loss and uncertainty, with families facing financial ruin and despair. Yet, amid this darkness, remarkable stories of resilience and everyday heroism emerged, showing us that even in the most challenging times, there is always hope and the potential for positive change. 

The Golden Gate Bridge: A Beacon of Hope

At the height of the Great Depression, construction began on what would become one of the most iconic symbols of American perseverance—the Golden Gate Bridge. 


The task of spanning the treacherous waters of San Francisco Bay was no small feat. Workers faced precarious conditions daily, battling fierce winds, fog, and dangerous currents while suspended hundreds of feet in the air. 


The risks were real. A single misstep would turn into a fatal fall.


However, the chief engineer, Joseph Strauss, was determined to complete this monumental project and protect the workers by putting their lives on the line. 


In an era when losing one life per million dollars spent on a project was considered acceptable, Strauss defied expectations by insisting on a strict safety code and enforced it by dismissing workers from the job who disregarded the precautions.1 His enforcement of safety measures included now-standard practices like hard hats, respirators, safety goggles, and more, but perhaps his most groundbreaking precaution was installing a safety net beneath the bridge.


This net provided a crucial layer of protection, and as a result, 19 men who would have otherwise fallen to their deaths were saved. These men became part of what was known as the “Halfway to Hell Club,” living proof of how foresight and care can change lives. 

A Tribute to Those Lost

While the safety net saved 19 workers, we must acknowledge the 11 men who tragically lost their lives during the bridge’s construction. Their memory is a solemn reminder of the dangers faced during such bold undertakings. However, because of Strauss’ commitment to worker safety, many others were spared. His legacy of protection set a new standard for future projects.

Redefining Safety in Construction

At the same time the Golden Gate Bridge was being constructed, the San Francisco-Oakland Bay Bridge was also underway. The approach to safety on that project was starkly different. Lacking the same innovative protections, the Bay Bridge construction site saw up to 28 workers lose their lives during its construction—more than double the fatalities of the Golden Gate Bridge. 


This comparison underscores just how ahead of his time Strauss was in prioritizing the well-being of his workers. Furthermore, it wasn’t just a temporary fix for one project—it sparked a shift in the entire construction industry. 


Strauss’ insistence on prioritizing worker safety challenged the norms of the time, which often saw laborers as expendable. By demonstrating that safety could be both practical and effective, Strauss inspired future engineers and contractors to adopt similar protections, making worker safety an integral part of construction projects going forward. Today, safety nets, helmets, and harnesses are standard on job sites, thanks in part to Strauss’ revolutionary mindset.


Strauss’ vision transformed not just the skyline of San Francisco but also the expectations of how we protect those who build our most ambitious dreams. His legacy stands as a powerful reminder that thoughtful leadership can have life-saving impacts, even in the most perilous of situations.

Honoring the Past, Building the Future

As we reflect on the 95th anniversary of Black Tuesday, we can’t help but notice echoes of that era in today’s world. With the upcoming election, war and conflict around the globe, and recession concerns looming over our heads, the future can feel uncertain and even scary. But it’s often during these times that great things are built and meaningful changes take root…so long as we demonstrate the same resiliency, optimism, and spirit that people like Joseph Strauss did so long ago.  


Just as Joseph Strauss’ safety net saved lives and set new standards for workers’ safety, we still see today; we, too, have the opportunity to support and uplift those around us, inspire progress, and illuminate the path forward. The challenges may seem daunting, but as history shows us, progress is always possible. 


Thank you for being part of our community. 


Together, let us continue to build bridges toward a brighter future, knowing that even the smallest actions can lead to monumental change.

The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Eric Riggenbach

Executive Director

I have been in the financial and insurance industry since 1990 and began my career while pursuing a Bachelor of Science in Business Management.

For the last 30 years, I have embraced further education by obtaining a Securities registration, and further education with a bachelor’s degree in economics and finance from Cambridge.