Final answer:
The term 'Black Friday' historically refers to significant economic crashes like the Vienna stock market collapse in 1873 and the gold market tumble in 1869 caused by speculators. 'Black Tuesday' of 1929 marks the start of the Great Depression with a catastrophic stock market crash.
Step-by-step explanation:
The term 'Black Friday' refers to a few notable dates in history associated with economic panic and stock market crashes. These events are significant examples of how extreme speculation and the interconnectedness of financial markets can lead to widespread economic disaster.
Black Friday of 1873
On May 9, 1873, a crisis known as 'Black Friday' occurred when the Vienna stock market collapsed, leading to financial panic and distress. This collapse contributed significantly to the onset of a prolonged economic depression in Europe and the United States, which lasted for several years in what's known as the Long Depression.
Black Friday of 1869
Another 'Black Friday' occurred on September 24, 1869. This was when two speculators, Jay Gould and Jim Fisk, attempted to corner the gold market, leading to the plummeting of gold prices and a stock market downturn. Although this crash was less widespread than the one in 1873, it caused significant turmoil in the financial markets.
Black Tuesday
It's also important to mention Black Tuesday, which took place on October 29, 1929. This event marked the most devastating stock market crash in U.S. history, with over sixteen million shares traded and a vast loss of wealth, signaling the start of the Great Depression.
As for the painful lesson learned by Marji, it appears to reference a personal story that is not directly related to the historical events mentioned