why did the news of the world shut down
News of the World It was announced on 7 July 2011 that, after 168 years in print,[12] the newspaper would print its final edition on 10 July 2011 following revelations of the ongoing phone hacking scandal, with the loss of 200 jobs. The paper announced that all profits from the final edition – 74 pence out of the £1 cover price – would go to "good causes", and advertising space would be given to charities; the remaining 26 pence for each copy went to retailers selling the paper and to wholesalers.[22] Shutting the newspaper cost News Group Newspapers around £240m.[23]
Great Depression in the United States The Stock Market Crash of 1929 is often cited as the beginning of the Great Depression. It began on October 24, 1929, and was the most devastating stock market crash in the history of the United States. A lot of the stock market crash can be blamed on over exuberance and false expectations. In the years leading up to 1929, the stock market offered the potential for making huge gains in wealth. As share prices rose, people started to borrow money to invest in the stock market. However, on October 24 (Black Thursday), share prices began to fall and panic selling caused prices to fall sharply. On October 29 (Black Tuesday), share prices fell by $14 billion in a single day, more than $30 billion in the week. [9] The value that evaporated the week was 10x more than the entire federal budget and more than all of what the U.S. spent on World War I. By 1930 the value of shares had fallen by 90%. [10]