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Jeff Dunham
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Not to be confused with Jeff Denham.
Jeff Dunham
Dunham with his puppet "Achmed the Dead Terrorist"
Birth name
Jeffrey Dunham
Born
(1962-04-18) April 18, 1962 (age 55)
Dallas, Texas, U.S.
Medium
Stand-up
Film
Television
Genres
Ventriloquism, observational comedy, black comedy
Spouse
Paige Brown (m. 1994–2008)
Audrey Murdick (m. 2012)
Children
5
Notable works and roles
Jeff Dunham: Arguing with Myself
Jeff Dunham: Spark of Insanity
Jeff Dunham's Very Special Christmas Special
The Jeff Dunham Show
Jeff Dunham: Controlled Chaos
Jeff Dunham: Minding the Monsters
Website
jeffdunham.com
Jeffrey "Jeff" Dunham (born April 18, 1962) is an American ventriloquist and comedian who has also appeared on numerous television shows, including Late Show with David Letterman, Comedy Central Presents, The Tonight Show and Sonny With a Chance. He has six specials that run on Comedy Central: Jeff Dunham: Arguing with Myself, Jeff Dunham: Spark of Insanity, Jeff Dunham's Very Special Christmas Special, Jeff Dunham: Controlled Chaos, Jeff Dunham: Minding the Monsters, and Jeff Dunham: All Over the Map. Dunham also starred in The Jeff Dunham Show, a series on the network in 2009.[1]
His style has been described as "a dressed-down, more digestible version of Don Rickles with multiple personality disorder". Describing his characters, Time magazine said, "All of them are politically incorrect, gratuitously insulting and ill tempered."[2] Dunham has been credited with reviving ventriloquism,[3] and doing more to promote the art form than anyone since Edgar Bergen.[1]
Dunham has been called "America's favorite comedian" by Slate.com, and according to the concert industry publication Pollstar, he is the top-grossing standup act in North America, and is among the most successful acts in Europe as well. As of November 2009, he has sold over four million DVDs, an additional $7 million in merchandise sales,[4] and received more than 350 million hits on YouTube as of October 2009 (his introduction of Achmed the Dead Terrorist in Spark of Insanity was ranked as the ninth most watched YouTube video at the time).[1] A Very Special Christmas Special was the most-watched telecast in Comedy Central history, with its DVD selling over 400,000 in its first two weeks.[5] Forbes.com ranked Dunham as the third highest-paid comedian in the United States behind Jerry Seinfeld and Chris Rock,[4] and reported that he was one of the highest-earning comics from June 2008 to June 2009, earning approximately $30 million during that period.[6] Dunham also does occasional acting roles. He achieved the Guinness Book of World Records record for "Most tickets sold for a stand-up comedy tour" for his Spark of Insanity tour, performing in 386 venues worldwide.[7][8]
Contents
[hide]
1 Early life
2 Career
2.1 Beginnings
2.2 The Tonight Show
2.3 First Comedy Central specials
2.4 2009–present
3 Critical praise and controversy
4 Books
5 Characters
5.1 Walter
5.2 Peanut
5.3 José Jalapeño on a Stick
5.4 Bubba J
5.5 Sweet Daddy Dee
5.6 Melvin the Superhero Guy
5.7 Achmed the Dead Terrorist
5.8 Little Jeff
5.9 Diane
5.10 Achmed Junior
5.11 Seamus
5.12 Others
6 Personal life
7 Tours
8 Filmography
9 References
10 External links
Early life
Dunham was born in Dallas, Texas on April 18, 1962.[9][10][11] When he was three months old, he was adopted by real estate appraiser Howard Dunham, and his homemaker wife Joyce, who raised him in a devoutly Presbyterian household[11] in an affluent Dallas neighborhood, as an only child.[12]
He began ventriloquism in 1970 at age eight, when his parents gave him a Mortimer Snerd dummy for Christmas, and an accompanying how-to album.[10] The next day he checked out a how-to book on ventriloquism from the library,[1][11] and explained in 2011 that he still had it, remarking that he was "a thief in the third grade". By the fourth grade, Dunham decided he not only wanted to be a professional ventriloquist, but the best one ever.[11] Dunham began practicing for hours in front of a mirror, studying the routines of Edgar Bergen, and the how-to record Jimmy Nelson's Instant Ventriloquism,[1] finding ventriloquism to be a learned skill, similar to juggling, that anyone with a normal speaking voice can acquire.[13] Dunham has explained that, as an only child, he enjoyed being alone, likening his solitude to a "warm blanket" with which he could explore his own thoughts and ideas, which prepared him for the solitude of living alone when he later moved to Los Angeles as a struggling comedian.[11]
When Dunham was in the sixth grade, he began attending the Vent Haven ConVENTion in Fort Mitchell, Kentucky, an annual international meeting of ventriloquists that includes competitions, where he met Jimmy Nelson in person. Dunham has missed only one ConVENTion since then, in 1977. The organizers of the ConVENTion eventually declared Dunham a "retired champion", ineligible from entering any more competitions, as other attendees were too intimidated to compete against him. The Vent Haven Museum devotes a section to Dunham, alongside Señor Wences and Dunham's idol, Edgar Bergen.[1]
Career
Beginnings
Dunham began performing for audiences as a teenager,[10] in various venues such as school, church, and during his job at Six Flags. By his middle school years, he began to perform for banquets attended by local celebrities such as Dallas Cowboys quarterback Roger Staubach, having developed his style of lampooning those he performed for, using the puppets to say things too risque for him to say without them.[1] Dunham's television debut came in 1976 when the still prepubescent performer caught the attention of Dallas reporters like Bill O'Reilly, who interviewed Dunham for a local news story.[11] Dunham later did commercials for Datsun dealerships in Dallas and Tyler while still in high school.[1][11] While emceeing a high school talent show, he dealt with a heckler, and won over the rest of the audience.[11] During this period he became so associated with his craft that he and one of his dummies "cowrote" a column in the school paper, and he would pose with his dummies for yearbooks[1] as an inexpensive way to acquire professional photos of his act for promotional purposes.[14] He was voted Most Likely to Succeed, and in 1980, after he graduated from high school, Dunham gave himself a career goal of obtaining, within ten years, an appearance on The Tonight Show Starring Johnny Carson, which was seen as the "holy grail" for comedians.[11]
That year Dunham began attending Baylor University, hoping to graduate with a degree in communications, while performing around campus.[11] He would also fly around the country on weekends,[1] doing up to 100 private shows a year,[11] entertaining corporate customers such as General Electric, whose CEO, Jack Welch, he mocked during his routine.[1] By his junior year in college (1983–84), Dunham was making $70,000 a year, and as word spread of his act, he landed featured spots opening for Bob Hope and George Burns, though he still perceived his act as raw, as he did not have any knowledge of standup comedy beyond his Bill Cosby albums.[11]
He caught a break in 1985 when he was asked to join the Broadway show Sugar Babies with Mickey Rooney and Ann Miller, replacing an outgoing variety act. For the naive and devoutly-raised Dunham, Broadway was a new world filled with beautiful showgirls and crusty stagehands, and his first taste of entertainment industry egos came when Rooney called Dunham into his dressing room, and told him he was there for one reason alone: so that Rooney could change his costumes.[11] He performed at the Westbury Music Fair on Long Island. These early experiences, in which he used characters like José Jalapeño on a Stick, taught him the value of modifying his act regionally, as the jalapeño jokes that worked well in Texas were not as well received by audiences in Long Island. After graduating from Baylor University in 1986,[13] he continued honing his act in comedy clubs in the Southwest with new characters such as Peanut and José Jalapeño, but struggled against the perception he relates from fellow comedians that he was not a true comedian because he relied on props.
His experience at Catch a Rising Star in New York City served as a bitter confirmation of where ventriloquists stood in the comedic food chain, as the emcee at that club gave Dunham little respect. According to Dunham, after he arrived at the club in the evening and informed the emcee that he was a ventriloquist, the emcee reacted with derision, telling Dunham that he would be given a late time slot, and after that time slot came and passed, kept postponing Dunham's stage time until Dunham left the club.[11]
By the end of 1988, Dunham felt his career went as far as it could go in Texas, and he moved to Los Angeles, California,[10][11] never having, as he has commented, "a real job",[15] much to the concern of his parents, who assumed he would relegate his act to local venues such as church groups. When he first arrived in Los Angeles, the comedy in his act bombed. Dunham attributes this initial reaction to his underdeveloped comedy, explaining that while the characters' personalities were developed at that point, his jokes were not. In addition to this, the comedy world was not welcoming to ventriloquists, and his manager, Judi Brown-Marmel, did not use the word "ventriloquist" when finding bookings for him, choosing to present him as a comedy duo. After Dunham became friends with Mike Lacey, owner of The Comedy & Magic Club in Hermosa Beach, Lacey gave Dunham a steady slot at the club, where Dunham sharpened his act by observing the techniques of comedians like Jerry Seinfeld, and taking the advice of colleague Bill Engvall, moving away from his G-Rated material toward edgier, more adult themes.[11]
The Tonight Show
At the end of 1988, Dunham was told by James McCawley, a talent booker for The Tonight Show Starring Johnny Carson, that Dunham would be given a spot on the coveted program. Though the 26-year-old Dunham was elated that his 10-year goal was arriving two years early, McCawley later cancelled Dunham's appearance after attending, with Roseanne Barr, a public performance of Dunham's the day before Dunham's scheduled Tonight Show taping. McCawley informed Dunham on the day of the scheduled taping that he had been wrong in his initial assessment of Dunham, whom he now said was not ready for The Tonight Show. Dunham continued to tighten his act in Los Angeles clubs, performing the same six-minute segment with Peanut a total of nine times for McCawley over the next few months. Finally at the Ice-House in Pasadena in April 1990, after Dunham did the same segment, McCawley informed Dunham that he would finally get his Tonight Show appearance. Dunham and Peanut appeared on The Tonight Show Starring Johnny Carson on April 6, 1990, alongside guests Bob Hope and B.B. King.[11] Following his bit, he was invited to sit on Johnny Carson’s couch, a mark of approval on Carson's show.[11] Upon sitting down next to Carson's desk, Dunham pulled out Walter, who told Carson sidekick Ed McMahon, "Stop sending me all your damn mail." At the time, Dunham saw his Tonight Show appearance as his big break, but was frustrated at his parents' initial disapproval over Walter's use of the words "hell" and "damn",[11] and he would toil in obscurity for another twelve years, continuing his stand up at venues such as The Improv chain, and appearing in small roles on TV.[4] One of these was a 1996 episode of Ellen, in which he appeared with Walter.[1] Dunham also appeared with Walter in a TV commercial for Hertz.[16] Dunham would appear on The Tonight Show a total of four times, as well as similar TV venues such as Hot Country Nights, appearing in one segment with Reba McEntire. This exposure helped make Dunham a large theater headliner, a rare accomplishment for a ventriloquist, but by the mid-1990s, his television appearances had dwindled, and with them, so did his stage audiences.[11]
Dunham moved back to clubs, more than 200 appearances a year. To maintain a connection with his fan base, he would use question cards that he had audiences fill out for his performances to build a database, which was tailor-made for the burgeoning World Wide Web. Though he was voted Funniest Male Standup at the American Comedy Awards in 1998, his club work kept him away from his wife and daughters between two and three weeks each month, which put a strain on his marriage, and made paying bills for his expanded family difficult. By 2002, Dunham was hoping to obtain more TV work to raise his profile and ease his standup schedule. Such exposure was elusive until a successful appearance on The Best Damn Sports Show Period, where Dunham and Walter made jokes at the expense of co-hosts Tom Arnold, Michael Irvin, John Salley and John Kruk, generating laughter from them, and giving Dunham much-needed exposure. In 2003, Dunham was the frontrunner to replace Jimmy Kimmel on Fox NFL Sunday, but hosts Howie Long and Terry Bradshaw were not amenable to the idea of being upstaged by a puppet, and, as Dunham tells it, did not provide a welcoming atmosphere to Dunham, nor allow him to speak much during his appearance.[11]
First Comedy Central specials
On July 18, 2003, Dunham appeared on Comedy Central Presents, his first solo appearance on Comedy Central. During his half hour piece, he showcased José Jalapeño on a Stick, Walter, an early version of Melvin the Superhero Guy and Peanut, whom Dunham had begun to merchandise into a line of dolls. The appearance was successful, but Comedy Central resisted giving Dunham more airtime, feeling that he was not a good fit for them.[1] By 2005 Dunham decided to gamble on financing his own comedy DVD, Jeff Dunham: Arguing with Myself, which was taped in Santa Ana, California.[11] Dunham’s manager, Judi Brown-Marmel, lobbied the network to air it, pointing to Dunham's drawing power and merchandising profits, and arguing that the network needed more diverse content. Surprised by the high ratings of the first Blue Collar Comics concert movie that same year, the network began to reconsider its brand. In late 2006, Comedy Central aired Arguing with Myself, drawing two million viewers when it aired,[1] and selling two million DVDs.[11]
In 2007, Dunham appeared as The Amazing Ken with José Jalapeño on a Stick in the Larry the Cable Guy feature film Delta Farce. His second special, Jeff Dunham: Spark of Insanity, was taped at the Warner Theater in Washington, D.C. that same year. It served not only to cement Dunham's stardom, but to introduce his most controversial character, Achmed the Dead Terrorist, which became a viral Internet sensation. A clip of Achmed from Insanity attracted over 140 million hits on YouTube,[11] making it the ninth most watched clip on that website as of October 2009.[1]
By 2008, Dunham's characters had crossed language barriers, with his specials dubbed for audiences in various countries such as France, and Dunham attracting requests for performances in South Africa, Australia, Norway, Denmark, China, and the Middle East.[11] Jeff Dunham's Very Special Christmas Special was taped at the Pabst Theater in Milwaukee, Wisconsin that same year, and premiered on Comedy Central on November 16, 2008, watched by 6.6 million people.[1] It became available on DVD and Blu-ray on November 18, 2008.[17] The special's premiere was the highest rated telecast in Comedy Central's history.[2][18]
In September 2008, his career reached new heights as he began performing in arenas filled with tens of thousands of people. Dunham was somewhat wary of such large venues, but adapted by adjusting the timing of his often rapid exchanges with the puppets so that audience members farthest from the stage could have time to react.[11]
In addition to his comedy specials, Dunham also released his first music album, Don't Come Home for Christmas, on November 4, 2008.[19] It contains original Christmas songs as well as a parody of "Jingle Bells" by Achmed entitled "Jingle Bombs". All the songs, with the exception of "Jingle Bombs", were written and accompanied by Brian Haner, who joined Dunham's act as "Guitar Guy". His first onscreen appearance was in Jeff Dunham's Very Special Christmas Special.[citation needed]
2009–present
Dunham performing in 2014
In March 2009, Dunham signed a multi-platform deal with Comedy Central. It included a fourth stand-up special to air in 2010, DVDs, a consumer products partnership, a 60-city tour beginning in September 2010, and an order for a television series called The Jeff Dunham Show that premiered on October 22, 2009.[5][20] Despite having the most-watched premiere in Comedy Central history, and higher average ratings than other shows on that network initially, the show was canceled after only one season, amid poor reviews, dwindling ratings and higher production costs than other Comedy Central shows.[21][22]
Dunham appeared in a guest role with Bubba J on NBC's sictom 30 Rock, playing a ventriloquist named Rick Wayne and his dummy Pumpkin from Stone Mountain, Georgia.[23] In November 2009 Dunham also appeared with Walter in "Hart to Hart", an episode of the Disney Channel series Sonny With a Chance, as two security guards. He appeared in the 2010 Steve Carell/Paul Rudd comedy, Dinner for Schmucks, as Lewis, with a new puppet named Diane.[24]
His fourth special, Jeff Dunham: Controlled Chaos, premiered on September 25, 2011, on Comedy Central. His fifth special, Minding the Monsters, which was taped in Savannah, premiered on Comedy Central on October 7, 2012.[25][26] His sixth special, All Over the Map, which was taped in various international cities, premiered on Comedy Central on November 16, 2014.
On March 28, 2014, Country Music Television premiered Achmed Saves America, an animated film starring Achmed the Dead Terrorist.[27]
Dunham's seventh special, Unhinged in Hollywood, premiered on September 17, 2015. Rather than premiering on Comedy Central, the special instead aired on NBC.[28]
Critical praise and controversy
In January 2008, Dunham was voted by fans the Top Comic in Comedy Central's “Stand-Up Showdown”. He is the only person ever to win the "Ventriloquist of the Year" Award twice, was nominated "Comedian of the Year" by the TNN Music City News Country Awards,[15] and has drawn praise from the Dallas Morning News for his technique and timing.[15] Critics, such as Randee Dawn of The Hollywood Reporter, accused Dunham's characters of being racist caricatures, sexist, and homophobic.[4][29]
In 2008, a TV commercial for a ringtone which featured Dunham's character Achmed the Dead Terrorist (see Characters below) was banned by the South African Advertising Standards Authority after a complaint was filed by a citizen stating that the ad was offensive to Muslims, and portrayed all Muslims as terrorists. Dunham responded that "Achmed makes it clear in my act that he is not Muslim." However, the ASA noted that the name Achmed was of Arab origin and was one of the names of Muhammad. Dunham responded, "I've skewered whites, blacks, Hispanics, Christians, Jews, Muslims, gays, straights, rednecks, addicts, the elderly, and my wife. As a standup comic, it is my job to make the majority of people laugh, and I believe that comedy is the last true form of free speech ... I'm considering renaming Achmed 'Bill'", he added.[30][31] Dunham has conceded that he does exhibit particular sensitivity to the "conservative country crowd," or those characterized by "basic Christian values", as they are one of his largest constituencies, and part of his upbringing.[1]
Dunham was heckled and criticized for mocking TV critics during a July 2009 press tour to promote his then-upcoming Comedy Central TV series, The Jeff Dunham Show, as well as Comedy Central programming chief Lauren Correo.[1][32] In October 2009 The Jeff Dunham Show enjoyed good initial ratings, but was not well liked by critics,[33] some of whom either questioned the wisdom of translating his act into a series, or cited Dunham, his previous specials, or ventriloquism itself as reasons for disliking the show.[34][35][36][37]
J.P. Williams, the producer of the Blue Collar Comedy Tour, has opined that Dunham's act is not funny on its own merits, and that his material gets a greater reaction because of the puppet characters than it would otherwise garner by itself.[1] Blue Collar veteran Bill Engvall, a friend of Dunham's, insists otherwise, saying that Dunham is inherently funny with or without the puppets.[11]
In a 2014 show in Malaysia, the government requested that he not use or name Achmed in his show. Due to the restriction, but to avoid disappointing fans, Achmed was renamed to be "Jacques Merde, the Dead French Terrorist" (Jacques Merde meaning "Jack Shit").[38][39][40]
Books
In 2003, BRASMA Publications released Dear Walter, a collection of questions asked of Dunham's fictional curmudgeon at live performances, authored by Dunham, and Walter Cummings.[41] His autobiography, All By My Selves: Walter, Peanut, Achmed and Me, was published by Dutton in November 2010.[14]
Characters
Walter
Not to be confused with Walter (Muppet).
Dunham with Walter, in a shot from a 2007 performance
Walter is a retired, grumpy old man with arms always crossed in discontent. Dunham was inspired to create Walter when he watched Bette Davis's final appearance on The Tonight Show Starring Johnny Carson, giving her honest, unfiltered candor to Walter, and patterning Walter's frown on Dunham's own.[11] He has a brash, negative and often sarcastic view on today's world. He is a Vietnam War veteran and a former welder, and "doesn't give a damn" about anyone, especially his own wife and certain audience members. Walter appeared in all four Comedy Central specials. He's been married for several decades. When Dunham asks him if he remembers the happiest moment of his life after Walter tells him he has been married for forty-six years, Walter responds, "Forty-seven years ago!" Dunham created the Walter puppet himself, including both the initial sculpture and the silicone mold, though he eventually began using professional effects companies for the latter stages with his subsequent puppets.[42]
Peanut
Peanut is a hyperactive,[1] purple-skinned "woozle"[43] with white fur covering most of his body, a tuft of green hair on the top of his head, and one sneaker on his left foot. Dunham explains in Arguing with Myself that Peanut is from a small Micronesian island, and that they met in Florida. Peanut's humor is not based on a particular motif or stereotype, as those of the other characters, and has been described as "the bad kid".[2] He often makes fun of Dunham, and torments and mocks José Jalapeño on a Stick. Touching upon his unusual appearance and personality, he asks Dunham in Arguing with Myself, after Dunham denies ever having done drugs, "Then how the hell did you come up with me?"
José Jalapeño on a Stick
José is a talking jalapeño pepper on a stick who wears a small sombrero. José, who speaks with a thick Spanish accent, is typically paired with Peanut, who often makes fun of José, uses appeals to Latino stereotypes when doing so, and makes fun of his being on a stick.[44] Although José was not Dunham's first puppet, it was the first that Dunham made himself.[45]
Dunham has not used José in any specials since "Minding the Monsters", although he was referenced by Walter in Relative Disaster.
Bubba J
Bubba J is a beer-drinking redneck that Dunham describes in Arguing with Myself and A Very Special Christmas Special as "white trash trailer park", and whom Dunham uses for humor centered on such stereotypes. To this end, he frequently does jokes involving Bubba J's love of drinking beer and NASCAR, and his low intelligence. Touching upon such stereotypes, Bubba mentions in Arguing with Myself that he met his wife at a family reunion, and remembers seeing her with a corn dog in one hand, a beer in another, and leaning against a ferris wheel, "making it tilt".[44] Although he does not appear onstage, Bubba has a prominent role as the backstage security guard in Controlled Chaos.
Sweet Daddy Dee
Dunham introduces Sweet Daddy Dee in Arguing with Myself as his "new manager". He calls himself a "pimp", which he says stands for "Player In the Management Profession." According to Sweet Daddy, because he is a pimp, that makes Jeff the "ho". When Dunham objects, Daddy Dee points out that Dunham makes people laugh and feel good for a living. When Dunham agrees that this is the case, Daddy Dee says, "You a ho." When Dunham asks what he would say if he told him that he was a comedian only because he enjoyed it, Daddy Dee responds, "You a dumb ho."[44] Much unlike Bubba J, he hates NASCAR. Sweet Daddy's headstone is featured in the beginning of the special Minding the Monsters. As revealed in the DVD release, this signifies that he will no longer be used.[citation needed]
Melvin the Superhero Guy
Melvin wears a blue superhero costume, and is used to poke fun at superheroes. When asked about his superhuman powers, he indicates that he has X-ray vision, adding, "I love looking at boobies!" He appears to have no other powers, however: When Dunham asks how far he can fly, he responds, "How far can you throw me?", and when asked if he can stop a bullet like Superman, he responds, "Yeah. Once". Dunham portrays Melvin as unimpressed with other superheroes: When told Superman can leap tall buildings in a single bound, Melvin dismisses him as a "showoff," arguing that he can simply walk around them, observes that Aquaman has the same powers as SpongeBob SquarePants, asserts that the Flash's super speed is derived from methamphetamine, that the Hulk's vaunted ability to get stronger as he gets angrier merely mirrors "every white trash guy on COPS," and makes innuendo about the questionable relationship between Batman and the underage Robin. Melvin's first onscreen appearance was in the July 2003 Comedy Central Presents episode, in which he had small, black, beady eyes. By his next appearance, in Spark of Insanity, he had been modified to have large, blue, crossed eyes. He has an enormous nose, which he claims is his symbol, and whose similarity in shape to that of a penis is alluded to in the act. Dunham sculpted the current version of Melvin's head himself, and hired an effects company called Renegade Effects Groups to create the rubber mold and complete the puppet, before then installing the mechanics himself.[42] Melvin's headstone is featured in the beginning of the special Minding the Monsters. As revealed in the DVD release, this signifies that he will no longer be used.[citation needed]
Achmed the Dead Terrorist
Achmed is the skeletal corpse of an incompetent suicide bomber, whom Dunham uses to satirize the contemporary issue of terrorism. He is known for yelling, "Silence! I keel you!" to Dunham and people laughing in the audience. Achmed first appeared in Spark of Insanity, and has since appeared in every Dunham special since then. In Spark of Insanity the audience learns several things about Achmed. When Dunham says that Achmed must be dead because he's a skeleton, Achmed responds, "It's a flesh wound." When Dunham inquires as to how he died, Achmed explains his incompetence with explosives, while also casting aspersions on Dunham's sexual prowess by saying that they both suffer from "premature detonation". Although he frequently mentions working for Osama Bin Laden, Achmed denies being a Muslim and says "Look at my ass! It says 'Made in China'!" He says he is afraid of Walter, partially because he's "one mean son of a bitch" and finds Walter's flatulence to be more potent than Saddam Hussein's mustard gas. In Very Special Christmas Special, he sings a song called "Jingle Bombs".
By June 2009, the sketch in which Dunham introduced Achmed has amassed nearly 200 million views.[2][46] The large, round, articulated eyes of puppets such as Achmed and Achmed Junior are constructed by the same effects artist who created the dinosaur eyes for the Jurassic Park films.[11] The character's popularity lead to a starring role in Achmed Saves America, an animated film that premiered on Country Music Television in March 2014. In the film, which depicts the mishap that led to the character's skeletonization, Achmed himself is in an American town called Americaville, which he plots to blow up, before developing an affinity for American culture.[27][47]
Little Jeff
Little Jeff is a miniature version of Dunham himself, usually dressed in the same clothes Dunham wears during each show. He appeared in Jeff Dunham: Controlled Chaos as a puppet that Peanut used when trying to do ventriloquism like Dunham. Peanut named the doll "Little Ugly Ass-Jeff", and uses him to insult Dunham. In Unhinged in Hollywood, Dunham himself puppeteers him, and gives him different voice than he did in his past performances.[48]
Diane
Diane first appeared with Dunham in the 2010 film Dinner for Schmucks as "Debbie", his character's "wife". She made her stand-up debut in Dunham's Identity Crisis Tour 2010.[49]
Achmed Junior
Achmed Junior is the estranged son of Achmed. His features were designed by Mad magazine illustrator Tom Richmond,[11] and first appeared during the Identity Crisis Tour 2010, and makes his first onscreen appearance in Dunham's fourth special, Jeff Dunham: Controlled Chaos. Like his father, Achmed Junior is the victim of a bomb, which resulted in the destruction of the half of his face and body. He speaks with a British accent because he was raised in Britain after the accident. Much to his father's consternation, he expresses an attraction to Dunham's male stage hand, Marnell, who constantly came on stage because Achmed kept losing balance on the stand and eventually Marnell brought duct tape. He does not wish to be a suicide bomber.[50]
Seamus
Seamus is Dunham's newest adopted addition to his family. He is an Irish infant, but is already well-versed in drinking. He is introduced in the Netflix special Relative Disaster.
Others
Other characters that Dunham has voiced include a miniature puppet of Peanut's, and an unseen worm inside a bottle of tequila, both of which he has used, for example, in his appearance on A&E's An Evening at The Improv.[51]
Personal life
Dunham met his first wife, Paige Brown, at the Comedy Corner in West Palm Beach, Florida. They began dating in December 1992. In May 1994, Dunham married Brown and adopted her one-and-a-half-year-old daughter, Bree. Their daughters Ashlyn and Kenna were born in 1995 and 1997, respectively. Dunham's time away while performing proved a strain on the marriage,[11] and in November 2008, he filed for divorce.[1][2][11][14] By mid-2009, Dunham was in a relationship with fellow Texan Audrey Murdick, a certified nutritionist, personal trainer, and competition bodybuilder,[11][14] and on December 25, 2011 they became engaged.[52] On October 12, 2012, the couple married.[53] On May 14, 2015, Dunham announced, via Facebook, that he and Audrey were expecting twin boys.[54] In October, she gave birth to James Jeffrey and Jack Steven.[55]
In addition to building the dummies he uses in his act, Dunham also restores antique ones as a hobby, such as The Umpire, a 6-foot-tall (1.8 m) mechanized dummy built in 1941 to work the plate at a girls' softball game, which went unused and packed away for 50 years before Dunham acquired it in early 2008.[1]
Dunham has harbored a love of helicopters since childhood and is fond of building and flying his own kit helicopters from Rotorway helicopter kits. At the time he finished writing his autobiography in June 2010, he was beginning to build his fourth kit.[11][12][14] He is an aficionado of muscle cars and Apple, Inc. products.[14]
According to the July 16, 2012, TV documentary, The Batmobile, Dunham owns a replica of the Batmobile that was used in the Tim Burton film Batman.[56]
Tours
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Tour
Dates
(non-inclusive)
Countries
(in order of first show)
Notes
Spark of Insanity Sept. 8, 2007 –
Jan. 9, 2010 United States, Canada, England, Sweden, Denmark, Finland, Norway, Australia
Identity Crysis Jan. 9, 2010 –
Sept. 24, 2011 United States, Canada, Netherlands, Ireland, England, Scotland, South Africa, Switzerland, Belgium, Norway, Sweden, France
Controlled Chaos Oct. 6, 2011 –
Sept. 30, 2012 United States, Canada, Scotland, England, Germany, Belgium, Northern Ireland, Ireland, South Africa, Australia, New Zealand
Disorderly Conduct Nov. 1, 2012 –
Sept. 28, 2014 Canada, United States, Denmark, Belgium, Netherlands, Iceland, Sweden, Norway, Ireland, England, Scotland, United Arab Emirates, Israel, South Africa, Australia, Malaysia, Singapore
Not Playing With a Full Deck Nov. 28, 2014– United States All shows at Planet Hollywood Resort & Casino, Las Vegas, Nevada.[57][58]
Perfectly Unbalanced Unknown-Sept. 13, 2017 United States, Canada Exact date for when tour started is unknown. He received a star on the Hollywood Walk of Fame during this tour.[59][60]
Passively Aggressive Sept.28, 2017-May 5, 2018 United States, Canada [61][62]
Filmography
Year
Title
Role
Notes
1991 Hot Country Nights Himself One episode
1996 Ellen Starky the Ventriloquist Episode: "When the Vow Breaks: Part 1" (with Walter as Gus)
2002 Any Day Now Ventriloquist Episode: "Truth Hurts"
2002 She Spies Elvis Presley ventriloquist Episode: "Ice Man"
2003 Comedy Central Presents Himself Also writer
2003 One on One Benny / Kenny Episode: "I Know What You Did Last Thursday"
2005 Blue Collar TV Ventriloquist Episode: "Stupidity"
2006 Jeff Dunham: Arguing with Myself Himself TV special; also writer and executive producer
2007 Delta Farce Amazing Ken First feature-length movie
2007 Jeff Dunham: Spark of Insanity Himself TV special; also writer and executive producer
2008 History of the Joke Himself TV documentary
2008 Jeff Dunham's Very Special Christmas Special Himself TV special; also writer, executive producer and songwriter
2009 30 Rock Rick Wayne Episode: "Stone Mountain" (with Bubba J. as Pumpkin)
2009 The Jeff Dunham Show Himself 7 episodes; also writer and executive producer
2009 Sonny with a Chance Jeff Episode: "Hart to Hart" (with Walter)
2009 I'm No Dummy Himself Documentary film
2010 Dinner for Schmucks Lewis the Ventriloquist
2011 Jeff Dunham: Controlled Chaos Himself TV special; also writer and executive producer
2012 The Batmobile Himself TV documentary
2012 Jeff Dunham: Minding the Monsters Himself TV special; also writer and executive producer
2012 Big Top Scooby-Doo! Schmatko, Conductor (voice) Video
2013 From Up on Poppy Hill[63] Gen (voice) English version
2014 The Nut Job Mole (voice)
2014 Jeff Dunham: All Over the Map Himself TV special; also writer, executive producer and co-editor
2014 Achmed Saves America Achmed / Bubba J. / Himself Video; creator, executive producer and original character designer
2016 Hell's Kitchen Himself Episode: "9 Chefs Compete"(with Walter)
2017 Smurfs: The Lost Village Farmer Smurf (voice)
2017 The Nut Job 2: Nutty by Nature Mole (voice)
2017 Mune: Guardian of the Moon Phospho (voice)
2017 Jeff Dunham: Relative Disaster Himself Netflix special
References
^ Jump up to: a b c d e f g h i j k l m n o p q r s t u v w Mooallem, Jon (October 29, 2009). "Comedy for Dummies". The New York Times.
^ Jump up to: a b c d e Luscombe, Belinda. "The Puppet Master". Time magazine. June 8, 2009
Jump up ^ Braxton, Greg. "Jeff Dunham throws his voice into stardom", The Los Angeles Times, November 4, 2009.
^ Jump up to: a b c d Morris, Tom. "Success for Dummies", The Huffington Post. November 9, 2009.
^ Jump up to: a b "Jeff Dunham and Friends have found a Home at Comedy Central signing a Multi-Platform Deal to Encompass all Areas of Entertainment" Comedy Central; March 23, 2009.
Jump up ^ Rose, Lacey (13 July 2009). "The Top-Earning Comedians". Forbes. Retrieved 22 January 2016.
Jump up ^ "Most tickets sold for a stand-up comedy tour". Guinness World Records. Retrieved 2017-03-23.
Jump up ^ "Kevin Hart Is On Track for the Biggest Comedy Tour of All Time". Billboard. Retrieved 2017-03-23.
Jump up ^ "Jeff Dunham Biography". Biography.com. Retrieved December 23, 2011.
^ Jump up to: a b c d The biography page on Dunham's official site established his year of birth when it was accessed on April 17, 2009, but had been removed by November 28, 2009. Archive of 2007 version of official site.
^ Jump up to: a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah "Jeff Dunham: Birth of a Dummy". Biography. November 22, 2011. The Biography Channel.
^ Jump up to: a b "Clip of Dunham from an episode of the CMT TV series Fast Living". Retrieved 4 May 2013.
^ Jump up to: a b Jeff Dunham. "Building a Rotorway 162F Part 1 of 8: How I got into this." KITPLANES Magazine, March 1997.
^ Jump up to: a b c d e f Dunham, Jeff (November 2010). All By My Selves: Walter, Peanut, Achmed and Me. Dutton Adult. ISBN 0-525-95141-5.
^ Jump up to: a b c Jeff Dunham biography, Comedy Central.com; accessed May 4, 2014. Archived at the WayBack Machine on February 2, 2008.
Jump up ^ Video of the Jeff Dunham's Hertz commercial.
Jump up ^ Jeff Dunham's Very Special Christmas Special. Amazon.com; retrieved January 8, 2012.
Jump up ^ Daniel Frankel (18 November 2008). "Dunham's 'Christmas' sleighs ratings". Variety.
Jump up ^ Don't Come Home for Christmas. Amazon.com; retrieved November 23, 2011.
Jump up ^ The Jeff Dunham Show at Comedy Central.
Jump up ^ Nellie Andreeva (29 December 2009). "Comedy Central: 'No plans' to renew Jeff Dunham". The Live Feed blog. Archived from the original on 1 January 2010. Retrieved 22 January 2016.
Jump up ^ Shae, Danny (29 December 2009). ""Jeff Dunham Show" CANCELED By Comedy Central". Huffington Post. Retrieved 25 February 2012.
Jump up ^ Brown, Lane. "No Dunham Bump for 30 Rock Ratings". New York Magazine. October 20, 2009.
Jump up ^ Dinner for Schmucks official site; accessed May 4, 2013.
Jump up ^ Harr, Dan (July 31, 2012). "New Jeff Dunham Special 'Minding The Monsters' Coming in October". Music News Nashville.
Jump up ^ Dunham, Jeff. Minding the Monsters. Comedy Central. October 7, 2012.
^ Jump up to: a b Bibel, Sara "Jeff Dunham's 'Achmed Saves America' to Premier Friday, March 28 on CMT", TVbytheNumbers.Zap2it.com, March 19, 2014; accessed May 4, 2014.
Jump up ^ Holmes, Manny (9 July 2015). "Jeff Dunham Books Primetime Special for NBC". Variety. Variety. Retrieved 11 July 2015.
Jump up ^ Dawn, Randee (20 October 2009). "The Jeff Dunham Show". HollywoodReporter.com. Retrieved 22 January 2016.
Jump up ^ Miller, Joshua Rhett. "Comedian Defends 'Achmed the Dead Terrorist' Puppet Routine Against South African Ban". Fox News. October 2, 2008
Jump up ^ "Dead terrorist ad banned". iafrica.com. October 6, 2008
Jump up ^ de Moraes, Lisa. "How to Woo the TV Critics? With Insults", The Washington Post. July 30, 2009; accessed May 4, 2014.
Jump up ^ Dietz, Jason (May 3, 2010). "2009–10 TV Scorecard: The Best and Worst Shows and Networks". Metacritic.
Jump up ^ McLaren, Richard. "‘Dunham Show’ laughs are strictly for dummies". The Boston Globe. October 22, 2009
Jump up ^ Wiser, Paige. "TV Review: Comedy Central's 'The Jeff Dunham Show'". Chicago Sun-Times. October 22, 2009
Jump up ^ Stuever, Hank. "Jeff Dunham's laugh-free zone". The Washington Post. October 22, 2009
Jump up ^ Lowry, Brian. "The Jeff Dunham Show". Daily Variety. October 20, 2009
Jump up ^ Nurul Azliah (22 May 2014). "Jeff Dunham and 'Achmed the Dead Terrorist' joke about chewing gum in first Singapore show". Singapore Showbiz. Yahoo! Entertainment.
Jump up ^ Sean L. McCarthy (2014). "Censored: Jeff Dunham puts new words in Achmed The Dead Terrorist's mouth for Malaysian audience on world tour". The Comic's Comic.
Jump up ^ Robin Leach (18 June 2014). "Q+A: After 30 years on the road, Jeff Dunham is ready for a run at Planet Hollywood". Las Vegas Sun. Retrieved 22 January 2016.
Jump up ^ Dear Walter. Amazon.com. Retrieved 22 January 2016.
^ Jump up to: a b This is mentioned in an extra on the Spark of Insanity DVD.
Jump up ^ YouTube.
^ Jump up to: a b c "Jeff Dunham and his puppets". UnikNotions. Retrieved 4 May 2014.
Jump up ^ This is mentioned in the DVD Commentary of Arguing with Myself.
Jump up ^ "Achmed the dead terrorist and humor in popular geopolitics" by Darren Purcell, Melissa Scott Brown and Mahmut Gokmen, GeoJournal, January 31, 2009.
Jump up ^ ACHMED SAVES AMERICA – Official Trailer, AchmedSavesAmerica.com; retrieved March 20, 2014.
Jump up ^ "Little Jeff - Jeff Dunham".
Jump up ^ Jeff Dunham's Identity Crisis Tour; accessed 28 September 2010.
Jump up ^ Dunham, Jeff (). Jeff Dunham: Controlled Chaos. YouTube (2011), 7:43 to 8:09.
Jump up ^ Video of Dunham. A&E's An Evening at The Improv.
Jump up ^ Dunham, Jeff (December 27, 2011). "Hey everyone! On Christmas Day,@AudreyMurdick & I got engaged!", Twitter; accessed May 4, 2014.
Jump up ^ Dunham, Jeff (October 13, 2012). "TA DAAAA! @audreymurdick and I are now married and I'm the luckiest guy on the planet! #jedreywedding2012 Off to honeymoon!". Twitter.
Jump up ^ "Jeff Dunham - Timeline Photos - Facebook".
Jump up ^ "Jeff Dunham Welcomes Sons Jack Steven and James Jeffrey – Moms & Babies – Celebrity Babies and Kids - Moms & Babies - People.com". PEOPLE.com.
Jump up ^ Rushworth, Heather (July 13, 2012). "Comedian Jeff Dunham Interview: He Owns a Batmobile?!". Exec Digital; accessed May 4, 2014.
Jump up ^ "Jeff Dunham extends his Las Vegas residency four more months". Los Angeles Times. 2015-03-24. ISSN 0458-3035. Retrieved 2017-09-25.
Jump up ^ "Q+A: Jeff Dunham brings 'Not Playing With a Full Deck' to Planet Hollywood". LasVegasSun.com. 2014-11-28. Retrieved 2017-09-25.
Jump up ^ "Famed Ventriloquist Jeff Dunham Announces 60-City Passively Aggressive Tour: Exclusive". Billboard. Retrieved 2017-09-25.
Jump up ^ Blair, Iain (2017-09-21). "Walk of Fame Honoree Jeff Dunham Opens Up About His Constant Reinvention". Variety. Retrieved 2017-09-25.
Jump up ^ "Famed Ventriloquist Jeff Dunham Announces 60-City Passively Aggressive Tour: Exclusive". Billboard. Retrieved 2017-09-25.
Jump up ^ "Jeff Dunham brings his 'Passively Aggressive' tour to Yum Center". USA TODAY. Retrieved 2017-09-25.
Jump up ^ McNary, Dave (October 5, 2012). "'Poppy Hill' sets high-profile voices". Variety. Reed Business Information.
External links
Wikimedia Commons has media related to Jeff Dunham.
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Official website
Jeff Dunham at Comedy Central
Jeff Dunham on IMDb
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Wall Street Crash of 1929
From Wikipedia, the free encyclopedia
Jump to: navigation, search
"Black Tuesday" redirects here. For other uses, see Black Tuesday (disambiguation).
For other uses, see Wall Street Crash (disambiguation).
Crowd gathering on Wall Street after the 1929 crash.
The Wall Street Crash of 1929, also known as Black Tuesday (October 29),[1] the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929 ("Black Thursday"), and was the most devastating stock market crash in the history of the United States, when taking into consideration the full extent and duration of its after effects.[2] The crash, which followed the London Stock Exchange's crash of September, signalled the beginning of the 12-year Great Depression that affected all Western industrialized countries.[3]
Contents
[hide]
1 Timeline
2 Analysis
2.1 Economic fundamentals
2.2 Subsequent actions
2.3 World War II
3 Effects
3.1 Effect on Europe
4 Academic debate
5 See also
6 Notes
7 Further reading
8 External links
Timeline[edit]
The Dow Jones Industrial Average, 1928–1930
The Roaring Twenties, the decade that followed World War I and led to the crash,[4] was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with the hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.[5] While the American cities prospered, the overproduction of agricultural produce created widespread financial despair among American farmers throughout the decade.[5] This would later be blamed as one of the key factors that led to the 1929 stock market crash.[6]
Despite the dangers of speculation, many believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a mini crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation.[7] Two days later, banker Charles E. Mitchell announced his company the National City Bank would provide $25 million in credit to stop the market's slide.[7] Mitchell's move brought a temporary halt to the financial crisis and call money declined from 20 to 8 percent.[7] However, the American economy showed ominous signs of trouble:[7] steel production declined, construction was sluggish, automobile sales went down, and consumers were building up high debts because of easy credit.[7] Despite all these economic trouble signs and the market breaks in March and May 1929, stocks resumed their advance in June and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929.[7] Shortly before the crash, economist Irving Fisher famously proclaimed, "Stock prices have reached what looks like a permanently high plateau."[8] The optimism and financial gains of the great bull market were shaken after a well publicized early September prediction from financial expert Roger Babson that "a crash was coming". The initial September decline was thus called the "Babson Break" in the press. This was the start of the Great Crash, although until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity.
On September 20, the London Stock Exchange crashed when top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery.[9] The London crash greatly weakened the optimism of American investment in markets overseas.[9] In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery.
Selling intensified in mid-October. On October 24 ("Black Thursday"), the market lost 11 percent of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on the ticker tape in brokerage offices around the nation was hours late, so investors had no idea what most stocks were actually trading for at that moment, increasing panic. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.[10] The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf.
With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to one that ended the Panic of 1907. It succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing with it down only 6.38 points for the day. The rally continued on Friday, October 25, and the half day session on Saturday the 26th but, unlike 1907, the respite was only temporary.
The trading floor of the New York Stock Exchange in 1930, six months after the crash of 1929
Over the weekend, the events were covered by the newspapers across the United States. On October 28, "Black Monday",[11] more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 13%.
The next day, "Black Tuesday", October 29, 1929, about 16 million shares traded as the panic selling reached its peak. Some stocks actually had no buyers at any price that day ("air pockets"). The Dow lost an additional 30 points, or 12 percent.[12][13][14][15] The volume of stocks traded on October 29, 1929, was a record that was not broken for nearly 40 years.[13]
On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to the public their confidence in the market, but their efforts failed to stop the large decline in prices. Due to the massive volume of stocks traded that day, the ticker did not stop running until about 7:45 p.m. The market had lost over $30 billion in the space of two days which included $14 billion on October 29 alone.[16]
Dow Jones Industrial Average on Black Monday and Black Tuesday[17]
Date
Change
% Change
Close
October 28, 1929 −38.33 −12.82 260.64
October 29, 1929 −30.57 −11.73 230.07
After a one-day recovery on October 30, where the Dow regained an additional 28.40 points, or 12 percent, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with the Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak (i.e., bear market rally) of 294.07 on April 17, 1930. The following year, the Dow embarked on another, much longer, steady slide from April 1931 to July 8, 1932, when it closed at 41.22—its lowest level of the 20th century, concluding an 89 percent loss rate for all of the market's stocks. For most of the 1930s, the Dow began slowly to regain the ground it lost during the 1929 crash and the three years following it, beginning on March 15, 1933, with the largest percentage increase of 15.34 percent, with the Dow Jones closing at 62.10, with an 8.26 point increase. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The market would not return to the peak closing of September 3, 1929, until November 23, 1954.[18][19]
Analysis[edit]
Economic fundamentals[edit]
The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in the first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains.[20] Such figures set up a crescendo of stock-exchange speculation which had led hundreds of thousands of Americans to invest heavily in the stock market. A significant number of them were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of the face value of the stocks they were buying. Over $8.5 billion was out on loan,[21] more than the entire amount of currency circulating in the U.S. at the time.[16][22]
The rising share prices encouraged more people to invest; people hoped the share prices would rise further. Speculation thus fueled further rises and created an economic bubble. Because of margin buying, investors stood to lose large sums of money if the market turned down—or even failed to advance quickly enough. The average P/E (price to earnings) ratio of S&P Composite stocks was 32.6 in September 1929,[23] clearly above historical norms.[24] As per the economist John Kenneth Galbraith, this exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs' "Blue ridge trust" and "Shenandoah trust". These too crashed in 1929 resulting in losses of $475 billion in today's dollars to banks.[25]
Sir George Paish
Good harvests had built up a mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter-wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. This oversupply caused a drop in wheat prices so heavy that the net incomes of the farming population from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street predicted for May by Sir George Paish arrived on time. In June 1929, the position was saved by a severe drought in the Dakotas and the Canadian West, plus unfavorable seed times in Argentina and eastern Australia. The oversupply would now be wanted to fill the big gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $1.49 in July. When it was seen that at this figure the American farmers would get rather more for their smaller crop than for that of 1928, up went stocks again and from far and wide orders came to buy shares for the profits to come.
In August, the wheat price fell when France and Italy were bragging of a magnificent harvest, and the situation in Australia improved. This sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags", amateur speculators and investors. Congress had also voted for a 100 million dollar relief package for the farmers, hoping to stabilize wheat prices. By October though, the price had fallen to $1.31 per bushel.[26]
Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, then started to falter after Roger Babson issued his prescient "market crash" forecast. By the end of September, the market was down 10% from the peak (the "Babson Break"). Selling intensified in early and mid October, with sharp down days punctuated by a few up days. Panic selling on huge volume started the week of October 21 and intensified and culminated on October 24, the 28th and especially the 29th ("Black Tuesday").[27]
The president of the Chase National Bank said at the time: "We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying."[28]
Subsequent actions[edit]
In 1932, the Pecora Commission was established by the U.S. Senate to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities.
After the experience of the 1929 crash, stock markets around the world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday, October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, was worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929 was larger than October 19, 1987, and remains the worst two-day decline ever).
World War II[edit]
The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war.[29] World War II had a dramatic effect on many parts of the economy, and may have hastened the end of the Great Depression in the United States.[30] Government-financed capital spending accounted for only 5 percent of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67 percent of U.S. capital investment.[30]
Effects[edit]
Further information: Causes of the Great Depression
Crowd at New York's American Union Bank during a bank run early in the Great Depression
Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century.[31] The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade.[32] The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan.[33]
The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic debate—historical, economic, and political—from its aftermath until the present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Depression that followed.[34] Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market.[35]
In 1930, 1,352 banks held more than $853 million in deposits; in 1931, one year later, 2,294 banks went down with nearly $1.7 billion in deposits. Many businesses failed (28,285 failures and a daily rate of 133 in 1931).
The 1929 crash brought the Roaring Twenties to a shuddering halt.[36] As tentatively expressed by economic historian Charles P. Kindleberger, in 1929, there was no lender of last resort effectively present, which, if it had existed and were properly exercised, would have been key in shortening the business slowdown[s] that normally follows financial crises.[33] The crash marked the beginning of widespread and long-lasting consequences for the United States. Historians still debate the question: did the 1929 Crash spark The Great Depression,[37] or did it merely coincide with the bursting of a loose credit-inspired economic bubble? Only 16% of American households were invested in the stock market within the United States during the period leading up to the depression, suggesting that the crash carried somewhat less of a weight in causing the depression.
Unemployed men march in Toronto
However, the psychological effects of the crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regards to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties including contraction of credit, business closures, firing of workers, bank failures, decline of the money supply, and other economically depressing events.
The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated the Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying.[37]
The failure set off a worldwide run on US gold deposits (i.e. the dollar), and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the uptick rule,[38] which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid.[39]
Effect on Europe[edit]
The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange, the world noticed immediately. Although financial leaders in the United Kingdom, as in the United States, vastly underestimated the extent of the crisis that would ensue, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe.[40]
During 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Protests often focused on the so-called Means Test, which the government had instituted in 1931 as a way to limit the amount of unemployment payments made to individuals and families. For working people, the Means Test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to the violation of public order.[40]
Academic debate[edit]
Economists and historians disagree as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash,[41] nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce a serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it will be long or that it need go to the length of producing a general industrial depression.[42]
But The Economist also cautioned that some bank failures were also to be expected and some banks may not have any reserves left for financing commercial and industrial enterprises. They concluded that the position of the banks is the key to the situation, but what was going to happen could not have been foreseen.[42]
Academics see the Wall Street Crash of 1929 as part of a historical process that was a part of the new theories of boom and bust. According to economists such as Joseph Schumpeter, Nikolai Kondratiev and Charles E. Mitchell, the crash was merely a historical event in the continuing process known as economic cycles. The impact of the crash was merely to increase the speed at which the cycle proceeded to its next level.
Milton Friedman's A Monetary History of the United States, co-written with Anna Schwartz, advances the argument that what made the "great contraction" so severe was not the downturn in the business cycle, protectionism, or the 1929 stock market crash in themselves – but instead, according to Friedman and Schwartz, what plunged the country into a deep depression was the collapse of the banking system during three waves of panics over the 1930–33 period.[43]
See also[edit]
List of largest daily changes in the Dow Jones Industrial Average
Notes[edit]
Jump up ^ "Depression & WWII (1929–1945)". Americaslibrary.gov. Retrieved August 12, 2013.
Jump up ^ Bone, James. "The beginner's guide to stock markets". The Times. London. Archived from the original on May 25, 2010. Retrieved January 29, 2012. The most savage bear market of all time was the Wall Street Crash of 1929–1932, in which share prices fell by 89 per cent.
Jump up ^ "Stock Market Crash of 1929". Encyclopædia Britannica. Retrieved January 29, 2012.
Jump up ^ "America gets depressed by thoughts of 1929 revisited" The Sunday Times
^ Jump up to: a b Dan Bryan. "The Great (Farm) Depression of the 1920s". American History USA. Retrieved November 10, 2013.
Jump up ^ http://millercenter.org/president/coolidge/essays/biography/8
^ Jump up to: a b c d e f "Timeline: A selected Wall Street chronology". PBS. Retrieved September 30, 2008.
Jump up ^ Teach, Edward (May 1, 2007). "The Bright Side of Bubbles". CFO. Retrieved October 1, 2008.
^ Jump up to: a b Harold Bierman, Jr. (April 1998). The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era?. Greenwood Publishing Group. pp. 19–29. ISBN 978-0-313-30629-7.
Jump up ^ The Great Depression, by Robert Goldston, pages 39–40
Jump up ^ "The Panic of 2008? What Do We Name the Crisis?" The Wall Street Journal
Jump up ^ "Timeline". NYSE Euronext. NYSE. Archived from the original on June 11, 2010. Retrieved October 1, 2008.
^ Jump up to: a b Weeks, Linton. "History's Advice During A Panic? Don't Panic". NPR. Retrieved October 1, 2008.
Jump up ^ "The Crash of 1929". PBS. Retrieved October 1, 2008.
Jump up ^ Salsman, Richard M. "The Cause and Consequences of the Great Depression, Part 1: What Made the Roaring '20s Roar", The Intellectual Activist, ISSN 0730-2355, June 2004, p. 16.
^ Jump up to: a b New York: A Documentary Film PBS
Jump up ^ "Dow Jones Industrial Average All-Time Largest One Day Gains and Losses". The Wall Street Journal. Retrieved May 11, 2011.
Jump up ^ "DJIA 1929 to Present", Yahoo! Finance
Jump up ^ "U.S. Industrial Stocks Pass 1929 Peak", The Times, November 24, 1954, p. 12.
Jump up ^ Shann, Edward (November 1, 1929). "Broad Facts of, USA Crisis". The Daily News. Perth, Western Australia. p. 6 (Edition: Home Final Edition). Retrieved November 22, 2012 – via National Library of Australia.
Jump up ^ Lambert, Richard (July 19, 2008). "Crashes, Bangs & Wallops". Financial Times. Retrieved September 30, 2008. At the turn of the 20th century stock market speculation was restricted to professionals, but the 1920s saw millions of 'ordinary Americans' investing in the New York Stock Exchange. By August 1929, brokers had lent small investors more than two-thirds of the face value of the stocks they were buying on margin – more than $8.5bn was out on loan.
Jump up ^ Facing the facts: an economic diagnosis. Retrieved September 30, 2008.
Jump up ^ Shiller, Robert (March 17, 2005). "Irrational Exuberance, Second Edition". Princeton University Press. Retrieved February 3, 2007.
Jump up ^ Doug Short (April 3, 2013). "The Stock Market's Valuation Rarely Gets This High". Business Insider.
Jump up ^ Galbraith, John Kenneth (1954). "In Goldman Sachs We Trust". The Great Crash, 1929. Boston: Houghton Mifflin. ISBN 0-395-85999-9. , cited in Taibbi, Matt (April 5, 2010). "The great American bubble machine". Rolling Stone. Retrieved November 3, 2017.
Jump up ^ "Grain Plunges". The Courier-Mail. Brisbane, Qld: National Library of Australia. October 26, 1929. p. 19. Retrieved November 22, 2012.
Jump up ^ "Wild Selling. New York Panic". The Sydney Morning Herald. Sydney, NSW: National Library of Australia. October 26, 1929. p. 17. Retrieved November 22, 2012.
Jump up ^ "Second Crash". The Sydney Morning Herald. Sydney, NSW: National Library of Australia. October 30, 1929. p. 17. Retrieved November 20, 2012.
Jump up ^ Selective Service System. (May 27, 2003). Induction Statistics. In Inductions (by year) from World War I Through the End of the Draft (1973). Retrieved September 8, 2013.
^ Jump up to: a b Hyman, Louis (December 16, 2011). "How Did World War II End the Great Depression?: Echoes". Bloomberg. Retrieved August 25, 2015.
Jump up ^ "Paulson affirms Bush assessment", The Washington Times
Jump up ^ Scardino, Albert (October 21, 1987). "The Market Turmoil: Past lessons, present advice; Did '29 Crash Spark The Depression?". The New York Times.
^ Jump up to: a b "Crashes, Bangs & Wallops" Financial Times
Jump up ^ Jameson, Angela (August 10, 2005),"Pyramid structures brought down by Wall Street Crash" The Times, Retrieved March 17, 2010
Jump up ^ "Death of the Brokerage: The Future of Wall Street" National Public Radio
Jump up ^ "Kaboom!...and bust. The crash of 2008" The Times
^ Jump up to: a b "The Market Turmoil: Past lessons, present advice; Did '29 Crash Spark The Depression?" The New York Times
Jump up ^ "Practice has plenty of historical precedents" Financial Times
Jump up ^ "Funds want 'uptick' rule back" Financial Times
^ Jump up to: a b "Context :: European History". www.dhr.history.vt.edu. Retrieved November 4, 2016.
Jump up ^ "Economics focus: The Great Depression", The Economist (September 17, 1998)
^ Jump up to: a b "Reactions of the Wall Street slump", The Economist (November 23, 1929)
Jump up ^ "Panic control" The Washington Times
Further reading[edit]
Axon, Gordon V. The Stock Market Crash of 1929. London, England: Mason & Lipscomb Publishers Inc., 1974.
Bierman, Harold (March 26, 2008). Whaples, Robert, ed. "The 1929 Stock Market Crash". EH.Net Encyclopedia. Santa Clara, California: Economic History Association. Retrieved February 2, 2017.
Brooks, John. (1969). Once in Golconda: A True Drama of Wall Street 1920–1938. New York: Harper & Row. ISBN 0-393-01375-8.
Galbraith, John Kenneth. "1929: New York City." Lapham's Quarterly, no. 2 (Spring 2015): 145–146
Klein, Maury. (2001). Rainbow's End: The Crash of 1929. New York: Oxford University Press. ISBN 0-19-513516-4.
Klingaman, William K. (1989). 1929: The Year of the Great Crash. New York: Harper & Row. ISBN 0-06-016081-0.
Leone, Bruno. The Great Depression: Opposing Viewpoints, 14–25. San Diego, CA: Bender, David L., 1994.
Pendergast, Tom. American Decades: 1920–1929. Farmington Hills, MI: UXL American Decades Publishing, 2003.
Reed, Lawrence W. (1981 & 2008). Great Myths of the Great Depression. Midland, Michigan: Mackinac Center.
Rothbard, Murray N. (2000). America's Great Depression (PDF) (5th ed.). Auburn, Alabama: Ludwig von Mises Institute. ISBN 978-0-945466-05-5. Retrieved May 13, 2010.
Shachtman, Tom. (1979). The Day America Crashed: A Narrative Account of the Great Stock Market Crash of October 24, 1929. New York: G.P. Putnam. ISBN 0-399-11613-3.
Thomas, Gordon and Morgan-Witts, Max. (1979). The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929. Garden City, New York: Doubleday. ISBN 0-385-14370-2.
Watkins, Tom H. The Great Depression: America in the 1930s, 22–55. New York, NY: Little, Brown & Company, 1993.
External links[edit]
Media related to Wall Street Crash of 1929 at Wikimedia Commons
The Crash of 1929, American Experience documentary
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values: 1929 வால் வீதி வீழ்ச்சி – Tamil

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values: เหตุการณ์ตลาดหลักทรัพย์วอลล์สตรีทตก ค.ศ. 1929 – Thai

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values: Біржовий крах 1929 – Ukrainian

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values: mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject page-Wall_Street_Crash_of_1929 rootpage-Wall_Street_Crash_of_1929 skin-vector action-view