This day in History: Oct 29, 1956: Israel invades Egypt; Suez Crisis begins

Israeli armed forces push into Egypt toward the Suez Canal, initiating the Suez Crisis. They would soon be joined by French and British forces, creating a serious Cold War problem in the Middle East.

 

The catalyst for the joint Israeli-British-French attack on Egypt was the nationalization of the Suez Canal by Egyptian leader General Gamal Abdel Nasser in July 1956. The situation had been brewing for some time. Two years earlier, the Egyptian military had begun pressuring the British to end its military presence (which had been granted in the 1936 Anglo-Egyptian Treaty) in the canal zone. Nasser's armed forces also engaged in sporadic battles with Israeli soldiers along the border between the two nations, and the Egyptian leader did nothing to conceal his antipathy toward the Zionist nation. Supported by Soviet arms and money, and furious with the United States for reneging on a promise to provide funds for construction of the Aswan Dam on the Nile River, Nasser ordered the Suez Canal seized and nationalized.

 

The British were angry with the move and sought the support of France (which believed that Nasser was supporting rebels in the French colony of Algeria), and Israel (which needed little provocation to strike at the enemy on its border), in an armed assault to retake the canal. The Israelis struck first, but were shocked to find that British and French forces did not immediately follow behind them. Instead of a lightening strike by overwhelming force, the attack bogged down. The United Nations quickly passed a resolution calling for a cease-fire.

 

 

The Soviet Union began to issue ominous threats about coming to Egypt's aid. A dangerous situation developed quickly, one that the Eisenhower administration hoped to defuse before it turned into a Soviet-U.S. confrontation. Though the United States sternly warned the Soviet Union to stay out of the situation, Eisenhower also pressured the British, French, and Israeli governments to withdraw their troops.

 

 

 

They eventually did so in late 1956 and early 1957.

Taken from: http://www.history.com/this-day-in-history/israel-invades-egypt-suez-crisis-begins [29.10.2012]

This day in History: Oct 29, 1929: Stock market crashes

Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression.

 

During the 1920s, the U.S. stock market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated.

 

 

Stock prices began to decline in September and early October 1929, and on October 18 the fall began. Panic set in, and on October 24—Black Thursday—a record 12,894,650 shares were traded. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock, producing a moderate rally on Friday. On Monday, however, the storm broke anew, and the market went into free fall. Black Monday was followed by Black Tuesday, in which stock prices collapsed completely.

 

 

 

After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Overall, however, prices continued to drop as the United States slumped into the Great Depression, and by 1932 stocks were worth only about 20 percent of their value in the summer of 1929.

 

 

The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom. By 1933, nearly half of America's banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce. It would take World War II, and the massive level of armaments production taken on by the United States, to finally bring the country out of the Depression after a decade of suffering.

taken from: http://www.history.com/this-day-in-history/stock-market-crashes [29.10.2012]

This day in History: Oct 26, 1881: Shootout at the OK Corral

Source: google.co.za via Juan on Pinterest

On this day in 1881, the Earp brothers face off against the Clanton-McLaury gang in a legendary shootout at the OK Corral in Tombstone, Arizona.

Source: google.co.za via Juan on Pinterest

After silver was discovered nearby in 1877, Tombstone quickly grew into one of the richest mining towns in the Southwest. Wyatt Earp, a former Kansas police officer working as a bank security guard, and his brothers, Morgan and Virgil, the town marshal, represented "law and order" in Tombstone, though they also had reputations as being power-hungry and ruthless. The Clantons and McLaurys were cowboys who lived on a ranch outside of town and sidelined as cattle rustlers, thieves and murderers. In October 1881, the struggle between these two groups for control of Tombstone and Cochise County ended in a blaze of gunfire at the OK Corral.

Source: en.wikipedia.org via Juan on Pinterest

On the morning of October 25, Ike Clanton and Tom McLaury came into Tombstone for supplies. Over the next 24 hours, the two men had several violent run-ins with the Earps and their friend Doc Holliday. Around 1:30 p.m. on October 26, Ike's brother Billy rode into town to join them, along with Frank McLaury and Billy Claiborne. The first person they met in the local saloon was Holliday, who was delighted to inform them that their brothers had both been pistol-whipped by the Earps. Frank and Billy immediately left the saloon, vowing revenge.

Source: google.co.za via Juan on Pinterest

Around 3 p.m., the Earps and Holliday spotted the five members of the Clanton-McLaury gang in a vacant lot behind the OK Corral, at the end of Fremont Street. The famous gunfight that ensued lasted all of 30 seconds, and around 30 shots were fired. Though it's still debated who fired the first shot, most reports say that the shootout began when Virgil Earp pulled out his revolver and shot Billy Clanton point-blank in the chest, while Doc Holliday fired a shotgun blast at Tom McLaury's chest. Though Wyatt Earp wounded Frank McLaury with a shot in the stomach, Frank managed to get off a few shots before collapsing, as did Billy Clanton. When the dust cleared, Billy Clanton and the McLaury brothers were dead, and Virgil and Morgan Earp and Doc Holliday were wounded. Ike Clanton and Claiborne had run for the hills.

Source: en.wikipedia.org via Juan on Pinterest

Sheriff John Behan of Cochise County, who witnessed the shootout, charged the Earps and Holliday with murder. A month later, however, a Tombstone judge found the men not guilty, ruling that they were "fully justified in committing these homicides." The famous shootout has been immortalized in many movies, including Frontier Marshal (1939), Gunfight at the OK Corral (1957), Tombstone (1993) and Wyatt Earp (1994).

 

 

Source: google.co.za via Juan on Pinterest

taken from: http://www.history.com/this-day-in-history [26.10.2012]

Source: google.co.za via Juan on Pinterest