October 29, 1929: "Block Tuesday" Leaves Freshmen Destitute
At Carnegie Mellon University, the end of the 1920s saw unprecedented financial ruin for many first-year students. The meal-block economy had crescendoed throughout the decade, with blocks selling for a whopping 50% of their original worth. Unfortunately, this lucrative exchange could not last forever. The block market imploded, wiping out the assets of many ambitious traders. Freshmen everywhere lost their investments, their savings, and their bananas of varying ripeness.
The crash created a dire economic situation on campus. Thousands showed up to the bread line every day, hoping Au Bon Pain had enough rustic baguettes to sustain them during this trying time. Unable to afford new clothing, students were seen converting their free O-week umbrellas into dress shirts. The Campus Store, embodying the generous spirit of Andrew Carnegie, offered crewnecks for the subsidized price of $250.
As a new school year begins and the meal-block economy returns in full force, ReadME hopes that the class of 2029+ will learn from history. Selling meal blocks for nominal amounts of money may seem like a shortcut to fabulous wealth, but this year’s freshmen should keep the Block Market’s pitfalls in mind. However, if they do fall on hard times, CFA lawn maintenance is always hiring.