May 09

On May 9, 1873, the Vienna Stock Exchange collapsed in an event later dubbed Der Krach, or “the crash.” The sudden crash spread fear across European financial markets and undermined investor confidence. Over the following weeks, banks and businesses failed, leading to a global economic downturn known as the Panic of 1873. This crisis set the stage for the Long Depression, which lasted through much of the 1870s and early 1880s. Widespread unemployment and social unrest followed as credit tightened and trade contracted. Der Krach highlighted vulnerabilities in rapidly expanding capitalist economies and prompted calls for financial reform.

On May 9, 1992, an underground coal dust explosion devastates the Westray Mine in Plymouth, Nova Scotia. Twenty-six miners are killed instantly when the blast tears through the tunnels. Rescue teams are unable to reach survivors due to ongoing gas leaks and structural instability. Public outrage over safety lapses prompts a federal inquiry into mine regulations. The tragedy leads to the Westray Bill, holding corporations and executives criminally liable for workplace safety. It becomes a landmark case in Canadian occupational health and safety law.

The onset of the COVID-19 pandemic in early 2020 triggered widespread lockdowns and business closures across the United States. As economic activity ground to a halt, employment in sectors like hospitality, retail, and travel plummeted. In May 2020, the national unemployment rate reached 14.9 percent, eclipsing levels not seen since the depths of the Great Depression. Millions of Americans filed for unemployment benefits, straining federal and state support systems. Policymakers responded with stimulus packages such as the CARES Act to stabilize the economy and assist affected workers. The rapid surge and gradual recovery underscored both the fragility and resilience of the modern labor market.