Mortgages and rent payments could not be met, so people were moving into 'Hoovervilles'. These were 'shanty towns', nicknamed after Herbert Hoover, who was president at the time of the Wall Street crash. Even people who had expensive cars, etc, before now had nothing, some were even unable to pay for a bus fare. People with jobs and profitable companies even lost out because 5,000 banks went bust and the financial system virtually collapsed. Farmers suffered greatly, thousands of families who farmed had to sell their farms as it became uneconomical to grow crops.
The Stock Market crash caused the Great Depression by making investors and companies losing majority of their money. The stock market crash happened on October 29, 1929 and was caused by the trading and selling of 12.9 million stocks. The Great Depression lasted from 1929 to 1939 and was the worst economic crisis which caused many people to become unemployed, businesses, and banks started to close and fail. Also the depression challenged American people and families by putting them in economic and social issues. Millions of people and families lost their savings and many banks which failed in the duration of the
The people that were affected the most by the Great Depression were stockholders. Thousands of stockholders lost enormous amounts of money on Black Tuesday. The rapid decrease of stock prices made stockholders lose their money within one day. Even though it was a devastating loss, there was no way to predict it. From 1925 to 1929, the average stock price doubled on the New York Stock exchange, making people invest ludicrous amounts of money in the hope that they would make a hug... ... middle of paper ... ...hange crash of October 1929 and therefore the succeeding depression alerted stockholders to be concerned about their own investments within the stock exchange instead of the data of other people’s investments.
The Great Depression was the start to a dreadful economic crisis in the American History. On October 4, 1929 a day that goes by the term “Black Tuesday” the Wall Street stock market collapsed, creating massive unemployment and pain throughout America. Many thought that this depression would only be minor, but they were wrong. This turned into a “major depression”(Who Built America? 392).
A banking crisis then swept across America, as the confidence of the American public fell. In 1929, 659 banks failed due to unpaid loans. As a result people stopped trusting banks and withdrew their savings. This in turn led to more banks failing. People in agriculture were hardest hit by the Depression because the 1920’s had not been kind to them anyway.
It was a time of economic turmoil in the United States between 1929 and 1939. In October of 1929, the stock market crashed sending Wall Street into a panic and destroying millions of investors’ likelihoods. America’s confidence slowly withered away. In Alan Brinkley’s book on culture and politics during the Great Depression, he describes how men looked for work day after day knowing there was no hope in finding a job (8). This insecurity caused families to feel ashamed and hopeless.
The causes and far-reaching effects of The Great Depression are examined. Discussion includes its impact on both American cultures and nations around the world. The role of World War II and the New Deal in overcoming the Depression are explored. The Great Depression began in October 1929, when the stock market in the United States dropped rapidly. Thousands of investors lost all of their of money and were forced to live on the streets often going without food.
With the banks relying on the circulation of money and people not needing all of their money all at once, the banks started to go bankrupt as they did not have enough money to give back everyone the money they have in the bank. The closing of banks started a blitz to get money from the banks before they closed due to not having enough money. These were a big part of the great depression and a major reason to the unemployment during this time. GML pg 849 The Presidents during this time were Hoover and Roosevelt and they both used very different tactics to combat the growing deficit in our nation's economics. With the troubling times came troubling problems that perplexed our nation’s government and forced them to deal with unforeseen circumstances that they were not accustomed to.
On October 24th, 1929 one of the most devastating events in American history occurred. Nearly half of America’s banks had failed and over 13 million people were unemployed. As a result of the Stock Market Crash of 1929, America spiraled downward into the Great Depression. Many people believed that Herbert Hoover was to blame for the Depression, because Hoover believed that the government should not do anything to the economy because the economy would eventually fix itself. As a child, Hoover was shy, sensitive, and introverted in response to the loss of his parents, and him and his siblings lived with their aunt and uncle.
The Great Depression was an economic problem in North America, Europe, and other industrialized countries around the world that began in 1929 and lasted until 1939. It was the longest and most stressing depression ever. The U.S. economy had gone into a depression six months earlier, but the Great Depression had begun with a breakdown of stock-market prices on the New York Stock Exchange in October 1929. The next three years stock prices in the United States had continued to drop, until 1932 it had dropped to about 20% of its value. Other than messing up thousands of individual investors, the decline in the value of good banks and other financial facilities went bad.