This led to many impoverished families being forced into homelessness, poverty and starvation. Every town had a so-called Hooverville, a shanty town of ramshackle huts where migrants lived, while they searched for work. In these Hoovervilles, conditions were unsanitary and disease spread easily. Many of these people lived on food provided by charities, but by 1932, the Red Cross, for example, could only give 75 cents a week to each family. A banking crisis then swept across America, as the confidence of the American public fell.
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 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).
Causes of the Great Depression The Great Depression also called Depression of 1929, or Slump of 1929, began in 1929 and lasted until 1939. It was the longest and most severe depression ever experienced by the industrialized world. Though the United States economy had gone into depression six months earlier, the Great Depression may said to have begun with a catastrophic collapse of the stock market prices on the New York Stock Exchange in October 1929 call the Stock Market Crash of 1929. During the next three years stock prices in the United States continued to fall, until by late 1932 the had dropped 20 percent of their value in 1929 (http://www.britannica.com/bcom/eb/article/0/0,5716,38610+1,00.html). More than a half-century after the fact, there is no consensus on that caused the Great Depression.
The Great Depression was an economic recession that began on October 29, 1929, following the crash of the U.S. stock market. This was a tremendous tragedy that placed millions of Americans out of work and was the beginning of government involvement in the economy and in society as a whole. The crash of the stock market is what ultimately caused this depression. After about a decade of prosperity, the US was thrown into despair on Black Tuesday as stock prices plummeted. Numerous amounts of people tried to sell their stock, but no one would buy.
The year 1920-1941 was an era of destitution in America. Even if the 1920’s were recognized as period of prosperity and new technology, the poverty that followed was unimaginable. The situation affected all types of people regardless of skin color and social status. When the banking system collapse people stopped spending in fear of loosing everything, because of this business owners had to reduce production as well as workers, as a result many lost their job and suffer in deep poverty. The seen of starving children and desperate parents on a street has become common.
The Great Depression represented the most horrific economic downfall the United States has ever experienced. The Depression lasted around 11 years, from 1929 to 1940s. Millions of people were effected from this disaster that couldn't be controlled by only one man. As a result, it has become one of the worst points in American history. One of the major causes of the Great Depression was the stock market crash in October of 1929.
“These skyrocketing stock prices signaled trouble for the U.S. economy” (Causes of the Great Depression. This caused businesses and factories to fire workers because they lost money when the stock market crash and now since the economy is in fear people did not want to spend their money. In poor areas, schools were being shut down, which left about 300,000 children with no education. If children didn’t get any education then there would be even little hope for them to get a job to keep them financially stable. There was absolute chaos when people heard that the stock market had crashed, which led to bank runs.
The American’s lack of attention during the first crashes of the stock market continuously led to a greater and greater downfall of banks and companies. As a result, the unemployment rate sent thousands of people and families rushing to find jobs opportunities elsewhere. This led to abandonment for many families. The great drought caused even more hardships and also sent my farmers and families searching for jobs. To the nations rescue, President Franklin D. Roosevelt was elected and provided many alternative solutions for repairing of America.
The Great depression and the Recession of 2008 There were many causes for the great depression in the 1929; the most noticeable one was the stock market crash of 1929. This crash started on the 24 of October then on October 29, the stock market just dropped on a day called Black Tuesday. After that, everything fell, the banks failed because they do not have the money to give out to the people. There was also a reduction in purchasing across the board. There was also severe drought and American economic policy with Europe was strict which made businesses to fall.