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1929 wall street stock crash and their economic and social impact in USA
1929 wall street stock crash and their economic and social impact in USA
1929 financial crisis
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Rough Draft
Larry Heitmeier
Period 3
In America the Great Depression hit hard especially in the 1930’s. People lost their jobs and then their homes. When the depression hit everyone blamed President Hoover for all of the homelessness. Hoovervilles are an important part of history; some important things about hoovervilles are how they started and who it involved.
The Great Depression was most likely the most severe and enduring economic crashes in the 20th Century (Source 1). That included a quick drop in the supply and demand of goods and services along with a big rise in unemployment (Source 1). Many things were the cause of the Great Depression, one is the U.S. stock market crash (Source 1). And two is the widespread failure in the American bank system
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St. Louis, Missouri had one of the largest and long lasting Hoovervilles (Source 2). There were also many in Washington, hundreds throughout the country (Source 2). The main Hooverville in Seattle was one of the largest, long-lasting and best documented in America (Source 2). In Seattle many shacks showed up in many places (Source 2). In late 1935, the city Health Department estimated that 4,000 to 5,000 people were living in shack towns (Source 2). The city tolerated Hoovervilles before World War II (Source 2). In April, residents of the main shack towns were given notice to leave by May 1 (Source 2). Police officers drenches the little shacks with kerosene and lit them as people watched (Source 2). Tacoma hosted a large Hooverville near the city garbage dump. Residents called it “Hollywood-on-the-Tideflats” (Source 2). By the end of a decade it covered a six block area (Source 2). In May 1942, after Seattle destroyed its Hoovervilles, the Tacoma Fire Dept. burned fifty “Hollywood” shacks (Source 2). But the residents rebuilt and it remained intact through World War II (Source 2). Hoovervilles were common all over the United States especially in
Hoovervilles were started when a lot of people lost money due to the stock market crash of 1929 and couldn't pay for rent or mortgage, so they lost their homes. Once they were homeless, they got together and created many Hoovervilles. Hoovervilles sprang up all over the country. Hoovervilles were named to make fun of the Republican president who was then in leadership, Herbert Hoover. Herbert Hoover was widely blamed for the stock market crash, which caused all of these people homeless. They also were upset that the government didn’t help them.
The occurrence of the Great Depression was an inevitable economic disaster that was caused by a variety of reasons and events that happened in the U.S. and across the world. The lack of diversification was one of the main causes of the Great Depression as the dependence on only certain industries like the automobile industry began years before; and because of the prolonged success of such industries, their demise could not have been predicted. World War I was an event that had a major impact on the Great Depression because of the complexity of the international debt owed to the U.S, and the decline of international trade. In addition, the failure of the bank system and the reckless investments that banks, businesses and the American public made contributed to the manifestation of the Great Depression.
The Great Depression was the worst unprofitable 10 years in history. This worst time period lasted from 1929 to 1939 and it began after the stock market crashed in 1929. The economic crisis caused many people to become unemployed and businesses and companies failing. Many banks failed and the majority of America's population had lost almost all of their money. This happened
Many people think that the Great Depression was caused solely by the stock market crash. Anybody who tells you this probably didn’t pass U.S. History in high school. The fact is, the Great Depression was caused many different factors. Four of which were overproduction, uneven distribution of wealth, protective tariffs, and the four “sick industries” of the 1920’s.
The Great Depression is known to be the most worldwide depression of the entire twentieth century. It is well known and still studied today in history. The Great Depression was cause when the stock market crashed in the late 1920s. Before the Great Depression everything appeared to be going well and poverty was at a high in the twenties in which was referred to the roaring twenties. The Great Depression started on October 29, 1929, which is the day the stock market collapsed. This day is referred to as Black Tuesday. To the horrors of many people, this Depression lasted a full decade shocking everyone on how a once stabile economy can go from prosperity to nothing overnight. People have attributed the Great Depression as
The Great Depression was caused by many situations with many scenarios. One major scenario was the Stock Market Crash of 1929, this was one of the major causes. Another is when the banks failed, this stopped the people from collecting their money so they could not get the goods they needed. A third scenario that kinda leads to the Great Depression is drought conditions, this led to people not being able to pay their taxes. There are so many small and major scenarios that could have or did lead to the Great Depression. Banks failing was a major too, people tend to rely on money a lot so this would have a major impact.
The causes of the Great Depression in the early 20th century is a matter of active debate between economists. Although the popular belief is that the main cause was the crashing Stock Market in 1929 caused the Great Depression, There were other major economic events that contributed just as much as the crash, such as American’s overextension of credit, an unequal distribution of wealth, over production of goods, and a severe drop in business revenue. As these events transpired the state of economic crisis in the US began to skyrocket.
The Great Depression was the worst and longest economic downturn in the history of the world economy. The Depression began in 1929 and lasted until 1939. The Great Depression damaged the global status of the United States. This economic meltdown affected Western industrialized economies but its effects spread across other nations. The Great Depression began in the United States, which experienced its worst effects. However, some argue that the Depression began about 10 years earlier in Europe but the United States assumed that it was immune to such a downturn. Consequently, the American government at that time did not formulate policies and measures to ensure that the country did not experience the same meltdown as Europe.
The ten year span of the Great Depression showed families how to live without a stable home or even going to bed without dinner some nights. First off, many people living in the 1930’s were unemployed and homeless, causing them to live in Hoovervilles. The citizens living in Hoovervilles lived unsanitary lives and often faced hunger. In fact, Hoovervilles were built out of unwanted material and provided little shelter. Many put all the blame on the then president, Herbert Hoover, when he refused to help his people through this life changing event. The comparison of Hoover and his poor decisions often got compared to the poor situations that his people had to live in. Hoover should no support during his presidency. Therefore, life during the
The Great Depression was an economic slump that spread from the United States to Europe, and other industrialized areas. The Great Depression began in 1929 and ended around 1939. The Great Depression was caused by the collapse of the stock market in October of 1929. According to About the Great Depression, “By 1932 the stock market dropped by 20 percent and ruined many people’s jobs, and individual investors. By 1932 United States manufacturing had fallen from 54 percent and unemployment had risen to 12-15 million or 25-30 percent. By 1933, 11,000 of 25,000 United States banks have failed.” “By 1933 unemployment had soared to 25 percent, up from 3.2 percent in 1929. Industrial production declined by 50 percent, international trade plunged 30
The Great Depression was the deepest, and the longest lasting economic downturn in the history of the Western Industrialized World. The Great Depression in the United States had begun soon after the stock market was crashed in October of 1929, this had sent Wall Street into a panic, and wiped out millions of investigators. There are many more causes to the Great Depression such as Bank Failures, Reduction in the Purchasing Across the board, American Economic Policy with Europe, and there are many more. Also the effects of the Great Depression were huge all across the world. Not only did it lead to the New Deal, but more significantly, this was a direct cause of the rise of extremism in Germany, which was leading to World War ll.
the Great Depression. Many people had realized they weren’t making money from stock anymore because they dropped so they tried to sell them but very few people bought. For all the people who bought on margin now have to pay, but most couldn’t pay back so they had their belongings taken away from them. The Great Depression is a serious economic downturn in the nation. The Great Depression is caused by the use of credit over speculations monetary policies.
The Great Depression was the deepest and longest-lasting economic downfall in the history of the United Sates. No event has yet to rival The Great Depression to the present day today although we have had recessions in the past, and some economic panics, fears. Thankfully the United States of America has had its shares of experiences from the foundation of this country and throughout its growth many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn from this single tragic event, numerous amounts of chain reactions occurred.
The great depression, we all have heard about it. I didn’t have the chance to study or to learn more about it. Now I have the chance to learn more by reading the article. During the 1920s the world experienced a catastrophic economic collapse, the likes of which that never been seen before. It was unlike previous “depressions” when economic activity would always recover following few years of economic failure. The one that spread-out in the 1930s was greater in magnitude, a 25% to 50% drop in total production; was longer in duration, took roughly ten years from 1929 to 1939 and was wider in scale, overwhelmed the whole of the global economy. With unemployment rates climbing to 25% in the United States and Britain and 40% in Germany, governments
The Great Depression was a period of first-time decline in economic movement. It occurred between the years 1929 and 1939. It was the worst and longest economic breakdown in history. The Wall Street stock market crash started the Great Depression; it had terrible effects on the country (United States of America). When the stock market started failing many factories closed production of all types of good. Businesses and banks started closing down and farmers fell into bankruptcy. Many people lost everything, their jobs, their savings, and homes. More than thirteen million people were unemployed.