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 an overwhelming social and economic change to the culture. The Great Depression was a time of widespread poverty, mass unemployment and national bankruptcy. Following a Stock Market Crash in 1929, series of tragedies including bank failures, job loss, and even drought, harmed America until a set of “New Deal” programs restored their glory. Though the Stock Market Crash was known as the start of the Great Depression there were many more causes such as bank failures and droughts. The Great Depression happened between the years of 1929 and 1939.
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.
During the beginning of the Great Depression, 9000 banks were closed, ending nine million savings accounts. This lead to the closing of eighty-six thousand businesses, a European depression, an overproduction of food, and a lowering of prices. It also led to more people going hungry, more homeless people, and much lower job wages. There was a 28% increase in the amount of homeless people from 1929 to 1933. And in the midst of the beginning of the Great Depression, President Hoover did nothing to improve the condition of the nation.
October 29, 1929 was a dark day that made the textbooks as 16,410,030 shares of stocks were sold in swarms, consequently beginning the Great Depression. This day will forever be known as “Black Tuesday”, when the stock market went from an upbeat roaring to a screeching halt. The Nation’s economy diminished, banks failed, and people everywhere suffered from scarcity and insufficiency of resources and job opportunity. Which left more than 10 million unemployed workers and their families submerged into the pit of poverty (American Heritage Center). A response of some people, usually teenagers was to “ride the rails” in order to survive during the lack of basic necessity.
The phrase “use it up, wear it out, make it do or do without” was used in abounding households during the Great Depression. The Great Depression was the most severe and longest depression experienced by anyone ever. It was a total economic slump that began in North America in 1929. Consumer spending and investment declined, causing industrial output to lessen which led to unemployment. When the Great Depression reached its lowest point, almost half of America’s bank had closed and 13 to 15 million people were unemployed.
The effects of The Great Depression lasted for many years. The Great Depression started on a day in American and world history that was sindged into our hearts forever; October 29, 1929 (Black Tuesday). The Dow Jones Industrial average on the New York Stock Exchange fell 12% and caused many people to lose their invested money and assets. The Depression was felt worldwide as we saw nearly 35% of all jobs and trade lost during this period of time. At the depression’s peak, the Dow Jones Industrial Average lost 89% of its assets and value.
15 million workers were left jobless. Billions of dollars were lost, wiping out thousands of investors (Taylor). The Stock Market Crash began in late October 1929 and was the most overwhelming crash in the history of the United States. “Stock prices began to decline in September and early October 1929, and on October 18 the fall began. On October 24, a record 12,894,650 shares were traded.
The stock market crash wiped out all of these investors that were involved in the stock market. This day came to be known as Black Thursday. Five days later, a day that is known as Black Tuesday, stock prices dropped to the lowest they have ever been yet. "The stock market lost around ten billion dollars" (The Great Depression, History). The stock market crash was a major problem but it linked to more problems that were to happen.
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).