The Disaster That Hurt Millions

Good Essays
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. Investment companies and leading bankers attempted to stabilize the market by buying up great blocks of stock. On Tuesday, the stock prices collapsed completely” ("Stock Market Crashes"). Thousands of people were invested in these stocks and they lost millions of dollars because of the crash. The Stock Market Crash triggered a banking crisis, business failures and trouble overseas. American banks were affected most by the Stock Market Crash. Many banks had to go out of business which had an immense impact on American people. “Worse, many banks had themselves invested, directly or indirectly, in the stock market. They had purchased stock in companies whose shares were now crumbling in value” (Ayers 678). After the stocks crashed, people who were invested in them, lost thousands even millions of dollars. The banks were the top investors so they lost the most amount of money with their invested stocks, along with the frightened depositors withdrawing their savings, draining money quickly from the bank. Hundreds of banks failed and shut down because of their loses. CLOSING STATEMENT: although, … Businesses were also affected by the Stock Market Crash. Many businesses were already struggling so the crash hurt them even more. “With money scarce, banks and investors were suddenly unwilling or unable to provide industry with the money it needed to gr... ... middle of paper ... ...oblems here in the United States started happening overseas. There was a high tariff put on products that were needed to be exported to other countries which caused more harm to other economies. It is easy to see that the Stock Market Crash was a horrible event for America. It led to the downfall of our economy and hurt many Americans. The Stock Market Crash eventually showed how strong America was because we were able to pull out of something so horrible and it led to the thriving economy we have today. Works Cited "Stock Market Crash of 1929." A&E Television Networks, n.d. Web. 16 Dec. 2013. Ayers, Edward. Holt American Anthem. Orlando: Holt, Rinehart and Winston, 2009. Print. Taylor, Nick. "The Great Depression." The New York Times. N.p., n.d. Web. 06 Jan. 2014. "Stock Market Crashes." A&E Television Networks, n.d. Web. 09 Jan. 2014.
Get Access