The Economic Depression in America

529 Words3 Pages
The Economic Depression in America The economic depression in the United States in the 1930 was a unique and consequences. During the depression one American worker out every four was out of a job. The Fall of industrial company continues through out the 1930. There were serious economic weak spot, a chief one being a depressed were such in the agricultural sector. Also depression were such industries as coal mining, railroad, and textile thought the 1920. U.S bank had failed an average of 600 per years had thousand of other business firm. By 1928 the construction boom was one. The rise in price on the stock market from 1924 to 1929 bare little relation to actual economic conditions. In fact the boom in the stock market and in real estate, along with the expansion in credit and high profit for a few industries, concealed basic problem. The U.S stock market crash that occurred in October 1929, with huge losses, was the cause of the Great Depression, although the crash sparked and certainly market the beginning of the most traumatic economic period of modern time. By 1930. the slump was apparent but few people expected it to continue previous financial panics and depressions had reversed in a year or two. The usual forces of economic expansion had vanished. As business fail increased and unemployment soared and as people with dwindling income had to pay their creditors it was apparent that the U.S was in the economic breakdown. The deepening depression continue with the distress of million of people who lost jobs, home, and savings from 1929 to 1932 approximately 11,000 U.S banks failed and about $ 2 billion in deposits was soon gone. Agricultural distress was intense farm price fell by 53 percent from 1929-1932. There were even more problem during that summer droughts was a major problem. Farmer from the central state have to move out seeking for a job due to the dust storm that was occurring in their state such as Texas, Oklahoma, and Missouri. The devastating disaster of the dust bowl, the dust bowl created a dust storm that was consist of dirt and many other particle in the storm. This cause the lake, stream, and river not to be useful because of the dust that was in it. The dust bowl force families out of their home to find work and a new life elsewhere. Many families moved to California .The people in the dust bowl imagined California as a haven of jobs where they can have nice home and as many as fruit as they can eat.
Open Document