15 October 2014
The great depression was one of the worst phenomenon on the Earth. The Great Depression lasted from 1929 to 1939. It was the deepest and longest lasting economic downturn in the history of the Western industrialized world. 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. As consumer spending and investment dropped, the unemployment levels dropped dramatically. By 1933, some 13 to 15 million Americans were unemployed and nearly half of the country’s banks had failed according to (David M. Kennedy).
On October 24, 1929, the stock market bubble finally burst, as investors began dumping shares. A record 12.9 million shares were traded that day, known as “Black Thursday.” As consumer confidence vanished in the wake of the stock market crash, the downturn in spending and investment led factories and other businesses to slow down production and construction and begin firing their workers. Only few people were lucky enough to keep their jobs but their lives were still difficult. Millions of shares ended up worthless, and those investors who had bought stocks, with borrowed money were wiped out completely (History.com staff). The end of World War I began a new era in the United States. It was an era of confidence, optimism and enthusiasm. It was a time when inventions such as the airplane and radio made anything seem possible. A time when 19th century morals were set aside and flappers became the model of the new woman. A time when Prohibition changed and renewed confidence in the productivity of the common man. It is in times of optimism that people take their sa...
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