Essay on 1930's America

Essay on 1930's America

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1930's America


The wall street crash:

In the late 1920s, it seemed as if everybody was in the stock market.
Estimates vary from 1,000,000 to 25,000,000. Why not? Stock prices
just kept going up and up, making your original investment more and
more valuable. And here was the best part -- you didn't need a lot of
money to get into the market. You could buy on margin. First you
borrow the money to buy the stock (interest rates were a phenomenally
low 3 1/2%). Then you put up the stock as collateral for your loan.
Simple, easy money -- if stock prices go up, you collect your
dividends. If the price dips, you raise a little cash to cover your
loss and wait for the market to rise again. In 1929, so many people
were buying on margin that they had run up a debt of six billion
dollars. The prosperity couldn't last forever. On September 3, the
market dropped sharply only to rise and then drop again. It was like
tremors before a big earthquake but nobody heeded the warning. The
market had sagged temporarily before, but it always came back
stronger. The market dipped sharply again on October 4. Some began to
sweat as the market continued to decline, then they panicked. October
21 saw an avalanche of selling as many tried to salvage something from
their loss. On October 24 -- Black Thursday -- the panic took on a
life of its own as selling orders overwhelmed the Exchange's ability
to keep up with the transactions. Some Wall Street financiers tried to
inspire confidence by buying as many shares as they could. It worked
-- temporarily. Friday and Saturday saw sales drop and a glimmer of
hope return. On Monday the panic started again, and the...


... middle of paper ...


...st of important of these
was the White Knights of the Ku Klux Klan led by Robert Shelton. In
the Deep South considerable pressure was put on blacks by klansmen not
to vote. An example of this was the state of Mississippi. By 1960, 42%
of the population were black but only 2% were registered to vote.
Lynching was still employed as a method of terrorizing the local black
population.

[IMAGE]

[IMAGE] Normally the Ku Klux Klan only came out at night, wearing
white clothes and masks to conceal their identity. Why did they wear
these clothes? Because not only did it make them look menacing and
known to everyone but also they were breaking the law by being so
aggressive towards the black people, although the majority of
policemen would decide to turn a blind eye on seeing such
actions.

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