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New Deal DBQ Essay

625 Words3 Pages

The place to go get rich they called it. Wall Street had the biggest boom in the 1920s, which was influenced by the United States successful venture of World War One. This prosperity seemed to have no end but on October 29, 1929 (now known as black Tuesday) the American Stock Market crashed. This thus plunged the United States into the deepest economic depression the world had yet to witness. This depression began due to the stock market crash but other reasons such as the massive income inequality and the new American system of instalment buying set the course with ultimately lead the United States to The Great Depression. In the 1920s the American wealth exploded. It brought forward an increase of millionaires by 400% but this in turn buried the already poor Americans into a deeper hole of poverty. The difference in income between the wealthy class, the middle class and the poor class was absolutely massive. In total 60% of all Americans lived at or below the poverty line of $2,000. This left 32% of Americans living at the average income line of $2,000-$5,000 and the final 8% lived at the wealthy or above average line of over $5,000 (Doc 9). Although the United States had accumulated a substantial …show more content…

This adversity was soon overcome by the rise of a new system in America by name of Instalment Buying. This system allowed people to buy products that they would normally be unable to buy. Banks would buy products for people on the condition that the people would pay the bank back in payments over a course of time (Doc 6). This system was the the second cause of The Great Depression after income inequality because if people became unable to pay the bank its loans back, millions of dollars would simply disappear. That was exactly what happened on October 29, 1929 (Doc

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