Black Tuesday: The Worst Economic Time Period In United States History
The Great Depression was undoubtedly the worst economical time period in United States history. On October 29, 1929, prices of stock in the New York Stock Exchange fell drastically, and following the declinations, the stock market officially crashed. This day was known as “Black Tuesday,” and its effects would last for a decade. To say that a person was not affected by the Depression would be a complete lie, as every single citizen within the country was affected by this omnipotent crash. From wealthy families in New York City, to minorities in the South, the stock market crash brought pain and suffering to everyone.
After crash of the New York Stock Exchange, the lives of American citizens began to change rapidly. Factories and businesses began firing employees at extremely high rates, as they could no longer afford their employees. In fact, about 25% of the nation’s able-bodied people were unemployed. In addition, banks began to permanently close their doors. This was because many people wanted all of their money physically in front of them; however, the banks did not have a great supply of money to give, and eventually, ran out of money entirely. The rising of unemployment and the closings of banks caused an abundance of people to begin to live in a world of poverty.
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This occurrence happened to hundreds of thousands of people within the nation (1.) To combat homelessness, shanty villages composed of cardboard boxes, crates, tarps, and essentially anything else that could be used to build some sort of shelter became very popular. These villages were known as “Hoovervilles.” The term “Hooverville” was used as a politicized label to blame President Hoover and the Republican party for the economical crisis that was shed upon the American people
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570 Words | 3 PagesThe Great Depression in United State from 1929-1939 Great depression the economic crisis of a nation, and it’s affected the whole world. The great depression was one of the most severe and worst economic crisis that the united states have ever experienced in history. The United States was a state that was flourishing in its economic system, their power of industrialization was booming, consumers were spending and investing, there was economic growth. But around October 24th 1929, which was also known as black Thursday there was a stock market crash, the value of stocks dropped, and cross the country hyperactive brokers hurried to place sell order. This fall in the stock market sent the United States into a shock and swabbed out a lot of investors.
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803 Words | 4 PagesIn the aftermath of Black Tuesday, America and the rest of the world coiled into The Great Depression (1929-39), the deepest and longest-lasting economic downturn in American history. The Great Depression made all of America realize how delicate our economy is. One thing goes wrong and the whole thing can just fall like dominos. The Great Depression was important because it pushed the US into a better economic system.
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1403 Words | 6 PagesThe economy of the United States expanded greatly through the 1920 's reaching its climax in August 1929. By this point, production had already declined and unemployment was at an all-time high, leaving stocks to imitate their real value. During the stock market crash of 1929, better known as Black Tuesday, investors traded vast numbers of shares in a single day, causing billions of dollars to be lost and millions of investors to be eliminated. This "crash" signaled the beginning of a decade long Great Depression that would affect all Western industrialized nations; a crash that would later become known as one of the darkest, longest lasting, economic downturns in American history. People all around the world suffered greatly as personal income,
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