Start Here On October 29th, 1929, the hugest stock market crash befell in American history which is as known as Black Tuesday. It triggered the final consequence under the unstable society and lead to the Great Depression. The Great Depression was a period time from 1929 to 1939 when American was in its deepest economic downturn in history. Consumer spending and banks were two of the long-term causes of the Great Depression.
On October 29th, 1929, the worst economic downfall to ever happen occurred. This date marks the beginning of a long twelve-year depression filled with suffering of many kinds for all types of classes of people. Ontop of suffering for classes of all kinds, there were many causes of this depression that ruined lives not only in the United States but worldwide as well. Because of the effects of this depression it caused the civilians and the government to react and be effected in numerous negative ways.
When Roosevelt came along he help pick up peoples spirits (“The New Deal”). Franklin D. Roosevelt had come into office promising a New Deal for the American people, This was used to help address the effects of the Great Depression. Roosevelt had and many others had made many new and successful programs that helped people get back on their feet such as the Emergency Banking Bill, which stabilized the banking system and restored the faith back into the public. With all of these new programs Roosevelt had given the people their hope and their jobs back (“The New
After the end of the World War I, United States’ booming economy took a drastic turn, which led United States to the worst economic depression in history. During the 1920s, the United States had a good, solid economy, and a strong stock market. The consumer economy of United States was strong because of new products, higher wages, lower prices, advertisements, and credit. The President of United States from 1923 to 1929, Calvin Coolidge, believed in Laissez faire, which was a belief that the government should leave the economy alone. The most valuable economy of United States took a downfall on October 29, 1929, when the stock market crashed; it is also known as Black Tuesday.
The Great Depression was a worldwide economic slump that affected people of all sorts. In the United States, the unemployment rose to an all time high of 25% in 1933. These were desperate times, and desperate measures were taken just so you could get by. Because of these desperate measures, the culture of the country changed. As Lawrence Friedman put it, “Poverty and social disorganization were eating away at the country’s social fabric.”.
Prior to the Great Depression, America experienced an ordinary recession. consumer spending dropped and unsold goods began to pile up, slowing production. At the same time, stock prices continued to rise, and by the fall of that year had reached levels that could not be justified by anticipated future gains in profits. On October 24, 1929, the stock market bubble burst as investors began dumping shares in mass quantities. Finally, on October 29, 1929, the stock market collapsed.
This dark time in history began with the collapse of the stock market in October of 1929. Wall Street became unstable and in turn wiped out millions of investors, which caused the United States to fall into the longest and deepest economic crisis in its history. Although the stock market crash of 1929 started the chain of events, other events also fueled its decline. First, firms in America earned record profits during the 1920s and reinvested much of those funds into expansion. By 1929, companies had expanded to the “bubble point”.
Following the end of the First World War, the United States was initially prosperous. In 1929, that prosperous age about-faced into a downward spiral that enveloped the entire country. What was eventually called the Great Depression was essentially caused by four major events. At the start, the stock market was strong and thriving and the population was willing to invest in it. Americans were so confident in the market, in fact, that it was common for them to take out loans to fund their investments.
American economy had completely shattered during the depression. Beforehand, the US implemented high tariffs on foreign goods, aiming to improve the US's own economy. This was a form of Protectionism. These tariffs slowed down world trade. The economy was falling off the economic edge.
America faced many adversities in its past, one of its greatest adversities was not war nor disease, but in fact, an economic disaster. In the years of 1929 – 1939, America suffered exponential damage to its economy and stock market. The Great Depression had severe effects on the United States such as an economic crisis, the need for a new president, a call for action, and as seen in Of Mice and Men, the cause for migrant workers. The peak of the great depression was unarguably the hardest time of the whole great depression. Between the peak and the trough of the downturn, industrial production in the United States declined 47 percent and real Gross Domestic Product fell to 30 percent (Benson, “The Great Depression”).
Imagine waking up on what seems to be a normal day. Just to find out that stock markets have crashed and all of your hard earned money is gone! Well, it happened. Thursday October 24, 1929 the Great Depression had begun. People lost nearly everything, lost jobs, lost the ability to do what they want when they want, and had to make major cutbacks.
President Franklin Delano Roosevelt’s New Deal reforms had a tremendous effect on the american society, helping America recover from the Great Depression. Franklin D. Roosevelt presidency from March 4, 1933 to April 12, 1945 is one of the most important presidencies in American history. Being elected during the Great Depression, Franklin D. Roosevelt was faced with many challenges. With 13 to 15 million americans unemployed (more than 20 perecent), half of the banks failed, and the stock market at the worst it had ever been, Franklin D. Roosevelt had to renew faith in the people of america.
It wasn 't until October 23, 1929 when everything started to go downhill. On October 23, Dow Jones dropped 21 points in 1 hour. On October 28,