On one of the most devastating days in economic history, the stock market crashed with the value of the dollar being useless. Many families were left without any warning, losing any of their savings placed in stocks. People started to worry, rushing to the banks to withdraw quickly whatever money they had left to make sure they didn 't lose anything else. Banks were closing faster than people could get to them, leaving people with nothing. The people who did grasp their money spent less on items that they needed because prices skyrocketed, which in return got people getting laid off from their jobs, worsening the economy and losing even more money.
This is because many people lost family members, money, and homes. A lot of people died from starvation and disease. Many banks failed, causing people who had money in that bank to lose it. Many people were left homeless and even died. Finally, Herbert Hoover made the Hoover Dam in 1931, to control flooding and generate electricity in the area.
In 1929, the U.S. was hit with the worst economic crisis in the history of the country, the Great Depression. The Great Depression left millions of people unemployed and cost millions their life's savings. The Depression lasted for ten long years for the American people. Since the Great Depression ended, people have studied it, trying to figure out what happened that started it all. The problem was, in fact, the poor economic habits of the people at the time, such as speculation, income maldistribution, and overproduction.
This downfall began on October 29, 1929, and the leading cause was the crash of the stock market. Those who put their money into stocks lost almost everything, including the Braddock family. In the movie Cinderella Man, James Braddock and his family show the struggle of life during the great depression. James, with no work available, struggled to win fights in boxing, in order to put food on the table for his family. Overall, Cinderella Man depicted many of the different aspects of the depression, and can provide a good explanation of what it was like for many families during that time.
(Szostak 22) The unemployment was u.s.a. trying to save some money, but it just made it worse. The stock market crashed and made the bank panic for money(Dewald 249). That is a problem because, they have no money to spend. The goods made the U.S.A. run
Film in the Great Depression When the stock market began to fall apart in the autumn of 1929, it triggered a domino effect that exposed many weaknesses in the American economy. “Between 1930 and 1933, over 9,000 American banks either went bankrupt or closed their doors to avoid bankruptcy. Partly as a result of these banking closures, the nation’s money supply shrank by perhaps a third or more between 1930 and 1933, which caused a decline in purchasing power and thus deflation. Manufactures and merchants began reducing prices, cutting back on production, and laying off workers. “(Brinkley Page 554-555) Without a job or as a result of underemployment, millions of American’s were hit hard in the pocket book.
The Great Depression, the worst economic downturn in the history of the industrialized world was at its lowest point in 1933, the beginning of the book. Over 15 million Americans were unemployed, and half of the country's banks had failed, malnutrition was a big problem for children due to their parents not being able to afford food for them, and many families were evicted from the houses or lands that they lived on. During this period, most African Americans worked on farms that were owned by white landowners and lived in rural areas. While life before the Great Depression was already arduous for African Americans, their living conditions worsened due to the fact that the farmers they worked for lost their land. As previously mentioned, food prices had deflated causing farmers to not be able to make a profit off of their land.
Try to imagine America twenty years from now. The streets are full of homeless people begging for money, as they do not have jobs, because they could not afford higher education. Diseases spread all over the country, because the cure is trapped in the mind of someone who cannot afford higher education. The economy is at an all-time low, because the people who went to college are living in debt, and offer no spending capacity. “Tuition is raising faster than the rate of inflation” (Watson).
“The Great Depression affected many countries worldwide. It began with the 1929 crash of the American stock market and ended with the onset of World War II”( Great Depression). The stock market crash was one of the worst times in American history. Thousands or even millions of people went west to look for jobs to provide for their families. The 1920’s started out as beautiful as the flower, but nobody had the time to just sit back and relax to even notice the resources were not there to sustain it.
Also all of the secondary business went down too, so nobody bought anything so all the workers were unemployed. Afterwards the businesses which relied on others, for example cars rely on tyres so if the tyre business went down then the car business would have to go down. This happened all over America and had a huge knock-off effect on the farmers as they need a lot of farmers to grow crops. This was all because of a financial disaster, and all of the countries around the world were involved and lasted for a decade. This links to the novel because Lennie and George signify a s being from the depression and looking for jobs.