The Great Crash generally refers to the stock market crash (in America - Wall Street) on 29 October, 1929. It started on Thursday, 23 October when just before the 3:00 pm bell rang, the stock prices instantly fell. For the following week stocks fell lower and faster and changed hands so fast, the machines that kept track of these stocks seemed unable to cope up with the activity. All along while President Herbert Hoover reassured the people of America that the nation was “on a sound and prosperous basis”, more panic spread and because the uncertainty and risk was rising, people wanted their money back. In all this frenzy the United States Securities Regulation agencies could have shut down the market but they feared that would only spread more fear and could have led to a violent display of the emotions of the public.
How did the Great Depression affect the American society and why did it take place? The Great Depression was a long-lasting downfall for the economy that started in 1929 and ended in 1941, lasting more than a decade. It affected the American society by bringing unemployment, starvation, and millions of humans who were deprived. The Great Depression started near after the fall of the stock market on October 24, 1929 which caused thousands and thousands to panic and obliterated many investors. Before the stock market crash, it was the Roaring Twenties.
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.
In what ways did the Great Depression affect the American people? After a decade of economic prosperity, what seemed like an era that defined the concept of the American dream, quickly came to an end when the stock market on Wall Street collapsed in 1929. The aftermath of the events that occurred on Wall Street would put its heavy mark on the years to follow among the citizens of the United States. Banks closed down, unemployment rose and homelessness increased. It was a widespread national catastrophe that had its impacts on both poor and rich.
One cause of the Great Depression was the Stock Market Crash of 1929. The Stock Market Crash in return led to thousands of national banks failing, and billions of dollars lost in deposits (Barnes & Bowles, 2014). Americans become frightful of losing their cash, and they rushed to pull their reserve funds from their neighborhood banks.With minimal expenditure staying inside the banks created a destruction or closing of a significant number of the nation 's bank. The last result viewed as that the banks had fizzled. So battle such a cause it was chosen to the "end the country 's financial institution by President Roosevelt.
Finally, Herbert Hoover made the Hoover Dam in 1931, to control flooding and generate electricity in the area. The Stock market Crash was one of the causes of the Great Depression. One cause of the Stock Market Crash was the stock exchange. This led thousands of Americans to invest in stocks and lose money.Many Americans borrowed money from the bank to buy stocks. Most of the time, people who lost money were unable to pay the banks back their debt; which caused banks to fail.
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.
“On October 24, 1929 prices on the New York Stock Exchange collapsed. Losses estimated between $8 billion and $9 billion”( Account of the Stock Market Crash of 1929, October, 1929). As a result, the “Great Depression” was a period of severe economic hardship that began in 1929 and lasted most of the 1930’s. Therefore, many Americans lost their jobs, homes, and their savings. “The Great Depression affected many countries worldwide.
However, In 1929, the stock market crashed and uprooted many investors. Unemployment was high, and the number of families struggling to get food on the table was baffling. Many families had to send kids away so they could live a better life. It wasn’t until World War II when the economy improved, which was ten years later. In the movie Seabiscuit, Mr. Howard, a car designer, loses his son ironically in a tragic car accident, which fuels his divorce with his wife.
Stock Market Failure- Tyler The day the stock markets failed or Black Tuesday, October 29, 1929 In fact, it was one of the major causes that led to the Great Depression. Two months after the original crash in October, stockholders had lost more than $40 billion dollars. Even though the stock market began to regain some of its losses, by the end of 1930, it just was not enough and America truly entered what is called the Great Depression. Coming out of World War I, America was high-rolling. With new products, the automobile, washing machine, and the vacuum and many more.