The company's stock would go down more and more because the company would lose money. Therefore, people would lose money and they would lose their homes and jobs. Also, bank failures happened and innocent people would lose money if they put their money in that bank. A lot of people became homeless because of this scenario. The Stock Market Crash had a significant impact on how Herbert Hoover’s presidency played out.
“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.
he Great Depression was a time of huge economic downfall. During this time period people lost their homes, money, and everything they had ever earned. Millions of people were affected, including the middle and lower classes, who would just become poorer. People in upper classes, even dropped to the lower class. This downfall began on October 29, 1929, and the leading cause was the crash of the stock market.
The Great Depression The United States fell into a growing hole of financial problems, called The Great Depression. As a country, we became poor because of the stock market crashing. Millions of Americans were losing jobs, and the leader of our country was facing more problems by the second. “By the 1930’s over 13 million Americans lost their jobs. The United States lost so much money that incomes were reduced by 40%,” (Degrace).
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.
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.
From 1929 to 1933, more than two-fifths of the nation’s 24,970 banks disappeared through failure or merger Robert J. Samuelson: Revisiting The Great Depression; page 15). Banking panics began as large numbers of investors lost confidence in their banks and demanded deposits in cash. As more banks went bankrupt, it only increased the panic and the demand for Americans to withdraw their money from the banks because they did not trust them. In addition to the banking crisis around the country, banks reduced lending and there was a fall in investment. People lost savings and this reduced consumer spending.
The Great Depression was a devastating period in United States History, the economy collapsed, and a staggering 25% of the population was unemployed. During this time, there were large wage disparity gaps that were very prevalent, there was no middle class, you were either wealthy or you were poor. It was hard for family life to continue, parents had to take up two and three jobs to make sure their kids were staying safe, and well. Most of these jobs were odd-jobs, and were temporary with no sense of security. It was a struggle to find work, and no job was too demeaning for you to do, because you may not find work again.
At the beginning of the 1930s the era known as the "Roaring Twenties" died and from it emerged one of the hardest times known to Americans. The 1930s were centered on the Great Depression and how to alleviate the millions of Americans who were affected by it. During this era, the American government, led by Franklin D. Roosevelt, attempted to reform the American economy and the lives of the American people. FDR's New Deal policies implemented in response to the Great Depression, were generally ineffective as they were unable to bring the lasting stability that Roosevelt originally called for. His New Deal policies raised controversy over the government's role in the economy and what some critics labeled socialist ideas.
Also, population decline was a big factor to the fall of Rome; it had decreased from 1,000,000 people to 250,000. The cause of the decrease was the lack of reproduction, plagues, warfare and lead poising, this made it difficult to recruit troops and economic life got worse.