Not only did the banks lose everyone’s deposits but natural disasters such as droughts and dust storms hit the plain states in America as well (The 1930s). Between 1929 and 1932 the National Income was cut in half, which in turn led to the working class to have to lay off all of their employees. Companies all across america laid off nearly one-fourth of their employees. Most of the families that lived off of the steel, agricultural, and unions all suffered (The 1930s: Lifestyles and social trends: Overview). After the
Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most. The Depression caused many farmers to lose their farms. At the same time, years of erosion and a drought created the “Dust Bowl” in the Midwest, where no crops could grow. Thousands of these farmers and other unemployed workers looked for work in California. Many ended up living as homeless “hobos” or in shantytowns called “Hoovervilles," named after then-President Herbert Hoover.
The combination of a heavy price decline of agricultural products and overproduction of crops led to a significant number of farmers abandoning their farms and homestead. In the 1930s, a severe drought referred to as “the dust bowl”, would bring further damage to the southern states of America. As a result of a combination of problems, such as dry soil and lack of income due to the price reduction, forced many families to vacate their farms. The critical decline in farming led to a catastrophic widespread hunger and left even more people in poverty. 500 000 Americans were left homeless, travelling west in search of jobs in an already tight job
Poorhouses housed not only the poor and sick elderly people, but it housed the mentally ill, drunks, and immigrants. These places were often filthy and overrun with rats and illness. Staff often separated husbands and wives, gave out tasks to the ill, and there were reports of the elderly dying unattended. During this time life expectancy was under 50 years old, During the Great Depression a nationwide protest movement was sparked and those elderly middle-class people who had saved all of their lives only to find their savings gone were at the front of the movement. In 1933, the passage of Social Security in the US, created a system of national pensions which secured retirement and the future of a widow.
Mayella Ewell comes from a poor family who is viewed in the Maycomb society as “white trash.” The Finch family has to face harsh criticism in the heavily racist Maycomb because of Atticus decision to help Tom. The soundtrack of the movie is important so the songs I choose are “Strange Fruit”, “Tearin’ up My Heart”, and “Eye of the Sparrow” which are good choices for the soundtrack. The first song I choose is “Strange Fruit” by Billie Holiday. It is a dark profound song about the lynching of African Americans in the southern United States during the Jim Crow Era. It was a protest song that Billie Holiday very rarely performed due to threats.
Banks, stores, and factories were closed and left millions of Americans jobless, homeless, and penniless. Many people came to depend on the government or charity to provide them with food. It led to a sharp decrease in world trade as each country tried to protect their own industries and products by raising tariffs on imported goods. The economy continued to fall almost every month. At first, the stock market was an important but not the dominant influence.
Many Americans found themselves lacking money during the 1930s as the supply of money became unable to keep up with the demand people had for it (Wicker 994). The banks closing and people losing money or property due to loans, left people in a state of poverty as they lacked the money to do anything about it. Alongside the Great Depression, the Dust Bowl occurred as well. Many American farmers faced large dust storms during the 1930s, causing changes to their livelihood and state of being (Lookingbill 1). These dust storms made changes to the Great Plains, forcing away a large number of farm families.
The Great Depression lasted for many years and brought countless people down in the mess of it all. The three main factors to the economic collapse during this period was the Stock market crash of 1929, the failure of many banks in the United States, and a severe drought. The Stock market crash of 1929, also called the Great Crash, was a sharp decline in U.S. stock market values, which was the biggest factor of economic decline during the Great Depression. Although it was not the direct cause of the Depression, it worsened it by creating factors that led to economic downfall. On October 24 of 1929, otherwise known as Black Thursday, a record 12,894,650 shares were traded.
In the Enron case the stakeholders that suffered most of the losses of the company were its employees who lost all their retirement funds invested in the form of Enron stocks, and the general public who have invested their funds in the company’s stocks and lost all their investments when overnights the stock prices of the Enron dropped from $90 to less than $1. Furthermore, a big question was raised on the efficiency and effectiveness of the regulatory authorities especially on the working of the US SEC. after the collapse of the Enron the public trust was badly shaken which affected the overall economy
The United States faced an economic crisis that led to the loss of billions of money in the stock market. American life turned down to the extent that banks fell and investors could no longer invest in the country. Many companies closed, and millions of citizens lost their job. Crime became a way of life for many during the Great Depression as it was almost impossible to find work. The industrial production in the United States declined 47% and gross domestic product (GDP) fell 30% (Ohanian, 2017).