Black Friday Causes And Effects
On Black Tuesday, October 29, 1929, the stock market crashed, triggering the Great Depression, the worst economic collapse in the history of the modern industrial world. Black Friday, Black Friday is the day celebrated after Thanksgiving, originally known for the day of the stock market catastrophe. Closing stocks that morning on November 1st for a few days, opening again on Monday, November 4th for limited hours until stocks dropped again. Before hand overall starting on October 29, 1929 known as Black Tuesday, the day the stock market lost 11% despite attempts by major investors to support stock prices. (PBS. "The Great Depression." The American Experience.)
Two major causes that had caused the stock market to crash were the values in stocks and bank failures. Throughout the 1920s a long boom took stock prices to peaks never before seen. From 1920 to 1929 stocks more than quadrupled in value. Many investors became …show more content…
Unemployment was a huge problem during the Great Depression. From 1929 to 1933, the unemployment rate in the United States rose from 3.2% to the incredibly high 24.9% meaning that one out of every four people were out of work. Families were hit hardest, by 1930, 4 million Americans looking for work could not find it; that number had risen to 6 million in 1931. Meanwhile, the country’s industrial production had dropped by half. Bread lines, soup kitchens and rising numbers The Great Depression and the stock market crash changed forever the relationship between Americans and their government. Government involvement and responsibility in caring for the needy and regulating the economy came to be expected. of homeless people became more and more common in America’s towns and
Two major causes that had caused the stock market to crash were the values in stocks and bank failures. Throughout the 1920s a long boom took stock prices to peaks never before seen. From 1920 to 1929 stocks more than quadrupled in value. Many investors became …show more content…
Unemployment was a huge problem during the Great Depression. From 1929 to 1933, the unemployment rate in the United States rose from 3.2% to the incredibly high 24.9% meaning that one out of every four people were out of work. Families were hit hardest, by 1930, 4 million Americans looking for work could not find it; that number had risen to 6 million in 1931. Meanwhile, the country’s industrial production had dropped by half. Bread lines, soup kitchens and rising numbers The Great Depression and the stock market crash changed forever the relationship between Americans and their government. Government involvement and responsibility in caring for the needy and regulating the economy came to be expected. of homeless people became more and more common in America’s towns and