There were many three major economic causes that triggered the Great Depression: the stock market crash of 1929, the nationwide bank failures and a strangled European foreign policy. The biggest cause was the Stock Market Crash of 1929. October 29th, 1929, also known as Black Tuesday, has been known as the worst day in the history of the New York Stock Exchange. On Black Tuesday, 16.4 million shares worth nearly $14 billion, worth roughly $185 billion today, were lost. The stock market dropped 25% and lost another $30 billion, worth roughly $1.3 trillion today, over the next four days. The stock market reached its lowest point on November 13th, 1929. In addition to the Wall Street Crash, banks all over the country began to fail. Deposits were uninsured, so that once the bank failed, all the money in it would be lost. Families who lost everything were faced with problems that included homelessness and poverty. Surviving banks became extremely cautious and were unwilling to hand out new loans due to the uncertainty of
There were many three major economic causes that triggered the Great Depression: the stock market crash of 1929, the nationwide bank failures and a strangled European foreign policy. The biggest cause was the Stock Market Crash of 1929. October 29th, 1929, also known as Black Tuesday, has been known as the worst day in the history of the New York Stock Exchange. On Black Tuesday, 16.4 million shares worth nearly $14 billion, worth roughly $185 billion today, were lost. The stock market dropped 25% and lost another $30 billion, worth roughly $1.3 trillion today, over the next four days. The stock market reached its lowest point on November 13th, 1929. In addition to the Wall Street Crash, banks all over the country began to fail. Deposits were uninsured, so that once the bank failed, all the money in it would be lost. Families who lost everything were faced with problems that included homelessness and poverty. Surviving banks became extremely cautious and were unwilling to hand out new loans due to the uncertainty of