President Herbert Hoover And The Great Depression

The Great Depression was one of the worst economic downturn in the world's history. It started in 1929 when the markets crashed in October. When this happened, Wall Street began to panic. People stopped buying the things that they used too. Which caused unemployment because there were failing companies that were forced to lay off workers. The stock prices started to decline at a rapid rate. Nearly 25% of people were laid off, and banks were failing. [The depression effected the poor and the wealthy]. Also, the farmers were hit hard. The crop prices dropped 60%. Things decreased in prices, and people with jobs were paid very little. President Herbert Hoover, underestimating the Great Depression called it a "Passing incident our nation