the great depression
The Great Depression
The story about The Great Depression is quite shocking, I just found out that The depression originated in the U.S., began around may 1932 with the “three years depression” of thousands of army veterans who were looking for their bonus, and after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday) and now I totally understand what stock marker crash really is. Crashes are driven by panic as much as by underlying economic factors. Now I understand that Stock market crashes are social phenomena where external economic events combine with crowd behavior and "psychology".
As stock prices plummeted with no hope of recovery, panic struck. The stock market crash had many short-term consequences. Banks that improvidently lent money to futures traders to buy stock on margin found that many of those loans would go unpaid. Consequently, a rash of Bank failures swept the nation. This had a tremendous ripple effect on the economy. If a working-class family was unfortunate enough to have their savings held in trust by a failed bank too bad for them, all their money was lost. I have gained some knowledge about how they (Americans) were trying to survive in such desperate moment. Many people are forced to feel the bitterness of life, especially some kids at such a young age, one of the examples was when a dad even had to “borrow” some money from her daughter’s piggybank. They even sold their houses, furniture and even wedding rings. It’s quite heartbreaking. Farmers were usually safe from the severe effects of a depression because they could at least feed themselves. Unfortunately, during the Great Depression, the Great Plains were hit hard with both a drought and horrendous dust storms. The farmers who had lost their homes and land usually headed west to California, where they heard rumors of agricultural jobs. Unfortunately, although there
The story about The Great Depression is quite shocking, I just found out that The depression originated in the U.S., began around may 1932 with the “three years depression” of thousands of army veterans who were looking for their bonus, and after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday) and now I totally understand what stock marker crash really is. Crashes are driven by panic as much as by underlying economic factors. Now I understand that Stock market crashes are social phenomena where external economic events combine with crowd behavior and "psychology".
As stock prices plummeted with no hope of recovery, panic struck. The stock market crash had many short-term consequences. Banks that improvidently lent money to futures traders to buy stock on margin found that many of those loans would go unpaid. Consequently, a rash of Bank failures swept the nation. This had a tremendous ripple effect on the economy. If a working-class family was unfortunate enough to have their savings held in trust by a failed bank too bad for them, all their money was lost. I have gained some knowledge about how they (Americans) were trying to survive in such desperate moment. Many people are forced to feel the bitterness of life, especially some kids at such a young age, one of the examples was when a dad even had to “borrow” some money from her daughter’s piggybank. They even sold their houses, furniture and even wedding rings. It’s quite heartbreaking. Farmers were usually safe from the severe effects of a depression because they could at least feed themselves. Unfortunately, during the Great Depression, the Great Plains were hit hard with both a drought and horrendous dust storms. The farmers who had lost their homes and land usually headed west to California, where they heard rumors of agricultural jobs. Unfortunately, although there