What Was The Stock Market Crash In The 1930's
Stock Market Crash When the Stock market crashed in 1929 it affected people's lives worldwide . After World War 1 ended it had sent every major European country near bankruptcy in 1918. People thought the United States’s future faced limited opportunity. It was the longest and darkest economic depression in American history. Then signs of recovery began to show in the early 1930s. The American economy lost more than $30 billion on October 24, 1929 also known as Black Tuesday. All major European countries were near bankruptcy after WW1 ended but United States and Japan were financially in good shape. The United States was making more product and made less demand causing the Stock Market to decline. Investors sold all of their shares causing the Stock Market to crash. Thousands of businesses and some banks had closed. Twenty-five percent of all Americans had lost their jobs and not one had a cent in their savings accounts.
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The gross national product of all goods and services declined from $104.4 billion to $74.2 billion.
Impact of the Depression on Americans was shown by the unemployment statistics. U.S. Labor Department found out that almost 1.5 million people were without jobs in the country in 1929. In 1933 it was 12.6 million stood without jobs. National income combined went from $87.4 billion to $40.2 billion. The first two years of the Depression spread worldwide. During the time of the spread President Hoover was depending on voluntary cooperation of business and labor payroll. President Hoover took positive steps when the crisis deepened. The most important achievement of President Hoover was the
Reconstruction Finance Corporation. Reconstruction Finance Corporation is a loan agency designed for large business- like railroads, banks and insurance companies. Reconstruction Finance Corporation later became an important deal to The New Deal . President Hoover had received funds from congress and
cut down farm foreclosure. When President Hoover left office his reputation was a do nothing president but the judgement was kind of unfair because he had a lot, including an earlier example of The New Deal but it wasn't much. The business and industries’ physical structure was still intact. The American mind was the crisis of the Great Depression. The people of America thought that the USA had reached all its boundaries and was facing the future with limited possibility. The old beliefs of tough individualism was crushed by The Great Depression. In the 1930s Chicago was the hardest, it was hungry marches and periods of protest. The generation that survived The Great Depression had changed. They city had got more segregated. Men was having hard times getting jobs especially the black men. Even men with degrees wasn’t able to get jobs. Mother had to take jobs that they found. Some people lived in one house and nine-teen stayed in a six room house. It was very challenging to keep warm. Winters was so cold the crowded around the potbelly stove. The marriages and pregnancy rate slowed down. The men and boy had went to the road to find work and chose the gas station to have meetings for the men. Fifty men fought over a barrel of garbage one night in chicago behind a restaurant. It was a little of violence going on. People exchange a dozen eggs for a box of matches even when they needed the eggs. When people took showers they heated up the big shower cans. They dumped their trash in the alleys. Holidays you were lucky to get the days off but it was with no pay. Some people had to lived in the same neighborhood all there life. Sundays the city would have a play of Shirley Temple, was the inspiration on to go living. People would help you out more often than not. Some lived from hand to mouth. They had learn how to share and cooperate, so many years doing it left marks. People lost or got kicked out their homes. The jobless sold apples on the corner. Many lived in hoovervilles. they stood in breadlines and in soups’ kitchen. Factories stood dark and not active while men wanted to work. Most people was lost when the stock market had crashed. Crisis spread to Europe, Asia, Africa and Latin. Many people thought the United States reached all it frontier and future faced limited opportunities. Then they started to see signs of recovery in 1937.
The gross national product of all goods and services declined from $104.4 billion to $74.2 billion.
Impact of the Depression on Americans was shown by the unemployment statistics. U.S. Labor Department found out that almost 1.5 million people were without jobs in the country in 1929. In 1933 it was 12.6 million stood without jobs. National income combined went from $87.4 billion to $40.2 billion. The first two years of the Depression spread worldwide. During the time of the spread President Hoover was depending on voluntary cooperation of business and labor payroll. President Hoover took positive steps when the crisis deepened. The most important achievement of President Hoover was the
Reconstruction Finance Corporation. Reconstruction Finance Corporation is a loan agency designed for large business- like railroads, banks and insurance companies. Reconstruction Finance Corporation later became an important deal to The New Deal . President Hoover had received funds from congress and
cut down farm foreclosure. When President Hoover left office his reputation was a do nothing president but the judgement was kind of unfair because he had a lot, including an earlier example of The New Deal but it wasn't much. The business and industries’ physical structure was still intact. The American mind was the crisis of the Great Depression. The people of America thought that the USA had reached all its boundaries and was facing the future with limited possibility. The old beliefs of tough individualism was crushed by The Great Depression. In the 1930s Chicago was the hardest, it was hungry marches and periods of protest. The generation that survived The Great Depression had changed. They city had got more segregated. Men was having hard times getting jobs especially the black men. Even men with degrees wasn’t able to get jobs. Mother had to take jobs that they found. Some people lived in one house and nine-teen stayed in a six room house. It was very challenging to keep warm. Winters was so cold the crowded around the potbelly stove. The marriages and pregnancy rate slowed down. The men and boy had went to the road to find work and chose the gas station to have meetings for the men. Fifty men fought over a barrel of garbage one night in chicago behind a restaurant. It was a little of violence going on. People exchange a dozen eggs for a box of matches even when they needed the eggs. When people took showers they heated up the big shower cans. They dumped their trash in the alleys. Holidays you were lucky to get the days off but it was with no pay. Some people had to lived in the same neighborhood all there life. Sundays the city would have a play of Shirley Temple, was the inspiration on to go living. People would help you out more often than not. Some lived from hand to mouth. They had learn how to share and cooperate, so many years doing it left marks. People lost or got kicked out their homes. The jobless sold apples on the corner. Many lived in hoovervilles. they stood in breadlines and in soups’ kitchen. Factories stood dark and not active while men wanted to work. Most people was lost when the stock market had crashed. Crisis spread to Europe, Asia, Africa and Latin. Many people thought the United States reached all it frontier and future faced limited opportunities. Then they started to see signs of recovery in 1937.