The event that started the Great Depression was “Black Tuesday.” On this day, the stock market crashed. The so called “bubble” had burst. The roaring twenties were over. Banks were forced to close, as they had no more money for the massive amount of people that were making withdrawals. Many lost their jobs, and were forced to look for work elsewhere.
The collapse of the housing market and unemployment caused the most damage. Between 1991 to 1992 unemployment had gone back up to 2.6 million. Negative equity meant home owner were paying mortgages far higher than their homes were worth. Many people could simply not keep up with the increased prices and resulted in them losing their homes due to the bank repossessing them. The recession hit close to home for the Tories, effecting the middle class not just the working class of the industrial north.
If the house is being over paid for then the house will be greatly losing money each month. This will steer them into debt and soon be forced to foreclose. Claudette showed this when she answered “lost equity, plummeting housing market, and job loss. People couldn’t spend like they use to and had a new worry of keeping their job through the problem. ” This shows that there are many different variables affected when this happens to your home besides it just isn’t what it used to
THE GREAT DEPRESSION American success failed when the stock market crashed in 1929 during President Herbert Hoover’s administration. All of a sudden people were out of work, thousands lost their savings, and the nation was in a state of shock. Even millionaires lost their money. The problems and the causes that led up to The Great Depression were multiple. Farm income went down from the drought.
Historic high unemployment rate have forced the income property owners to give up their investments and look toward bankruptcy protection when the commercial tenants started to default on the rent payments due to changing consumer buying patterns resulting from dramatic income level decline. Moreover, the local and national financial crisis led consumers to spend their money only on absolute necessities to cope with the recession. Following the basic rules of supply and demand, along with the increased number of foreclosed properties the demand for property management service decreased significantly. With few property management companies, the cost of employing such company increased. Consequently, a new trend in the commercial property management market emerged where the owners of the income properties began managing their own
Although the conditions of the agreement seemed extremely severe, the allied countries had no sympathy for the Germans. They were forced to pay excessive amounts of money as reparation fees to make up for all the damage and destruction that was caused during the war. 13% of German territory was given away and many important industrial areas were controlled by western allies. This caused a major impact on the economy and had many affects to not only the government, but German citizens as well. Many people became unemployed and were no longer able to support their families.
Writing Assignment Georgia History The Great Depression forever changed and effected Americans, the economy, and surrounding nations greatly. Millions of Americans lost their jobs and homes. The economy experienced major defaults in banking and trading. Europe and many other nations were set back from many of our inabilities to finance their needs and help with their broken economies as well. Many events as a whole led to the depression.
This is based on who you know, not what you know. The lower classes are growing and we now have a country where programs are failing. More than ever families are without health insurance. Children are going to bed hungry. Families are losing their houses.
The reason of that is because the stock market was doing badly, there were overproduction and a crash which is stock prices go down. Many people lost their jobs and those that were still working had to take major pay cuts, and people who were trying to get a job couldn’t because the employees couldn’t pay them. Banks were closing, people were losing their life saving. A large percent of business and factories were closing On Black Thursday, The Wall Street Crash of 1929, October 24 also known as the Great Crash was terrible, it was the worse stock market crash ever. There was a huge crowd of people trying to withdrew there life saving but couldn’t.
Then I got angry at the government (state and federal), and our Governor in this great state of Michigan. The many new homeless are people just like you and me. This is due to the downturn in the economy nationwide and especially with the auto industry here in Michigan. The parents of these children have lost everything except their children. This is one of the main reasons that we don’t know a true number of the “homeless children” in this state.