Most Tragic Moment In History: The Great Depression

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Ethan Latson Jr. Miss. Casertano Eng 9 B/ block 1 4/12/2014 The Great Depression The Great Depression was the most tragic moment in history because of the devastating impact it had on the lives of Americans. On 1930 the stock market started going downhill very fast. Banks were not established well enough,as well as President Hoover’s lack of trust in the government, and because people debt were so great they could not pay it off. Many lives were lost because of this. As well as jobs, and businesses. Nobody could have seen the great depression coming. In 1920, there was an extremely high rate of banks that were being built a day. How much the banks could lend were not reviewed. Because of the lack of federal arrangements, by 1929 banks came crashing down almost as fast as they came up.(“The Stock Market Crash of 1929." . N.p., n.d. Web. . .) Because of this people could not get into their bank account, or even receive a paycheck. “Banking panic arises when many depositors lose confidence in the solvency of banks…”.(Romer, Christina. "." . Christina D. Romer, 20 Dec. 2003. Web. . .) Banking panic are ridiculous, but many believed that the debt caused by farms and the U.S encouraging banks of any kind could’ve started a fire that later spreads and causes panic that allowed the stock market to crash.(Romer,…show more content…
People would do this of hope of becoming rich. After the crash small shack started coming into heavily populated cities.(The Great Depression) Many people believed that there was criminal action going on behind the scenes that made the stock crash.(The Stock Market Crash of 1929) People also believed that the stocks prices were tampered with that made them higher than they were supposed to be.(The Stock Market Crash of 1929) Because of the crash people could not get jobs, because factories shut down, They were homeless due to debt, and hungry but couldn’t afford
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