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.
And before you go broke and don’t know what to do with your life. After the stock market broke down on August 7th there were 4.5 million people that were unemployment and didn’t know where to go to work and what they were going to do later in life. President Herbert Hoover appoints a Committee for the unemployment relief. And they were too late to take out all of their money and put it back into the bank. Franklin D. Roosevelt handles the great depression very well, because he went to the court of additional Justices, and created a new deal program.
Known also as Black Tuesday, October 29th left stockholders shattered with recorded losses reaching $40 billion dollars (Kelly, n.d.). Many banks and financial institutions began collapsing which led to irretrievable, uninsured deposits and savings. Fearing further loss, people began spending less which led to a decrease in production and an increase in unemployment. As companies began to fail, the government devised the Smoot-Hawley Tariff in order to protect American businesses. The Tariff placed high taxes on imports leading to a decline in international trade.
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.
Farming and rural areas suffered as crop prices fell by approximately 60%. There were many causes of the Great Depression, ranging from poor spending and over production to banks failing and the stock market crashing. Paragraph 2: Due to the Roaring 20’s, people were overconfident due to the information given by bad leaders, which led to poor spending. Doc A+B: According to the business cycle, there was going to be a 5 year growth for everyone in the US. -They would all become rich and poverty would just go away (Words of President Calvin Coolidge) Doc C: John T. Raskob, a well-known economist, told people to buy more stocks and in invest in banks and you’ll become a millionaire.
Johnny Dillinger During the great depression banks went into debt. The banks lost millions of people’s hard earned life savings. Those banks the stayed in business foreclosed on people’s homes farms and businesses. There was even a touch of Robin Hood. When bank robbers would rob stores they would ruin mortgage records the bank had.
Audrey Smith Period 3 February 23, 2012 Mr. Parks Effects of The Great Depression In the movie, “The Cinderella Man,” it shows the troubles and hardships of an average American family during the time of the Great Depression. As the movie plays out, you see the physical as well as the mental state people went through. For this family, they had lost almost everything. It’s a wonder anyone could have survived such a way during this time period in America.
Starting in the year 1929 and lasting throughout the 1930’s, America was brought into the worst economic slump that America and the rest of the world has ever been brought into. This would soon be known as The Great Depression. What caused this depression was the crash of the stock market in 1929 and almost all of the Americans had to suffer from the stock market crash. People were without jobs, homeless, and left without nothing but their families and the clothes on their back. Some of the hardships that the Americans faced were unbearable.
Hard Times shadowed across the globe as the stock market dropped rapidly. During the term of presidency of Herbert Hoover in 1929, the United States became a jobless nation and left many people homeless, penniless. The economy’s confidence was lowered as numerous banks failed. Since Americans were unable to look for support amongst each other, the government and charity were the only industries they could depend on for providing food. Amidst of such a high suicidal rate the United States grew in need of a new leader that would take higher precautions on how the country should be ran in order to enable them to rise out of the Depression.
When the stocks fell many people that became speculators and got rich were broke and penny less with just the end of a business day on Wall Street. The fall of wall street make a major impact on America, it kicked the united states into a major depression. Thousands of men and women were out of jobs, no food to eat and now real shelter to call their own. The country was reduced to almost nothing. With the help of president hover and his power to speak to a country about not giving up and to keep pushing for the mark of becoming a great country with his plan of a