The document summarizes the economic conditions during the 1920s stock market boom and bust, and the Great Depression that followed. It describes how many Americans invested heavily in the stock market during the prosperous 1920s, often buying stocks on margin, but then panicked when the market crashed in 1929, wiping out their savings. The crash led to widespread unemployment, poverty, and homelessness as businesses closed and banks failed across the country in the early 1930s. President Roosevelt attempted to address the crisis through New Deal programs.
The Great Depression1929 - 1933IntroductionIn the late 1920s.docxcherry686017
The Great Depression
1929 - 1933
Introduction
In the late 1920s, the U.S. economy was strong. Many companies were growing and earning money. People bought shares of the companies, called stock. The stocks were traded and bought in the Stock Market.
On October 24, 1929, stock values dropped or became worthless rapidly. This started the most severe economic depression in U.S. history—the Great Depression. Today, that day is still remembered as Black Thursday.
Black Thursday
In the late 1920s, prices in the stock market soared up, becoming very valuable. For example, in 1928, the price of a common share of the Dupont stock went from $310 to $525 The rising stock values encouraged people to buy stocks in hope of making large profits when the stock exchange increased in the future. Even though experts predicted that the stock prices might fall, people didn’t listen. So many investors threw their money into the stock exchange that the plan backfired. Instead of increasing in value, the share prices crashed, becoming worthless. When the stock market crashed on Black Thursday millions of people lost all of their money.
Effects on People
The Great Depression affected not only the rich and middle class investors, but also the people who hadn't invested, as well. Banks and businesses had also bought stocks, and many lost so much money that they had to close. Between January 1930 and March 1933, about 9,000 banks failed. The bank failures wiped out the savings of millions of people.
Effects on Prices
All over the country, American families had nothing. They had no paying jobs and almost no money. Today, you probably think that 5 cents is nothing to pay for a loaf of bread, but during the hardest years of the depression you were lucky if you were able to buy a loaf of bread without selling something you already owned to raise enough money. Today, kids have houses full of toys. In 1932 you were considered very rich if you could afford a two-wheeled bike that cost $10.95. In fact, most kids didn't have any toys at all because their parents had to choose between whether to buy food or toys—they couldn’t buy both.
The Recovery
In 1932, Franklin D. Roosevelt beat Herbert Hoover in the presidential election. When the problem of the depression was brought to his attention, he went into action. In his inaugural address he said, “The only thing we have to fear is fear itself!”
The New Deal
With this in people’s minds, he started the New Deal. The New Deal was a program that made laws to try to help America recover from the ongoing depression. The laws made by the New Deal had three main purposes. First, they provided relief for the needy. Second, they aided the recovery by providing jobs. Third, the laws tried to change business and government so that such a devastating depression would never happen in the U.S. again. Congress created several agencies to manage relief programs. For example, the Civilian Conservation Corps (CCC) established in 1933, employed t ...
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1. Mr. Michael Meechin Celebration High School Department of Social Science “ Take a method and try it. If it fails, try another. But above all, do something.” - Franklin Delano Roosevelt
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9. 5,000 banks closed; 9 million savings accounts were wiped out… Unemployment: Less than 1 million (1929) Over 12 million (1933)
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14. Automobile sales declined. This loss of demand meant less demand for: Oil Steel Rubber Textiles Industry slowed, which caused: Lower Wages Unemployment Which contributes back to:
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