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1929 wall street stock crash and their economic and social impact in USA
1929 stock market crash
1929 stock market crash
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Long Chen USH per 1 The Great Depression The Great Depression is a an era when the US economy was at its lowest. It is after the Roaring 20s. The depression was caused mainly because of the crash of the stock market in 1929 and the government’s failed attempts to help the people. Many people’s belongings are bought with credit so they lost all their money and most of their things when the bank system failed. Others lost their jobs and many men left their families because they felt ashamed that they can’t support their family. The social fabric of the Great Depression changed greatly from the previous era. The changes in the social, the political, and the economic part of the US are part of the change in the social fabric. They way people interacted with others changed in the Great Depression. One of the main changes is the way the family was run. During the glutted 1920s, the father is the support of the family while the mother do the housekeeping. When the great depression struck, the men lost their jobs. They can no longer support their families. Because of self pride, many fathers left their families and never came back because felt that they lost their purpose in the …show more content…
family. This is a huge problem for the mothers. It changed the entire structure of a typical family. The entertainment like music and literature during the era is different also. People wrote songs about their daily sufferings like how they have little to eat and how they feel about the society. Books during that time also talked about the way people view the world during that time. Many authors implement ways of society in their stories making the setting realistic. An example is the way African Americans were treated in To Kill A Mockingbird where people are prejudice against people who are different from them.Not only the entertainment was changed, the lives of women and children are affected. Women were kicked out of high positions and were paid less than men. People claimed that they took the jobs that the men are supposed to have. Because of this, many single parent families starved. This caused malnutrition in the children. The political changes in the Great Depression was also significant. President Roosevelt had returned many hope for millions of people. Because of his fireside chats, the citizen’s stress and anxiety about the government was alleviated. A significant phenomenon during the great depression was the bonus protesters. They are part of a group of veterans who were agreed to receive a certain amount of money in the 1940s. However, they decided that they wanted the money then. They vociferously protested in front of the White House to gain what they need. After that, President Roosevelt started the second deal. It creates a way for the people to receive aid from the government . This legislation had helped millions of elderly and people in poor conditions. The most important change in the Great Depression is the economy.
Because if the stock market crashing in 1929, many people sold their stocks and rushed to the banks to retrieve their money. Because of the faulty banking system, many banks failed. This led to the many people who have very little left. A significant thing is the unemployment and the homelessness of the people. In 1929, 3% of the people have unemployment while during the Great Depression, it was around 25% of the people. The farmers of Oklahoma and Kansas was struck the hardest when The Dust Bowl started. The huge dust storms changed the way people lived their lives more than the rest of the US. THe rural farmers in those states are forced to move inward toward the urban areas to escape the harsh conditions of the dust
storm. The Great Depression was a period of time in the past of the US when everyone’s lives changed greatly. Both the rich and the poor suffered from the disaster. However, despite the huge change in the social fabric, people learned to live in a community and work together. It show that the US have went past a hard path and that it can prevent it from happening again. Even though the Great Depression is the biggest crash in economy, the Great Recession in the early 2000s was very similar. However, the depression was quickly prevented after people realizing what to fix before the problems got worse. It shows how the country had improved after the Great Depression and that the change was a small obstacle that was accomplished.
In the 1929, The Great Depression was a worldwide depression that lasted for 10 years. The stock market crash of the 1929 causes the Depression, when loans were given out and people couldn’t repay the loan. It affect many American lives, the unemployment had skyrocketed from 3% to 25%. Work wages fell 42% for those who still had a job. The Great Depression lasted so long was because it affect a nationwide and people didn’t have money to spend to recover the economy
The great depression was a very sad and hard time. This was a time where people had little money, no available jobs and just had a hard time with everything. Many people had nd any way to make money whether it was cutting kid’s hair in neighborhood, picking fruit, selling iron cords house to house or even painting a house for 5 dollars. Even though this was a very hard time some people still had hope that things would get better. This was a really bad time until Franklin Roosevelt who was for the government supporting the Americans and not the other way around became president.
The Great Depression was a period in United States history when business was poor and many people were out of work. The beginning of the Great Depression in the United States was associated with the stock market crash on October 29, 1929, known as Black Tuesday. Thousands of investors lost large amounts of money and many were wiped out, lost everything. Banks, stores, and factories were closed and left millions of Americans jobless and homeless (Baughman 82).
The Varied Impact of the Great Depression on American People The experiences of Americans during the Great Depression varied greatly. For most, the Great Depression was a time of hardships and trials. The way that people were tried were different though, some languished in a collapsed economy, while others had to struggle to make a living in the remote regions of the country. The years berween 1929 and 1933 were trying years for people throughout the world.
Farmers were greatly affected by The Great Depression. In the early 1930’s prices dropped so low that many farmers went bankrupt and lost their farms (“The Great Depression hits farms and cities in the 1930’s”). The stock market crash prevented the farmers from being able to sell their produce (McCabe). Through the depression farmers were still producing more food than consumers were buy, and now the consumers could buy even less. Farm produce prices fell even lower (“The Depression for Farmers”). Some farm families started burning corn rather than coal in their stoves because the corn was cheaper (“The Great Depression hits farms and cities in the 1930s”). Non-farmers had also been hit hard by the depression. With the banks failing and businesses closing, over fifteen million people became unemployed (“The Great Depression”). The unemployment rate skyrocketed from three percent to nearly twenty five percent (McCabe). The Great Depression brought a rapid rise in the crime rate as many unemployed workers restored to petty theft to put food on the table. Suicide rates rose greatly as did recorded cases of malnutrition (“Social and Cultural Effects of the Depression”). More and more people were found standing in bread lines, hungry and homeless (McCabe). The depression affected people and businesses but many programs later America pulled out of their
During the late 1920s the United States was going through an economic depression that was caused by the failure of the stock market. When the stock market crashed, millions of people lost their savings, jobs and also their homes. About millions of people end up traveling across the country in order to find a job to help them to support their family. After becoming the president, Franklin D. Roosevelt want to help the country by stopping the depression and it too never occur again in the United States.
Family pressure during the great depression was unlike any the U.S. has ever seen. Everything about families changed in the 1930s. Couples during the depression delayed marriage, and at the same time the divorce rates dropped because people could not afford to pay for two households. Birthrates also dropped and for the first time in American history below the replacement level. Income was closed to none in all families; regular income had dropped by 35% just in the years Hoover was in office. Families had a lot of stress; some pulled together and made do with what they had others pushed away. People turned to who ever they had, family, friends, and after all else the government. Although there were rich people in the depression as well that the depression did not effect at all who were oblivious to the people suffering around them. By Franklin Roosevelt’s inauguration the unemployment rate was up to 25% only increasing till the 1940s. Within families the role played changed as well. Women and children were now working to put bread on the table. Fathers would despise sons for becoming the main source of income for a family. Unemployed men had a deep lack of self respect. That often led them to running away from there families forever. Because many men ran out or stopped caring the women’s role was enhanced and became working women. Black women found it easier to find work a servants, clerks, textiles, workers, ect. Work made all women’s status go up in their homes. Most mi...
The Great Depression turned into a disaster for alot of residents of the U.S and farmers who went into debt. A lot of people became homeless and unemployed. The Stock Market Crash in 1929 was the beginning of the Great Depression. Due to the FDR’s New Deal, the government has grown. When the US entered WWII in 1941, that’s when the depression
This period of time, people had to go through a lot. It left people with mental issues. It left people working day and night for their families. It also had families using many things for various purposes, and businesses were losing large amounts of money. The Great Depression left emotional scars on all the people that went through it.
The Great Depression, a time of poverty and despair. During this time it was such a blessing to have three meals a day and to get to go to school. Some kids didn’t even know any life different from this. Some of them just thought this was simply how life was. Though The Great Depression interrupted children’s learning and resulted in more than thirteen million lost jobs, the United States and its citizens recovered from the difficulties due to Franklin Delano Roosevelt’s New Deal policies.
The Great Depression was an economic slump that spread from the United States to Europe, and other industrialized areas. The Great Depression began in 1929 and ended around 1939. The Great Depression was caused by the collapse of the stock market in October of 1929. According to About the Great Depression, “By 1932 the stock market dropped by 20 percent and ruined many people’s jobs, and individual investors. By 1932 United States manufacturing had fallen from 54 percent and unemployment had risen to 12-15 million or 25-30 percent. By 1933, 11,000 of 25,000 United States banks have failed.” “By 1933 unemployment had soared to 25 percent, up from 3.2 percent in 1929. Industrial production declined by 50 percent, international trade plunged 30
The Great Depression was a major depression after World War 2. It began in the 1930s and ended in the late 1930s or mid 1940s. The Great Depression had horrible effects on wealthy and poverty-stricken countries. International trade went down 50%, while personal income , tax revenue, profits and prices dropped. Cities with heavy industry were pounded by the effects of the Great Depression. Farms and rural areas suffered as crop prices fell by 60%. Most economies recovered in the mid 1930s but some didn’t recover till after World War 2.
The great depression lasted from the early 1920s to the late 1930s. It was the deepest and longest economic chaos in american history, The effects of the Great Depression were huge across the world, it lead to the New Deal in America but more significantly, it was also a cause for the rise of Germany going into World War II. It began right after the stock market crash in the western United states in 1929. Many people were desperate to find food, jobs, shelter, and better lives for their children, people were basically left homeless, which led to suicide.
During the 1930’s, Americans were going through what was known as the Great Depression. Once the stock market crashed after investors lost security and confidence so in October 1929, the economy fell. Since the economy was great during the 1920’s, people were not prepared for the economic hardship. Many people had no savings so they could not deal with the loss of money. They lost their jobs and homes and were impacted psychologically and physically. Not only did they have to deal with the loss of money, they had to deal with one of the greatest natural disasters (America: The Story of Us, 2010). Families ended up being extremely affected by the Great Depression.
The Great Depression was the deepest and longest-lasting economic downfall in the history of the United States. No event has yet to rival The Great Depression to the present day, although we have had recessions in the past, and some economic panics, fears. Thankfully, the United States of America has had its share of experiences from the foundation of this country and throughout its growth, many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn, from this single tragic event, numerous amounts of chain reactions occurred.