How Did Black Tuesday Lead Up To The Great Depression
In the 1930's, Americans had a very tough time. They called this the Great Depression.
It all started on October 29, 1929 when the stock market crashed. This day is also known as Black Tuesday. Black Tuesday hit Wall Street as investors got loans from the bank that they knew they couldn't pay back. Billions of dollars were gone because of this. A record of 12,894,650 shares were traded on October 24, 1929 (Black Thursday). Investment companies and leading bankers attempted to fix the problem, but it was no use. By Monday, the market went into free fall. Following Black Monday was Black Tuesday, this was when the whole stock prices collapsed. After all of this happened, America went down into the Great Depression.
The Great Depression was the longest and the most harsh depression in American History. It lasted from the end of 1929 until 1939. This time era ruined thousands of peoples lives. Because the stock market crashed, thousands of individual investors lost their jobs. The decline in the value of assets also greatly strained banks and other financial institutions, especially the ones holding stocks. By 1933, nearly half of America's banks had shut down. Unemployment was going sky high. 15 million people were without jobs. The rate of unemployment had went from 3% to 25% in 1933. Between 1929 and 1932, incomes were reduced by 40%. In 1932 alone, 273,000 families were evicted from their homes and became homeless. In 1933, the homeless rate went up. 2 million people were homeless in the United States. By 1934, 1 million families lost
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