Time magazine They were left with nothing less The Great Depression 1929 and the Financial Crisis 2008 there was nothing but the loss due to the poor decisions made by the Government. This put families through misery as many families were struggling living on the streets, poor and homeless. The Government allowed their citizens to take out loans which they wouldn’t be able to pay out in the upcoming months. The Great Depression The Great Depression was a nationwide economic depression. The great depression lasted for ten years starting on “Black Thursday” the 24th of October 1929. Black Thursday was the day the stock market crashed, it was told to be the worst stock market crash in American history. Black Thursday is what commenced the Great Depression. The Great Depression left so many people unemployed, homeless and struggling with their families while they were put through misery. The economy was dropping year by year, as the prices fell 10% each year. Meanwhile as the economy had now collapsed, the failure of banks caused citizens to withdraw all of their deposits and savings. This is what caused people to leave their homes as they were unable to make any sort of mortgage or rent payments. Both the working class and middle class family were affected significantly. The average family …show more content…
The financial crisis is believed to be a follow up from the Great Depression which happened on the 24th of October 1929. The financial crisis was worst economic tragedy since the Great depression in 1929. This disastrous event occurred due to the fact that Federal Reserve and the Treasury Department didn’t put in any effort to prevent a situation like this from occurring. The financial crisis did lead to the great recession that began in 2006 when the pricing of housing began to fall. In 2007 by August the Federal Reserve declared to the subprime mortgage crisis as the pricing of housing had dropped