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Black Tuesday: The Worst Economic Time Period In United States History

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The Great Depression was undoubtedly the worst economical time period in United States history. On October 29, 1929, prices of stock in the New York Stock Exchange fell drastically, and following the declinations, the stock market officially crashed. This day was known as “Black Tuesday,” and its effects would last for a decade. To say that a person was not affected by the Depression would be a complete lie, as every single citizen within the country was affected by this omnipotent crash. From wealthy families in New York City, to minorities in the South, the stock market crash brought pain and suffering to everyone.
After crash of the New York Stock Exchange, the lives of American citizens began to change rapidly. Factories and businesses began firing employees at extremely high rates, as they could no longer afford their employees. In fact, about 25% of the nation’s able-bodied people were unemployed. In addition, banks began to permanently close their doors. This was because many people wanted all of their money physically in front of them; however, the banks did not have a great supply of money to give, and eventually, ran out of money entirely. The rising of unemployment and the closings of banks caused an abundance of people to begin to live in a world of poverty. …show more content…

This occurrence happened to hundreds of thousands of people within the nation (1.) To combat homelessness, shanty villages composed of cardboard boxes, crates, tarps, and essentially anything else that could be used to build some sort of shelter became very popular. These villages were known as “Hoovervilles.” The term “Hooverville” was used as a politicized label to blame President Hoover and the Republican party for the economical crisis that was shed upon the American people

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An incredibly devastating time for many Americans, the early 1930s introduced the country to the nightmare that was the Great Depression. Sparked by the Stock Market Crash that took place on Monday, October 19, 1929, the Great Depression was the most severe economic downturn in American history. On that infamous Monday alone, investors lost 14 billion dollars and by the end of the year their losses had tripled.   In the 1920s, it was estimated that four to five banks opened up around the country on a daily basis.

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Which lead people to gain money and mortgages that they couldn’t afford causing steep amounts of debt. With low levels of employment it made it far much more difficult to pay off their debts(Document

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The economy of the United States expanded greatly through the 1920 's reaching its climax in August 1929. By this point, production had already declined and unemployment was at an all-time high, leaving stocks to imitate their real value. During the stock market crash of 1929, better known as Black Tuesday, investors traded vast numbers of shares in a single day, causing billions of dollars to be lost and millions of investors to be eliminated. This "crash" signaled the beginning of a decade long Great Depression that would affect all Western industrialized nations; a crash that would later become known as one of the darkest, longest lasting, economic downturns in American history. People all around the world suffered greatly as personal income,

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On October 24, 1929, also known as ‘Black Thursday’, one of the greatest economic and social crisis in the United States of America begun. On that day more than 12 and half million shares of stock were sold, which was triple the usual amount. Next, over the following 4 days, the stock market prices fell 23 percent. Afterwards, the Americans had to face suffering and obstacles for the next 10 years. In 1933, the unemployment had risen from 3 percent to 25 percent of nation’s workforce and those who were able to keep their jobs faced harsh reductions in wages.

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Evidence proves that the Great depression took a huge economic toll on the lives American citizens. . On October 29, 1929 the stock market crashed leaving many bankrupt and others to go as far as to committing suicide. During the following months over 9,000 banks failed eventually leading to a depression. The great depression left many homeless and in extreme poverty; African-Americans were doing the worst. Similarly on September 16, 2008 the stock market crashed owing to the exposure of subprime mortgages and credit default swaps.

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Laura Marie Yapelli Professor Rung Final Paper 12/8/2016 Baseball in The Great Depression On October 29th, 1929 the stock market crashed and sent the United States into a severe economic disaster marking the start of the Great Depression. The effects of the crash were extreme and affected the living and working conditions of Americans across the Country. People and families were not the only ones affected by the Great Depression. Many companies and organizations were feeling the effects as well.

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Poverty increased as more people lost their jobs. There were troubles everywhere. Banks were closing and other countries were getting affected by this terrible economic downfall. At one point the economy was down by 33%, the unemployment rate was 25% and banks were going bankrupt. This was the start of the Great Depression.

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In the year of 1929, an estimated nine thousand banks failed and were shut down shortly after the stock market crash. Just a few months later, The Great Depression struck America. Everyone throughout the states were effected by this change in economy. Some, in different ways than others but none of which were effected in a positive way. Sharecroppers were forced out of their homes due to crops not being as worthy as they were before the stock market crash and struggled to produce food and supplies for there families.

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The Great Depression was a time period in the United States from the late 1920s to early 1940s, marked by severe unemployment rates nationwide. It had many origins, most notably of which was the Stock Market Crash of October 29th, 1929, also known as “Black Tuesday.” The administration of Franklin D. Roosevelt addressed the crippling unemployment and poverty rates of the Depression by establishing federal work programs to provide much-needed jobs to millions of Americans. Overall, however, this response was only marginally effective, because there was still rampant unemployment and discrimination throughout the duration of these programs. Through the establishment of these programs, the role of the federal government changed from a capitalist

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Unemployment rose to 25 percent and by 1933 fifteen million people were out of work (Henretta, 2009). 9,000 banks closed their doors, and 100,000 businesses failed (Henretta, 2009). When the banks failed it had an even more severe shock. Back then the government did not insure bank deposits so savings in failed banks simply vanished (Henretta, 2009). People that were less fortunate than others did what they could to survive.

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In 1929, the U.S. was hit with the worst economic crisis in the history of the country, the Great Depression. The Great Depression left millions of people unemployed and cost millions their life's savings. The Depression lasted for ten long years for the American people. Since the Great Depression ended, people have studied it, trying to figure out what happened that started it all. The problem was, in fact, the poor economic habits of the people at the time, such as speculation, income maldistribution, and overproduction.

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In October of 1929, the stock market crashed. This caused the business of the world to be in serious trouble. By 1932, 12 million men were without a job, and desperate. The families had a few options during this time. They could either try and find a job, or cut back on their spending.

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On “Black Thursday” October 24th, 1929- the Wall Street Stock Market crashed sending the American economy in a decade long Depression that left millions of men and women starving, unemployed, and willing to do anything for work. “The worldwide, decade-long depression struck the United States like a Biblical Plague, shuttering factories, closing banks, foreclosing on farms and putting as many as one out of three workers on the street.” (WBA, 391). The federal government 's “hands off” approach to the economy in the early stages of the Depression proved to be inadequate and the American people’s need for assistance became too great to ignore. Forced to adapt, American citizens and politicians had to come up with new ways to deal with the lack

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There began to be a gradual decline in prices and the stock market ruptured. On October 24, 1929, the infamous “Black Thursday” took place, where stock holders went on a panic selling spree. Things then went from bad to worse, stock prices went down 33 percent. People stopped purchasing goods and business investments decreased after the crash. In the fall of 1930, the first of four major waves

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In the October of 1929, the stock market crashed. The economy was in shambles. The people were destitute. Companies laid off thousands of people, resulting in the unemployment of one fourth of Americans in the early 1930’s. The crash was devastating for many, U.S. citizens and immigrants alike.

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