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Cause And Effect Essay On Black Tuesday 1920's

913 Words4 Pages

Black Tuesday
Black Tuesday was a rough spot in American history and had many factors in the making of just that one day. Just like in today’s economy, with so many individuals trusting in the stock market and investing their future savings, so did the people of the 1920’s. The people’s great trust in the stock market had brought many to abundant wealth and prosperity. Soon the blind trust that people of the time had thrown into the stock market would come back as a bad fortune. The stock market is known to have many ups and down just in general and for most people it is nothing to worry about. the people in the 1920’s came to find out just how bad the stock market could impact the lives of all Americans and the lives their children would have towards the future.
One of the first causes, if not the …show more content…

Banks were unable to keep up with loans because the Federal Reserve refused to backstop the banks. The banks eventually failed from lack of confidence from the public and bad loans. (Introduction) Five thousand banks had collapsed between 1923 and 1930. (Wall Street Crash of 1929) To add to the already messed up economy, agriculture was nothing to fall back on because it was already weakened beforehand with the mix of overproduction from companies and the rapid increase of new technologies. Farmers being the backbone to the American agriculture and having it fail because of companies, shows just how deep of a hole the Stock market had fallen in. Small farmers could not compete with the new economic climate and were driven out of business. Advances in technology increased production but also caused overproduction of food;however, food demand did not rise with the increased production. With this all adding up, increased food production and farmers without jobs, it only added to the unemployment of the time. (Wall Street Crash of

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