Examples Of Failed Businesses Of The Great Depression

Failed Businesses of The Great Depression

1929, the year people will never forget, the fabrication of The Great Depression. The Great Depression broke apart families, destroyed careers, and changed people’s lives forever. The Great Depression also allowed our country to work through the hardships caused by economic destruction and the loss of many jobs. The stock market crash was the key ingredient to the economic destruction centered around The Great Depression. The year 1930 was when America experienced something never done before, the unemployment rates were skyrocketing. The businesses who took the most penalizing were farms, banks, and factories.

In 1920, due to The Great Depression, farmers established a problem with a decrease in

People were angry, sad, and above all worried. They were worried about their jobs, their families, and their homes. Many people believe president Herbert Hoover was wasting their time, they decided they wanted someone better, someone who would save their economy. So they elected president Franklin D. Roosevelt, also known as FDR (Boone 4). The Dust Bowl had such a huge impact on citizens too, it forced 2.5 million people to leave. Most of them ventured off to California in the hopes to have a fresh start (6). 46,000 people moved to the Pacific Northwest and found work with building dams. The others found work and were lumberjacks on old forests (7). Sadly people had to learn to be used to working and living with little pay. The Dubuque railroad hired over 600 people, but sadly only 25 ended up staying. People back then were also refusing to obtain government welfare. If someone obtained government welfare they were seen as a disgrace. But when they started to have starving families their mindsets were drastically changed (The Great Depression 1). People did anything and everything to help save their families, jobs, and

The U.S. gave high loans to Europe, but then both countries struggled to pay off the loans and progressed into debt. The Stock Market Crash was also an economic effect, investors were being very risky (Boone 1-2). October 21st was when it all started, the day where the stock market prices were falling rapidly. Black Tuesday was when the stock market fell the most, falling at 16.4 million dollars. The Dust Bowl truly set the age for an economic disaster. This caused people to lose their jobs and default their loans. People also sadly lost all of their life savings. The unemployment rate during this time period increased from 25 to 35% (4). Businesses then started to close and lay off most of their workers. Because of this, less families were buying high technology products like cars (The Great Depression 1). The town went hungry and winter became a very hard time for those who couldn’t afford shelter (3). Thankfully there was finally a solution to the economic destruction. The war demanded jobs to help build supplies and weapons, the war demand healed the economy. Although the economy was healed the industry will forever be shaken from The Great Depression (Ganzel