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Examples Of Failed Businesses Of The Great Depression

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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 …show more content…

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 …show more content…

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

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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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Banks collapse. The beginning of the Great Depression had started. President Franklin D. Roosevelt had started the New Deal. The New Deal gave many jobless citizens jobs. U.S gave jobs like planting trees, building dams and fighting forest fires to young single men ages 18-25 (Source E, F).

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The Great Depression was devastating to many people. From 1929 - 1939 life was a struggle. This all began when the stock market crashed in 1929 causing a great effect on people. Most stopped using banks and no longer trusted them. Jobs were scarce and people looking for them were plentiful.

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The great depression was a very hard time for almost all Americans. In 1930 there were 5 million people unemployed and it was up to 13 million by the end of 1932 in America. Almost all of America was classified as poor and didn’t have a living wage and most of America was falling apart. The three most impactful reasons that the Great Depression happened in the United States was because of the stock market crash, unregulated banking institutions, and overextension of credit/excess consumerism.

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The Great Depression caused havoc all over the United States. The Great Depression was caused by multiple consequences, some being stocks, government policies, and panics from bank failures are just some examples. The economy has gone through hard circumstances. Involving people losing their jobs, the overall economy dropped and industries all suffered from the effects of the Great Depression. The president at the time, FDR, tried everything to reverse the consequences of the Great Depression through enacting programs.

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The Great Depression occured October 29, 1929. The stock market crashed. The value of stocks plummeted $14 billion dollars, also known as “Black Tuesday.” There were many causes of the Great Depression such as, unhealthy corporate and banking structures, unsound foreign trade policy (Hawley- Smoot Tariff Act), economic misinformation, unequal distribution of income, and supply-side economics. Capitalism did not self-reform and was not a dependable system for majority of people.

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The Dust Bowl was a devastating environmental disaster that occurred during the Great Depression. Severe drought coupled with poor agricultural practices in the Great Plains resulted in massive dust storms that darkened skies and destroyed crops and homes. This disaster had a significant impact on the quality of life for people living in the affected areas. The dust storms caused not only problems to the surroundings but to the people as well, as many suffered respiratory and eye problems making it difficult to breathe or see. This coupled with the fact there was no healthcare due to the market crash it was very difficult for people to get the help they needed.

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During the great depression, the United States faced one of the hardest economic crises the nation has ever seen. Before this, the economy was rapidly expanding, and people all over the country were investing in the stock market. However this was not sustainable, by 1929 many investors had seen the stock market to be overvalued leading them to mass sell their shares (History.com). This resulted in an economic collapse that affected millions of Americans. First, it puts a halt to the workforce causing many people to be unemployed, and unable to put food on the table, people even lose their homes and life savings.

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In 1929, there was a loss of over $25 billion, and a significant number of people were in debt. Due to a lack of money, payments for necessities or basic needs like food, mortgage installments, and other purchases were impossible to afford. Furthermore, widespread unemployment resulted in bank closures due to people taking all their money out of there. All of this contributed to the stock market crash, which caused the Great Depression. It lasted a decade, during which many people struggled to make purchases that would ensure their survival.

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The Great Depression was an unexpected event that happened suddenly and lasted for a decade. During this time, Americans had felt as if there was no hope, since money was a struggle to both keep and earn. In text 2, the author expresses how her mother would hope for events that would help their family during this time, such as raining, since her father was a farmer. Raining would help their family produce food for themselves and not have to worry about spending money on food. Another example is in text 1, where the author explains how “we weren’t hungry, but we were penniless.”

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While the Great Depression was ongoing, millions of Americans were suffering drastically as most were in jobs that did not provide for them and their families. Some were left without a job and forced to do whatever it took to make ends meet. Many began to grow their food at home and homeowners began to make repairs and improvements at home. The selling of personal items such as cars was also a way to get the money that they needed. All of this was due to failed plans that were established by president, Herbert Hoover.

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Some issues were the war in Europe that caused the American economy to weaken, the shifting economy that was built on heavy industry was changing into consumerism, and President Herbert Hoover’s philosophy of government should not interfere with the economy and fixing it were possible reasons why the economy was failing. The effects of the Great Depression impacted the American economy hard with the poor working class citizens being hit with most of the problems. Franklin Roosevelt took office between 1929 and 1933, and saw the economic freefall that impacted the nation economy, “farm prices, wages, exports, imports, gross national product … [There were] bank failures and farm disclosures skyrocketed” (Rural Poverty PDF, 208).

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The Great Depression affected the daily lives of average Americans by putting many out of work. Once the stock market crashed, the average American was unemployed. Occasionally some would get chosen to work with the Public Works Administration. People that had a daily job struggled paying for bills and food let alone the people without jobs. Some Americans were homeless and couldn't work too because of disablement.

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Although the Great Depression impacted the society negatively, the government and people learned how to adapt to the unfortunate situation. Even though many people were impacted, the society has grown and become a stronger one because of it. Now the United States knows how to work with this mishap, they now know how to predict it and learn how to advance, and work with the problems in the future from this

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Background information: The Great Depression was the worst economic failure in US history. It happened during 1929-1939. Banks closed, the stock market crashed, and people lost their jobs, homes, money, and lives. The Great Depression was caused by banks giving out too many loans which resulted in bankruptcy. Factories were overproducing and they had too many of the same products that nobody was buying Which eventually led to them going out of business.

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