The attack of The Great Depression was October 29,1929 – 1939. Franklin Roosevelt was the 32nd president of The United States of America and was the most famous person at that time of the depression Roosevelt saved the system, The street was against Roosevelt, confidence ended the Depression in 1934.Nine thousand banks failed during the months following the stock market crash of 1929. North America, and Europe was where it happened the most. The stock market crash as the single cause of the Great Depression. The Great Depression was caused by a number of serous weakness in the economy.
The question that weighed heavily on many Americans minds and hearts in 1931 and 1932.The drought of 1930 was followed in 1931 by season of bumper crops, and
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A record 12.9 million shares were traded that day, known as “Black Thursday.”
Five days later, on October 29 or “Black Tuesday,” some 16 million shares were traded after another wave of panic swept Wall Street. Millions of shares ended up worthless, and those investors who had bought stocks “on margin” (with borrowed money) were wiped out completely.
As consumer confidence vanished in the wake of the stock market crash, the downturn in spending and investment led factories and other businesses to slow down production and begin firing their workers. For those who were lucky enough to remain employed, wages fell and buying power decreased.
Many Americans forced to buy on credit fell into debt, and the number of oreclosures and repossessions climbed steadily. The global adherence to the gold standard, which joined countries around the world in a fixed currency exchange, helped spread economic woes from the United States throughout the world, especially
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Since the money was tied to gold reserve, and the amount of this metal was limited, there occurred a shortage of money, and hence the shortage of effective demand for goods and services. Further, in the chain reaction: a sharp drop in prices for goods (deflation), bankruptcy of enterprises, unemployment, protective duties on imported goods, fall of consumer demand, and a sharp drop in living standards. before the beginning of the Great Depression the rate of the U.S. gold reserve growth was slower than the development of economy. This led to the emergence of hidden inflation, as the government printed new money for the rapid growth of the economy. Thus, as Edsforth states the dollar’s gold supply was undermined, the budget deficit grew, and the Federal Reserve System lowered the discount rate. The situation occurred where the growth of labor productivity in industry declined, and the amount of pseudo-money (bills, receipts, etc.) on the contrary increased, and this imbalance in the economy factually led to the “Black Tuesday” in 1929. Share croppers in the cotton belt, never a prosperous group, suffered from economic want during the 1930’s as perphaps did no other group in