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Great Depression Dbq

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The Great Depression was a hard time for the United States. The Great Depression was a huge plunge in the economy. There were many factors that contributed to the Great Depression. The stock market crash was one of the biggest factors in the cause of the Great Depression. Banks started to also crash losing peoples savings and making people panic. The reduction of production and purchase of domestic item. Finally, Hoover’s administration. The Great Depression caused many people to lose their jobs. First the stock market crashed. When the stock market crashed BILLIONS of dollars were lost. The stock market crashed on October 24, 1929 which is now known as Black Thursday. The stock market fell by a total of about 30 billion dollars. In today’s currency that would be a total of about 406 billion dollars. This was a decline of about 30% and the suicide rate at the time increase by 50% because of the depression. Thousands of speculators were ruined. Lots of people in New York used to …show more content…

The purchase of cars when down by about 75%. The suburbs were rapidly expanding. He tried to better the economy by spending more on public works to help unemployment. The Agricultural Marketing Act (1929) tried to help farmers, but could not surplus the credit crunch and the Agriculture prices kept declining. He tried to help with the Reconstruction Finance Corporations (RFC) and congress responded by the Glass-Steagall Act, which lead to the Federal Home Loan Bank Act, which allowed homeowner to remortgage their homes at lower rates and payments. These were actions taken to try and control the credit crunch. Hoover thought that if he helped the rich by loaning them money they would in turn expand giving the unemployed jobs, which did not sit well with the middle and lower class. And the Reconstruction Finance Corporation was too late to resolve the economic

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