The immense stock crash in October 1929 was one of the many causes of the Great Depression. Banks were putting an abundant amount of money into the stock market, and could not keep up with the fast demand. The value of our currency dropped, thus leading to us losing more money, and many Americans were unemployed, plus low wages. As a way for America to make a profit, they put taxes on other country's products to protect American industries. American citizens were furious at the banks for losing their money not being able to pay them back. When Franklin Delano Roosevelt was sworn into office as the President in March 1933, the United States as a whole was suffering economically and politically. This, being linked to the Great Depression lasting from 1929 to 1939. Prior to this event, production of goods became incredibly reluctant, because of …show more content…
This being the cause of prices concerning stocks and shares to increase, to the point that it was nearly impossible to invest in the market. This being a factor in causing companies to terminate their employees swiftly, and if an individual remained employed, their wage decreased dramatically below the minimum wage. Many counterparts had invested in the stocks with loans or borrowed money, and when the market crashed, their share had been utterly wiped out, leaving them with absolutely no money. Individuals who had their money in banks, became skeptical of the banks and started to withdraw their money, to preserve their remaining savings. This, causing the banks to have to take out loans from bigger banks so that they could pay the individuals their money. By 1933 people could no longer access their money, because the banks had been closed down. Many individuals began to foreclose on their houses, leaving them homeless without a job. The individuals