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How did the great depression effect the economy
Impacts of great depression
How did the great depression effect the economy
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When the stock market crashed many were unable to pay their debts not only to their stock purchases but also to their banks. Without payments to the loans given out, banks began to fail. Additionally, the gap between upper and lower classes greatly widened, which only increased the economic issues. On top of everything occurring, a drought developed in the Great Plains that created the “Dust Bowl” and destroyed the agriculture business. The sources of downfall in the Great Depression can be traced to the stock market failure, bank failure, farm failure, and job market failure.
The great depression was an economic problem in the United States that started with the first domino to fall in 1929 with the stock market crash. In one day alone the United States lost over 14 billion dollars which this dramatic loss alone America’s industries would slowly start to fall 2 months after the crash in, stockholders had lost more than $40 billion dollars. During the 1930s, more than 9,000 banks failed. Bank deposits were not insured and, therefore, as banks failed, people simply lost their savings.
The Great Depression started do to the stock markets failing in October of 1929. This event was said to the be “longest-lasting economic downturn”. Once Wall Street went into a panic, millions of investors were wiped out. Over the next few years investments dropped and consumer spending. The industrial district was in a decline in production and since the stocks were failing they could not produce a great amount so they had to let go their employees to save money.
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).
1930’s The Great Depression The Great Depression was the largest economic depression of the 20th century, and is commonly used today as a measure of how far the world’s economy can decline. The depression started in the U.S in 1929 with the Wall Street stock market crash (known as Black Tuesday). This eventually spread globally and affected the economy of many other nations throughout the 1930s. Canada was greatly affected by this as Canadian industrial production fell to 58%, the second lowest level after the United States.
They were very upset that the bank lost all their money so the people lost trust in the bank. The stock market crash of 1929 was what started the Great depression. Things just got worse and worse since then. With people losing their money companies lost their money along with it. Companies could not afford to keep and pay all their workers.
and why did it happen? One of the biggest causes was the market crash in 1929. This was believed to begin the great depression that lasted over a decade. The market crash had caused over nine thousand banks to shut down. Millions of people were left unemployed because of banks shutting down.
There were far too many independent banks during the period of the Great Depression, and the problem with the surplus of independent banks was the lack of support they could provide each other. The Run on the Banks resulted in the fall of banks, and an overall lack of confidence in the banking system. The overuse of credit in the economy helped trigger the run on the banks by people taking out loans from banks and then not being able to afford the continual payments, leading them to withdraw their money and shut down the banks. The Stock Market Crash was also a major factor in the start of the Great Depression. People who were buying into the stock market were gambling their money into the stock market in the hopes of making a quick profit (B).
According to video, the United States had face hard times in Great Depression in 1920s, because many people spend too much money on the stocks, so the banks could not control over the debts they owe so that market system had been crushed during that time. However, President Roosevelt created the new programs which is called “New deal” so that workers are could get earnings from creating dams, buildings. States taking control over the setting the prices for workers’s wages so that they could invest some money to use for later. Therefore, the banks had been recovered and functioning well because they had been running with consumers spending with earnings slowly. Furthermore, Government also control over private companies so that they could
There were many factors that led up to the depression. First of all, banks were making loans that were never paid back. When the businesses that loans were made to ran short on money, similarly, the banks did too. Banks across America went bankrupt, causing them to close. Every account in the banks that closed was abandoned.
The Great Depression was a time of economic destress in the United States that eventually affected the whole world. The stock market crashed causing chaos among the people. Everywhere people were going to banks demanding they get their money back. However, these banks were not prepared for this and did not have the money to give back. As banks began to fail, business failed as well.
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.
For this piece of writing entitled, “The Shock of Education: How College Corrupts”, journalist and commentator Alfred Lubrano focuses in on the areas of working-class and middle-class families. Lubrano uses real-life examples and noticeable characteristics to further explain the differences between the two social groups. Lubrano attempts to engage U.S. high school graduates and newly enrolled college students as the audience of readers. After gathering information from the text, Alfred Lubrano is depicted as a well-educated individual. Alfred Lubrano has shifted between two worlds: living in a working-class environment and attending an elite school.
Imagine working sixty-hour weeks on your family farm planting the harvest, feeding the livestock, mending fences, and fixing equipment because your family can afford to hire a mechanic. You rise well before sunrise in the dark to tend to the animals while your younger siblings sleep. As they laugh and play on their walk to school, you must stay home and help your parents work to keep the farm going. They get to socialize with their peers each day, but you can't remember the last time you talked to anyone your age. Then one day you wake up and find all your hard work and sacrifice blown away by the wind.
Plot Twist James Gray stated that “Melodrama is one of the most stunning art forms. These are stories where the emotions are big, and the situations are big, and the artists believe in the situation dramatically. There's no irony or distance.” Situational irony can affect what the reader emotion the reader is feeling . Authors skillfully use situational irony to surprise the reader, by adding a plot twist which is an unexpected event that happens in the story.
