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Wall street crash of 1929
Wall street crash of 1929
Similarities between the great depression in 1929 and the one in 2008
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Joshua Youngworth Mr. Wall Period 4A 1-13-23 Stock Market Crash and the Great Depression Prior to the Great Depression stocks started to be purchased much more commonly as people assumed they could only gain profit from them. After the stock market crashed in 1929, the Great Depression soon began and the United States fell into a state of financial struggles. The Great Depression was a time where these struggles were common for tons of people all over the country and unemployment rates skyrocketed. The stock market crash caused the Great Depression because families couldn’t pay for anything, businesses started to fail, and banks closed.
The Great Depression was a difficult time in American history. Many families and businesses suffered due to the stock market crash. Despite the stock market crash being a contributor to the Great Depression, the Depression did not happen because of it. There were causes that led up to the crash such as the get rich quick mentality, the Smoot Hawley Tariff, and the bank failures that led to the stock market crash and contributed to the Great Depression. Wall Street was seen as a “money trust” and “a place where insiders fleeced small investors” (Give Me Liberty, Eric Foner, pg 786).
The Stock market Crash was one of the causes of the Great Depression. One cause of the Stock Market Crash was the stock exchange. This led thousands of Americans to invest in stocks and lose money. Many Americans borrowed money from the bank to buy stocks. Most of the time, people who lost money were unable to pay the banks back their debt; which caused banks to fail.
The stock market crash of 1929 began a time period called The Great Depression. The Great Depression was an era of major unemployment and buisness faliure that lasted until 1939 with the help of President Franklin D. Roosevelt’s New Deal which implemented a framework that could protect American’s interests
Before the Stock Market crash of 1929, America went through a decade of prosperity and social change known as the Roaring Twenties. New fads and numerous inventions emerged throughout our country. Many people bought on credit and as a result, our economy flourished. However, many Americans failed to realize this would be one of the underlying causes leading to the Great Depression. For instance, “Most people bought, but many couldn’t afford to pay the full price all at once.
In 2008 the entire world went through one of the biggest stock market crashes ever. While the whole world was hit, the united states was very harshly impacted. The 2008 stock market crash was the worst in the united states since the 1929 stock market crash, shortly followed by the great depression. While in 2008 there was nothing like the great depression, many families were affected and companies even more so. While the crash did directly affect the wealthier families with their hands in the stock trade, it really affected every family as a whole, almost like a snowball effect to some degree.
Yes in my opinion the powerful stock market crash of 1929 made the great depression inevitable. On the 29 October 1929 the stock market boom burst and the prices of share are started falling down faster than they rise up. The Federal Reserve Bank began rise the interest rate and did not respond properly to the national and the public bank when they began to call in international loans and funds. Because of this action of national and public bank, public began withdrawing their personal savings which lead forcing banks to close because they did not trust the banks.
During the 1920s, the United States Stock Market underwent rapid expansion, marking a decade of increasing conveniences for the general public and generating a nationwide attitude that positively transformed the American people. In contrast, this economic boom later precipitated a worldwide collapse of share values and triggered economic decline with catastrophic levels of unemployment, poverty, self-doubt, and bank failures. The far-reaching recession in the stock market led to a universal loss of confidence not only in many American families and entrepreneurs, but also contributed to large amounts of social pressures that numerous businesses and farms encountered as a nation. As a result, the Stock Market Crash of 1929 altered a generation not only through financial means, but also reversed America’s attitude that was prevalent during the 1920s – a thriving period of economic prosperity, social change, and mass production of technology, goods, and services.
The Great depression The Stock Market crash is mainly known to be the spark of the great depression as when the people went out of cash they weren’t ready as to what was coming. Such as the Dust Bowl, Federal programs Franklin D. Roosevelt New Deal caused many people to get out of the Stock Market Crash by having federal programs have the people get jobs that were long
The Stock Market Crash of 1929, also known as the Great Depression, was the result of many economic factors. The most important being various economic imbalances and structural failings. It started in the 1920’s where there was a rapid growth in bank credit and loans. At the time, people had been encouraged and motivated by the strength of the US’s economy that they thought very little could go wrong. This led to people borrowing more and more money in order to buy shares having the thought that they would end up making a profit.
Moreover, the stock market crash was caused by a number of banks failing. “One contributing factor was a massive wave of bank failures.” (Great Depression) The stock market crash had been fluctuating over time, but had not failed as much during the 1930’s.
The 1929 stock market crash was the greatest stock market disaster that has ever occurred worldwide. The result of the Stock Market Crash of 1929 ended in the Great depression that was the next worst even to happened in United States history. In 1929, the United States economy was heading towards rock bottom. Americans across the nation came face to face with the most significant economic disaster of the 20th century. The event that followed the crash was the plummet of the United States economy, The Great Depression.
The Great Depression and the New Deal The New York Stock exchange collapse in October 1929 that saw the selling of approximately thirteen million shares was the beginning of a devastating financial crisis: The Great Depression. The effects were far-reaching and long-term; it went on for about a decade (Bartlett). In fact, the industrialized world has never witnessed such a serious market collapse. Though it affected countries in Europe and North America and some other industrialized countries, the United States featured significantly and was one of the worst hit.
The morning of October 24, 1929 the stock market prices took a dive as investors traded 16,410,030 shares in a single day which caused national panic as billions of dollars were lost causing thousands of investors to wipe out. The stock market crash has been at many times cited as having been caused by the lack of order the stock market had. Many Americans faced with decline of the stock market rushed to sell their stocks which caused the stocks shares to rapidly be devalued; many Americans had invested in the stock market during the Roaring 20s, a time where the economy prospered. Even as the stock market spiraled downward the government did not intervene in economic issue due to it being very small and virtually no say on the
Between both the great depression and the great recession, we may also see some differences even though both impacted their different time periods of 1929 to 1933 for the great depression and 2007 to 2009 for the great recession. First, you can tell that the great depression lasted double the time of the great recession and is much more talked about in history about how bad it was following World War 1. 50% of banks failed during the great depression, while only 0.6% of banks failed during the great recession. 25% of people were unemployed in the great depression compared to 8.5% of people in the great recession. A decline in Dow Jones industrial averaged about 89.2% in the great depression, while it showed 53.8% for the great recession.
