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What Caused The Great Depression Essay

615 Words3 Pages

You have probably heard about the Great Depression which was a tough time period that no one can forget. It lasted a total of 10 years through 1929 to 1939. The Great Depression was caused by many reasons however the main causes would be when the stock market crashed,the banks failed, and the dust bowl happened. It was a time when people lost their homes, jobs, and lots of money. First, the stock market crash of 1929. “It was four days in October when the industrial average dropped 25% it lost $30 billion but in today’s money that would be $396 billion” (The Balance).This then caused many people to lose jobs and withdraw money from the bank.When people were losing money some did not even have enough money for rent so they found a new way to live by building shacks and moving in with their families(Schlesinger). The Great Depression caused many people to lose everything so when when it finally subsided they were left nothing to go back to. Altogether the crash wipe many of people out, they were forced to sell business, cash in their life savings and scramble to find any little bit of money (The Balance). …show more content…

As it was stated earlier when the stock market crashed and hundreds of people withdrew their deposits from the bank (The Great Depression). With no jobs and losing home, people would take their families and try to find work elsewhere. In the 20’s an average of 70 banks failed every year but, in the year 1933 alone 4,000 banks failed (wessels). They all failed because the deposits were pulled out so their was nothing for the banks to do. “My mother lived through the Great Depression, her family of 11 children pulled themselves up by their bootstraps and moved to wherever there was work at the time and in rural Oklahoma, that wasn’t easy to find”(Norris). This is only one example on how people were forced to leave their homes to find work. When the stock market crashed it caused banks to fail and times became

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