LIST OF CAUSES Black Tuesday/Thursday Farmers Banks Government Response Tariffs
BLACK THURSDAY October 24, 1929 Stock prices initially crashed Slightly recovered
BLACK TUESDAY October 29,1929 Official/Final Crash- Prices did not recover $25 Billion lost immediately~ $319 Billion in todays money
WHY DID THIS HAPPEN? Farmers heavily affected during the roaring 20s Production remained the same/increased
BANKS Numerous banks failed- Went out of business Many people lost all of their money
POOR GOVERNMENT RESPONSE Poorly managed Hoover believed that the country would repair itself
TARIFFS A tax on imported goods Many politicians believed that tariffs were the best thing for our economy by protecting against foreign imports Made problems worse as foreign countries entered the depression too.