The Great Depression The Stock Market Crashes. The Market Crashes  Black Thursday  Stocks begin to drop following Dow Jones peak  Brokers called.

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Presentation transcript:

The Great Depression The Stock Market Crashes

The Market Crashes  Black Thursday  Stocks begin to drop following Dow Jones peak  Brokers called in loans while others lent more  Wednesday, Oct 23, Dow dropped 21 points in 1 hour  Thursday, Oct prices drop more, loss of $3 billion  Black Tuesday  To halt panic, bankers pooled money to purchase stock  Prices stabilize briefly but drop again on Monday  $30 billion loss on Tuesday, Oct. 29, 1929

Impact of the Crash on Americans  4 million stockholders lost everything in the crash  Americans lost money, jobs, farms and homes - EVERYTHING  Effect on Workers and Farmers  As income & profits dropped, factories closed, cutting jobs & wages  1932, 12 million unemployed  Small businesses - restaurants & movie houses closed  Servants, maids & other household workers were laid off  Low farm prices became even lower  Great Depression followed due to lack of government action

 Banks were forced to close  Rural banks had already been destroyed due to unpaid farm loans  City banks began to close their doors  Banks called in loans but could not receive repayment  Depositors rushed to withdrawal money but it wasn’t there  Banks had loaned their money to other people  Within 3 years, 5500 banks close  By 1933, 9 million savings accounts were closed

Impact of the Crash on the World  Following WWI, U.S businesses invested heavily in Germany  Germany could pay the $33 billion in reparations to France and England so long as the U.S continued to invest  France and England relied on Germany’s reparations payments to pay the debt owed to the U.S.  When the U.S economy collapsed, investment in Germany stopped

The End