’s THE GREAT DEPRESSION

Black Tuesday October 29, 1929 The stock market crashed further than ever before. This was the end of the great economic times of the “roaring twenties” and the beginning of the hard times known as the Great Depression. In the 1920’s, people were buying stock with credit. This lead to stock prices being artificially high and stock prices had no where to go, but down. As prices dropped, people panicked and sold their stock. This Is how the market crashed.

Effects of the Crash When consumer confidence fell, people were less likely to go out and spend money. The new industries that had been running in the U.S. came to a halt. Manufacturing of consumer goods had to be stopped because not enough products were being purchased by Americans. This led to factory workers losing their jobs. Unemployment rose to 25% !

Children Protest

Bank Runs The stock market crashed and people where losing their jobs. It became common for people to fear that their banks would run out of money and close down. As people demanded their money in cash, the banks could not supply everyone with all their money at one time. Many banks had to shut down because of this self fulfilling prophecy.

People demanding money

Dust Bowl The great depression hit Texas and other farming states hard as well. The Dust Bowl was a combination of over farming the land and severe drought in the area. These two factors led to huge dust storms that blew away the top soil of the heavy farming areas. Farmers had to try to move, but couldn’t find other jobs during the depression.

Dust Bowl