The 1920's in the United States was fueled by Americans’ ability to buy on credit and purchase new and innovative products on credit with a "buy now, pay later" mentality. Additionally, twentieth
century Americans experienced Jazz, racism, Prohibition, the assembly line, and the growth of movies and radio.
Then things began to go wrong. “Black Tuesday” changed the security most Americans were enjoying. On “Black Tuesday,” October 29, 1929, the stock market lost $14 billion, making the loss for that week an astounding $30 billion.The Wall Street Crash of 1929 was one of the main causes of the Great Depression. This stock market crash was the most devastating crash in the history of the United States.
During the period from 1924 to 1929, the stock market rose steadily - as Americans enjoyed unprecedented prosperity and was a very wealthy place. Businesses grew and people had a lot of money to spend. However, by 1930, businesses had made more goods than people could buy. These businesses started to fail and many people lost their jobs. Then, in a matter of days, the market collapsed, 9,000 banks went out of business, as many as 86,000 businesses failed. and 9 million savings accounts were wiped out. The unemployment rate jumped from 9% all the way to 25%, leaving about 15 million people jobless.
Watch this 4 minute video and then check out this 3 minute video.
Comment and tell us one thing new that you learned.
I did not know that multiple people committed suicide when the stock market crashed, it is sad to see.
ReplyDeleteI learned that it was better and safer to keep your money in a reopened bank than to store it under your mattress.
ReplyDeleteI learned that President Rosavelt was the one to help us get through the Great Depression and through World War II. He was a good president:)
ReplyDeleteI was surprised to learn that the stock market crashed several times, rather than one big one, like I thought.
ReplyDeleteI agree! That was pretty surprising to me as well!
Deletei learned that after the stock market fell, a group of bankers invested in stocks to stabilize it again
ReplyDeleteI learned that if you did not have enough money for stock you could get a loan so you could buy stock.
ReplyDeleteI didn't know that faith in the banks was lost, or just how many people were jobless! So sad! :'(
ReplyDelete9 million savings accounts were wiped out! That amazed me, and was something I learned that was new. And as Cassie said, I also enjoyed learning about Roosevelt. He seemed genuine, even during this trying time. :) he was a president and a friend.
ReplyDeleteI learned how scared the people were that they were going to lose their life savings and formed HUGE lines outside of the banks.
ReplyDeleteI could not believe that 30 billion dollars were lost! 30 billion! Think how much that would be worth today! It makes sense why so many people were unemployed now.
ReplyDeleteI learned that the American People had came up with an optimistic mindset in the Great Depression, where a pessimist mindset would more likely fit. I learned how being a nation of immigrants, the American people seemed to have known how to get through the hard times, how when one falls down, to get back up again and work their way through. I think that most of the people who had that view of optimism and hope were probably trusting God to get them through the hard time.
ReplyDeleteI also think the Great Depression might as well have taught our country an important lesson about how to guide the economy and such. It was a great stepping stone in America's history that probably helped it to be an even Grater Nation, able to pick itself onto its feet again and thrive.
Ok, EDIT ON THE ORIGINAL POST:.... I also think the Great Depression HAD TAUGHT our country.... (Disregard the unedited original! :P)
DeleteALSO: ---...able to pick itself UP onto its feet again and thrive. (also disregard the unedited original! :P)