Black Tuesday Case Study

1949 Words 8 Pages
1. The Wall Street Crash, otherwise known as Black Tuesday, occurred on October 29, 1929 (Grossman). It was caused by wealthy buyers continuously buying stocks as prices continued to rise, inducing confidence in investment. If these investors had not contributed money as immensely, the Great Depression may have never occurred. Others also loaned money from banks to take advantage of the growing stock market. Nevertheless, when the stock market crashed, all of that investment was lost, and on top of that, they were now in debt. After this event transpired, “the maldistribution of income thus contributed to troubles in the economy” (Jeffries). When the prices of stock fall, logically, the value of the company does as well, inherently causing almost everything in the economy to lose economic value. Since money was largely invested in the stock market, even the wealthiest …show more content…
Discontent with his position of president and the fact that the Supreme Court could just deem his actions unconstitutional, Roosevelt initiated the court-packing plan. The court-packing plan allowed for the president to appoint 6 more Supreme Court justices, and according to Roosevelt, expand it. However, the Judicial Branch, and even some of the president’s assistants, believed that he was only instating this plan to put judges that would reflect his views into the Supreme Court, which would only increase his power in the government. The fact that Roosevelt may have attempted to bypass his limitations set by the Judicial Branch and the Constitution shows what his character really reflects, if that was his direct intention. Court packing was probably not the best idea, as it displayed Roosevelt’s character as somewhat sneaky to his followers, and also would increase his power even further, which may have satisfied him, but not necessarily the rest of society. If anything, the court-packing plan only damaged his reputation further, and did little to solving his problem of wanting more

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