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Stock Market Crash Of 1929: The Great Depression In Canada

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The Stock Market Crash of 1929 that triggered the Great Depression in Canada has forever changed the country. During the 1920 's, the Canadian and the United States stock market was evaluated by the potential growth of companies and people were “invest hungry” and hardly looked at the assets because they thought that it would rise no matter what and that it was a no risk, high profit investment. It was predicted on October 24, 1929 (Black Thursday) that the market had reached an all time high and that the"bull" stock market was so high that it would be hard for it to continue rising at the same rate. Unfortunately on October 29, 1929 (Black Tuesday) the North American stock market was crashing and in a panic everyone started to sell their stocks …show more content…
The Prime Minister of Canada at the time was Mackenzie King, Mackenzie King was a Liberal leader during the stock market crash. King let the people do as they do to the Canadian economy. Once the crash hit and people lost everything, King was sitting there thinking that it was all something that the market did and it would rise again shortly. In August of 1930, Richard Bennett, a Conservative leader was elected for prime minister because the people didn 't feel that King was helping them. Richard Bennett won the election because he promised aid programs for struggling families, promoting high tariffs and eliminating approach that King had. Bennett did a lot worse, making it impossible for some people to own and maintain a car. Because the price of gas was so high that people took the motor, transmission, and windshield out and pulled the cars by horses; they called these “Bennett Buggies”. Bennett lost support from Canadians because he failed to pass bills that he promised and he didn 't get a whole lot of things done during the first few years. King was re-elected because he proved that Bennett didn 't get a lot done in his time and the people figured it couldn 't get any …show more content…
Relief programs shaped Canada as a country by showing that government was trying to help the needy Canada but the 20 cents a day made it more or less feel like slave labour. By the end of the depression the Liberals were favored because the Conservatives didn 't move the rock from the hard place when they tried to rebuild Canada. The Liberal party was in office for the next 13 years because people were scared that they would fail again. We learnt lots from the crash so know whoever invests in the market should know how to avoid another

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