An economic depression is described as A state of the economy resulting from an extended period of negative economic activity. The Great Depression was a time of major economic slump in American history. It is blamed on president Herbert Hoover, for “doing nothing” while in office. The Great Depression started when the stock market crashed on October 28, 1929, or Black Tuesday. The stock market was becoming the new way to make money fast in America, and no one realized all of the trouble it would get our country into. The trouble with stocks began when people began buying stocks on the margin, or borrowing money to pay for stocks. When people found out they they would not make money on stocks they bought, they attempted to sell them before
