Essay about The Great Depression And The Depression

1331 Words Feb 3rd, 2016 6 Pages
The Great Depression began in 1929 and lasted almost 10 years; It was a time period when the America had the most severe economic. The majority of American left their home with dream to earn money to support their family; even teenagers left school to get a chance to work in order to find a better life on their own. People who found a work during the Great Depression would have a bad living condition provided. The owner housed them with a shanty, barn, or even an open field. However, the wage dropped dramatically since the large amount of workers came for works, even if the whole family had work, the money would not be enough to support them. The Great Depression affected every American. The unregulated bank is one of the long term causes of the Great Depression. The bank loaned money to people without demanding any collateral. Since no one could pay back their loan and there had no collateral, the bank started to use the money in their saving account in order to keep the operation. As the money ran out, the bank had to close the door. Buying magin also is a significant factor that causes the stock market crash of 1929. In the 1920s, it was popular for people to buy stock at a lower price and sell them for profit. Until 1929, stock market investors began to sell their stock which causes the stock price fall dramatically. Due to the Black Tuesday, people were not willing to buy stock because of the plummeting price which cause the market crashed. Herbert Hoover…

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