The Great Depression Of 1930 ' S Essay

1223 Words Dec 12th, 2014 5 Pages
The Great Depression
“(Stockbrokers) Hollard (sic) and screamed, they clawed at one another’s collars. It was like a bunch of crazy men.” “The great buildings were ablaze with lights all night as sleepy clerks fought desperately to get accounts in shape for Monday opening” (“The Wall Street Crash”). This is how journalist Jonathan Leonard described the day the stock market crashed on October 28 1929 - the day that triggered the great depression. The Great Depression of 1930’s had great impact on the economy, the environment, and politics.
Background
The 1920’s were called the Roaring 20’s; life was good, the auto industry was increasing, and people put large sums of money into the stock market. They would buy on margin and there was even speculation buying going on.
On October 29, 1929, or Black Tuesday, the stock market crashed. People lost huge sums of money and 15 million Americans lost jobs (Hamen 7) . Men were hit psychologically harder than women because of the humiliation of having to ask for help, people developed depression and tried to escape their lives by riding the rails. The auto industry crashed, hunger and homelessness became common, people developed habits of careful savings and hoarding food. Thousands of banks went out of business.

Economics
President Herbert Hoover didn 't help the depression, John Flint even went as far as to say, “Any attempt... to save the weaker debtors necessarily prolongs the depression” (Scaliger 37). President Hoover…

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