During the 1920’s, many people had lots of money and were able to live well. Because people had all this money, they spent it buying stocks on margin. Money was gained out of buying and selling stock but one of the negatives of investing was that if they go down, the buyer won’t have enough money to pay the bank back. On October 24, 1929 stock prices began to fall and thousands began trying to sell stocks, causing a panic. The people who didn’t sell their stock had no money and were not able to pay back the banks. The day the stock market crashed, many people rushing to banks to retrieve their savings. Many banks used the peoples savings as money for loans and people became angry because they lost all their money and savings. This bank crisis
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The WPA put young men to work and provided jobs for the people across the country. This allowed these workers to earn enough money to support themselves and their families. As time went on, more and more jobs were provided and people were making more money. This eventually caused them to start spending their money again. With people spending money, businesses were growing and flourishing. The men who were jobless were put to work making clothes, building hospitals, schools, parks, playgrounds, and airports. The government and businesses also hired artists, photographers, actors, writers, and composers. Artists painted murals on walls, workers built 120,000 buildings and half a million miles of road. The WPA created 8 million jobs for people after the Depression. In order to build up businesses the people need to want to spend and feel safe spending their money. Because the WPA created jobs, people were able to earn the money they didn’t have. For a while, people were afraid to spend their money again, but eventually they started buying products from stores. This built up the economy and allowed businesses to succeed and start hiring workers. During the Depression, businesses big and small closed down and were forced to fire workers because they could not afford to pay them. The WPA made people trust these companies again and spend their money, which caused businesses to buy more goods and hire workers. People were making money again and were able to live properly again thanks to FDR’s New Deal program. (Sources E, F, &
The WPA put young men to work and provided jobs for the people across the country. This allowed these workers to earn enough money to support themselves and their families. As time went on, more and more jobs were provided and people were making more money. This eventually caused them to start spending their money again. With people spending money, businesses were growing and flourishing. The men who were jobless were put to work making clothes, building hospitals, schools, parks, playgrounds, and airports. The government and businesses also hired artists, photographers, actors, writers, and composers. Artists painted murals on walls, workers built 120,000 buildings and half a million miles of road. The WPA created 8 million jobs for people after the Depression. In order to build up businesses the people need to want to spend and feel safe spending their money. Because the WPA created jobs, people were able to earn the money they didn’t have. For a while, people were afraid to spend their money again, but eventually they started buying products from stores. This built up the economy and allowed businesses to succeed and start hiring workers. During the Depression, businesses big and small closed down and were forced to fire workers because they could not afford to pay them. The WPA made people trust these companies again and spend their money, which caused businesses to buy more goods and hire workers. People were making money again and were able to live properly again thanks to FDR’s New Deal program. (Sources E, F, &