The Rise Of The Great Depression Essay

1551 Words Jan 29th, 2016 7 Pages
The event known as “Black Tuesday”, was when the American stock market crashed and this lead to an hopeless downfall known as The Great Depression in the United States which started on October 1929. During this time the president was Herbert Hoover and he strongly believed that if people had patience and the ability to be independent that the results will end fine. The year, 1932 was remembered as the hardest year during The Great Depression because almost everyone was unemployed. Farms and Banks were two long term causes of The Great Depression. To start off with farms, many farmers were having a hard time before the Depression. Mostly because they were farming too much and farm products were too low. In addition, the Dust Bowl gave farmers a hard time because it was a problem which caused high winds and a drought. The cause of the Dust Bowl was that farmers dug up the first layer and eventually roots gave up and this lead to the Dust bowl. Continuing on to the long term causes of The Great Depression, banks. As farmers spent less and less money in town, banks began to fail at dangerous rates. During the 20’s, average 70 banks failed each year; soon after in the year of 1930’s during the first 10 months after the crash, 744 banks failed. Rates increased 10 times as many due to The Great Depression. Most of the time when farmers would turn to banks to rely on money, the banks were too broke to give out loans. The United Stat presidential election of 1928, Herbert Hoover…

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