The Stock Market Crash Of 1929 Essay

1301 Words Apr 28th, 2016 6 Pages
After the stock market crash of 1929, America went into a period of economic crisis known as the Great Depression. During this time, the political, economic and social institutions of America were disturbed. The young and the old suffered. Adults could not provide basic necessities for their children and themselves because no employer could hire since no one had any money. Even those who were in the high class were suffering. During this economic crisis farmers were also suffering because of the dust bowl. Across America about 600 banks were closing every year, houses were being taken away from people because they could not pay their mortgages, factories started closing because of the increasing percentage of unemployment. The government, many organizations, and individuals were seeking ways to address the problems that Americans faced. The Alphabet Agencies tried to solve the unemployment crisis, the bring up in the economy and organizations set up soup kitchens for the unemployed people. The stock market crash was the spark of the Great Depression. On Black Thursday, October 24, a record 12,894,650 stock shares were traded. The financial panic began on Black Monday, October 28, with the market closing down 12.8 percent. On Black Tuesday, October 29 more than 16 million shares were traded. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression (1929-39), the deepest and the longest-lasting economic…

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