America, the Great Depression, and The Cinderella Man Essay

1789 Words 8 Pages
In October 1929, the United States stock market crashed due to panic selling. This crash started a rippling effect that contributed to a world wide economic crisis called the Great Depression. This crash was such a shock because of the economic expansion of the 1920’s when the Dow Jones average reached an all time high of three hundred eighty one. The year 1928 was a time of optimism and the stock market had become a place where everyday people truly believed that they could become rich. People everywhere were talking about the market and newspapers were reporting stories of ordinary people such as chauffeurs, maids, and teachers making millions off the stock market. People who didn’t have the money bought on margin. The stock market was …show more content…
Production was effected because businesses could not borrow money to produce more products and people did not have the money to buy products. More and more people were unemployed due to business cut backs. Consumers’ incomes shrank and therefore they spent less money. The Great Depression was a vicious spiraling down fall lasting from 1929 to 1941.
As the depression worsened, economic and societal conditions became unbearable. It was a shocking experience. One day people lived well, and the next day they were poor, homeless, and needing relief money. People lost their homes, jobs, and sometimes had to give away their children because they did not have the money to feed and cloth them. They felt hopeless and desperate. Women stayed at home doing sewing jobs and trying to take care of the children that they could not feed and sometimes not even shelter. When they were sick, they could not afford to go to the doctors. Men felt the pressure of not being able to support their children. Even though the depression was world wide, the United States had the highest unemployment rate except for Germany. Many people sank into despair and depression. Men were shamed that they could not find jobs and could not support their families. The suicide rates increased from 14 to 17 per every one hundred thousand people. By 1932, the poor were hit the hardest with an unemployment rate in Harlem of fifty percent. African Americans owning property fell from thirty percent to five

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