As the Roaring Twenties came to a close, America was thrown into one of the worst periods in its history. The Great Depression shook the nation in ways the American people could have never imagined. Americans quickly went from living the high life to barely having bread to eat. Millions went unemployed and millions starved throughout the overwhelming ten years of the Depression. This time period has made a huge impact on American society because it caused people to lose all trust in the banks, it caused a major job shortage, and it negatively impacted the American spirit.
The Depression quickly caused the American people to lose all faith in the banks. When the stock market finally crashed on October 29, 1929, the banks lost billions of dollars (Lindop 9). Banks had invested their depositors’ money; therefore, when the stocks bottomed out all of the depositors’ money vanished. All across America, people “no longer trusted banks to keep their money safe. In city after city, depositors rushed to withdraw their savings” (Lindop 10). As a result of the depositors withdrawing all of their money at once, thousands of banks went out of business. As an alternative option to keeping money in a bank, many Americans resorted to stashing their money at home. They hid large amounts of money under floorboards and sometimes even mattresses (Lindop 10). The mass …show more content…
One of the richest countries on Earth barely survived the collapse of its stock market. However, the Depression made “a hero out of every sufferer” (Hard Times: The 30s 42), and put life into perspective for everyone. Millions were lost to malnourishment and countless diseases, but those that lived were left with a memory that would last a lifetime. However, they are not the only people impacted by the Great Depression, for the horror stories recorded in books and told throughout the generations still impact people
The Depression quickly caused the American people to lose all faith in the banks. When the stock market finally crashed on October 29, 1929, the banks lost billions of dollars (Lindop 9). Banks had invested their depositors’ money; therefore, when the stocks bottomed out all of the depositors’ money vanished. All across America, people “no longer trusted banks to keep their money safe. In city after city, depositors rushed to withdraw their savings” (Lindop 10). As a result of the depositors withdrawing all of their money at once, thousands of banks went out of business. As an alternative option to keeping money in a bank, many Americans resorted to stashing their money at home. They hid large amounts of money under floorboards and sometimes even mattresses (Lindop 10). The mass …show more content…
One of the richest countries on Earth barely survived the collapse of its stock market. However, the Depression made “a hero out of every sufferer” (Hard Times: The 30s 42), and put life into perspective for everyone. Millions were lost to malnourishment and countless diseases, but those that lived were left with a memory that would last a lifetime. However, they are not the only people impacted by the Great Depression, for the horror stories recorded in books and told throughout the generations still impact people