Great Depression Essay

665 words - 3 pages

The United States faced numerous problems including financial,economical and political during the Great Depression The Great Depression first began on October 29,1929 .The Great Depression was not an event that happened just instantly but was made of a chain reaction of events that happened though out the ‘’Roaring Twenties’’.The infamous day that resulted of the collection of events is widely known and recognized as ‘’Black Thursday’’.With the start of World War One, the United States was more productive than ever and at the end the United States became a country with a stable economy.Factories used for producing guns and other necessities for World War One were switched for cars,telephones and other new popular things people wanted.To buy the products,people started to use credit.Credit is borrowing of money in exchange to pay it back.Large amounts of credit were borrowed,more than people could ever afford and pay back.Banks were starting to fail because of the lost unpaid money,careless money lending and many declared bankruptcy.This is just one of the contributing events that led to the Great Stock Market Crash.Overproduction of goods were also a contributing factor.The overproduction of goods by farmers and factories left many products unsold and a lot of money was lost,adding to the declining economy.Production was cut by half and prices were dropped.With banks closing,people started to desperately trying to withdraw what ever money they had saved,but many still lost all their money because the banks had been using to try to save themselves from closing or lending it to stock investors because banks during that time did not have a policy of securing the peoples’ savings.On Black Thursday,the stocks’prices fell.The investors panicked and to try to get some money,the investors started to sell their shares of their stocks quickly.The selling of shares...

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