What happened during the Great Depression?
The dollar value collapsed,the housing prices dropped substantially,there was a run on the banks which had to close down.The stock market went down then there was panic and massive selling of stocks that lead to it’s collapse.Middle class society was in peril,and many lost everything.There was few social programs that could help the massive unemployment and food lines were needed to feed the poor.It was the time of the “dust bowl” and a drought causing farmers to loose everything.The few that could hold on,and the rich profited from the depression for they could by property and goods at 10 cents on the dollar.
” When you ask that question, you can hear crickets chirping. The Great Depression happened because of a number of bad things converging on our economic system like a perfect storm. “Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920’s, and the extensive stock market speculation that took place during the latter part that same decade”. ~Paul Alexander Gusmorino 1. Black Tuesday The greatest false belief is that the 1929 Stock market Crash was the cause of the Great Depression. On Monday October 21, 1929, the over-valued stock market began to nose-dive. The market managed a brief mid-week comeback, but 7 days later on Black Tuesday the stock market dropped again; 16 million shares were dumped and there were no buyers. There was actually a 1926 housing bubble. (Sound’s familiar.) There was a burst of a 1929 high-tech bubble. in 1929 — but also
