stock market crash 1929
One of the greatest economic disasters in American history was precipitated by the stock market crash of 1929. This was a terrible time for almost all United States citizens. The consequences of the stock market crash of 1929, was a devastating event for the United States, it effected every aspect of all American life. In order to more fully understand this occurrence, it is necessary to examine the events which led up to it, the specific causes, and the effects. There are many historical events, which led up the crash in the stock market of 1929. The crash of 1929 was not the only crash that the stock market had to face; the market has faced many plunges before. There was not just one single factor that had caused the market to crash; there were many underlying reasons. At one time, people wanted household electric equipment and automobiles and other such items. People at this time wanted items such as microwaves and such things as toasters and anything that was electric. "These items were just started to come about and everyone wanted them. They were hard to get at first but they started making more and more of them and were easier to get" (Sweeney).
For all these reasons, it can be seen that the stock market crash of 1929 was a devastating event for the United States. The wealthy made it hard for the people who were in the middle class and the poor because if they were not out spending there money on luxury things then those in the lower class lost their jobs because the wealthy was not buying things. "This was the most infamous day in Wall Street" (Galbraith). The effects of the stock market crash were devastating. ent was high, it showed chronic depression in certain industries and over expansion in others" (Galbraith). Most all of them probably would not be able to pay it and that is why they stopped. Hopefully, The United States will never experience anything like this again. The people who were wealthy stopped spending their money on luxury items and slowed the investments down a large number. These included a loss of jobs, bankruptcy, suicide, and a run on the banks. They stopped buying those things because they had a fear of losing their jobs, and they thought that they would not be able to pay the interest that they had to pay. In late March 1929, the federal reserve board met every day, but they did that in secret. Some people kept their money out of the banks and were waiting to get bargains, but that made it even worse.
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