Great Depression

in early September, and prices slowly fell. The first "boom" happened October 23, 1929. The Dow Jones fell 21 points in one hour, many thought the "boom" was over, but that was just the start. On October 28, 1929, the Dow Jones lost another 38 points, and on October 29, 1929 "Black Tuesday," the bottom fell out. Panic selling started over 16 million shares were traded, however for many of the stocks, no one would buy them at any price. The foundation of credit for the market, margin debt, soon crashed as well. Most investors with margin accounts had no choice but to sell when the values fell.
             America's political and economical leaders tried to downplay the importance of the crash. "The fundamental business of the country, i son a sound and prosperous basis," President Herbert Hoover told Americans in late October (Faragher 736). Secretary of the Treasury Andrew Mellon described the benefits of the slump: "It will purge the rotteness out of the system. High costs of living and high living will come down. People will work harder, and live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people." (Faragher page 736) At the end of 192
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Great Depression. (1969, December 31). In MegaEssays.com. Retrieved 08:15, March 28, 2024, from https://www.megaessays.com/viewpaper/6870.html