stock market crash Essay
640 Words3 Pages
The Stock Market crash of 1929 has been looked at as the greatest symbol of depression is our countries history. Although the Stock Market crashing had a huge effect on the beginning of the Great Depression, there are still factors to consider when looking for a source to blame. It’s hard to put responsibility on the stock market for something so huge and disheartening. The Great Depression is seen as a slippery road downward, not a sudden jolt into hopelessness.
The Stock Market in the 1920’s had consistently seen prices climb over the last few years. By the fall of 1929 the prices of stock were severely overpriced and unaffordable. When stockholders saw the severity in the prices they all panicked and began…show more content…
The banking system of the 1920’s is not what it should have been. Today we have insurance on the money we put in the bank, so if that bank should go under, we can still have our money. This was not the case in the 20’s. If your bank closed, and many of them did, you lost all the money you had saved. No one could help you and many families ended up on the street due to this loss.
Bread lines were now crowded as people tried any way they could to feed themselves and their children. Suicide was now at a high as well. Many businessmen or farmers and really anyone else who had lost their job or business due to the times often committed suicide as the easy way out. The way out of the Depression was a long road ahead.
FDR, in my opinion, is mainly the reason that the Great Depression ended. FDR would hold “fireside chats” everyday on the radio. This was very consoling for a country who thought they were headed nowhere. It was nice to hear a man of power tell you that everything was going to be okay. He gained even more great respect after announcing the New Deal.
The first New Deal was aimed towards business recovery. He insisted that the banking industry now be regulated and developed F.D.I.C. that would insure your deposits up to $5,000. This is the same system that we use today.
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