stock market crash 1929

A detailed Summary of 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).

The rich, middle class, and even the poor were affected by this crash. The stores could not afford to pay their employees, and thus had no one to work because they could not afford it. People started to lose their jobs and could not make any money. Many stores had to close. Around that time there were many suicides.

Unemployment started getting higher. It reached five million in 1930, and up to thirteen million in 1932. At this time people wanted their money so they went to the banks and tried to take out all the money they had. This put a run on the banks. The banks, at that time, could not give everyone their money. This caused many people to go bankrupt.

even worse. On Monday, October 28, 1929, 9,250,000 shares were traded. "This was the most infamous day in Wall Street" (Galbraith).

ent was high, it showed chronic depression in certain industries and over expansion in others" (Galbraith). "Overall, the wealth of the United States and the real income of large numbers of people was increasing, which in turn, caused an increase in speculation" (Cabell).

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In late March 1929, the federal reserve board met every day, but they did that in secret. This started just after the inauguration of Herbert Hoover. During this time, the first "mini" crash began and that resulted in the next six months being close to the worst time for the market. During the summer, the market started to become

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Approximate Pages = 4 (250 words per page double spaced)

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