Calderwood 1
The Great Depression
Depression, what does this word mean, not by dictionary but by our hearts? It can mean many things, most of them being feeling words. Such as sad, alone, hopeless, and even suicidal. The Great depression was the most significantly horrifying economic crash in the history of America. Everything hit rock bottom, including the stock market, banks and the most saddening of them all was peoples moral. The Depression hit America hard and fast, it lasted about ten years from 1929 to 1940.
Beginning this tragic era of time was the famous stock market crash also known as black Tuesday. In the 1920's stock prices jumped a tremendous amount, to highs never seen before. Many people such as investors believed that stocks were a for sure thing. So they started borrowing heavily which would enable them to invest more money into the stock market. That was all about to end, for in 1929 the bubble was popped and stocks started to go down very quickly.
United States
United States
English: Crowd gathering on Wall Street after the ...By 1933 the market had reached its lowest point ever, down a total of 80%. This hid the American economy hard; the strong demand for goods, such as major appliances went down, no more money to invest. The stock market had let many people down. ("Stock market crash." The first measured century. 11-07-04. http://www.pbs.org/fmc/timeline/estockmarketcrash.htm.)
The stock market wasn't the only thing to go down. Banks played a major role with the stock market; they were almost hand in hand. Because people had to borrow money and get credit from the banks to invest in the market. So as the market began to crash, banks went erupt. No business, people started taking their money out of savings accounts. Nine million bank
Calderwood 2
accounts were wiped out. The banks began to run...