the great depression

The Great Depression
In the 1930’s, The Unites States suffered an economic collapse known as The Great Depression, a depression that lasted from 1929 to 1941. In the years of the Great Depression, millions of Americans suffered from cold, hunger, and lack of work. Other effects of the Great Depression were bank failures, farm crisis, and mortgage foreclosures.
On Wednesday, October 23, 1929 stock prices dropped and investors lost about $5 billion (Spencer, 46). On the next day, October 24, known as Black Thursday, prices went even lower. Everyone tried to sell their stocks and get out the market, afraid that within days their holdings would be worthless. On Tuesday of the next week more shares were traded than ever before in the history of exchange. Losses for the day were between $6 billion and $9 billion (Spencer, 48). During this time millionaires saw their fortunes disappear. Ordinary people had gambled their saving and lost their security for the future.
The most impo...