Great Depression

The year was 1929. Lifestyles, family, and employment in the United States, up until then, was great. Herbert Hoover was in the White House and millions upon millions of stocks were being traded on the New York Stock Exchange. On October 24, 1929; people sold their stocks more furiously than before. As many as 1.1 billion shares were traded on the New York Stock Exchange on October 29, 1929 (3, 17). "During this period, the market value of all stocks jumped from twenty-seven billion dollars to sixty-seven and a half billion dollars (3, 17)!" But on the October 29th, "Black Tuesday", so many shares were sold that the market collapsed completely.
When the stock market crashed, President Hoover attempted to prevent it from deepening business activity, wages, and spending (1, 35). Immediately, it affected the poor and the middle class, who kept their entire savings in banks and savings and loans. Their financial institutions closed due to the fact that they invested their depositor's...