Great Depression facts – Interesting facts about the great depression. The Great Depression had far reaching consequences for not only the American economy but also Global Economy which suffered immensely because of the economic chaos. It also helped banks to set up new laws and rules of governance pertaining to loans and debt.
It also helped to identify key ailments in an economy which has a cascade effect leading to economic hara-kiri like the Great Depression.The Great Depression facts
The Great Depression was triggered by the Wall Street Crash in 1929.
The Great Depression started on October 29, 1929, which went down in history as the Black Tuesday.
The Great Depression lasted for a decade and ended in 1939 with the start of the WWII.
Unemployment peaked in 1933 when it became 25% of the population. Each day of the great depression saw 12000 people getting unemployed to reach 12 million by 1933
Six months before the Wall Street Crash Republican President Herbert Hoover was elected on a wave of optimism
There was a feeling of smugness and optimism among the American public who saw in Hoover a leader who will take America towards ever greater economic prosperity.
The thrifty and prudent sentiments were replaced by reckless and live now pay later attitude. The American population bought expensive products, like automobiles, on easy credit terms.
Middle class Americans started investing in stock market and they were buying shares on loans from banks and when the crunch came they were not able to pay and had to forfeit the security which usually was a house or land.
The debts became so alarming that there was a jump in number of suicides and stood at 18.9 per 100,000 in 1929.
The wealth of the nation was unevenly distributed and the poor who constituted 60% of the population faced the brunt of the great depression.
Great Depression facts
Even the thrifty who had put their life savings in banks suffered because the banks had recklessly invested in unprofitable ventures.
More than 3000 banks were bankrupt and were not able to return the money deposited by the public.
As a result of the economic crisis hundreds of banks closed, there was mass unemployment, hunger and despair was widespread and the situation was exacerbated by the drought of 1932 which led to dust storms which ravaged the prairies states of America.
The situation became so desperate that Bread Lines and Soup Kitchens were the only form of provisions for the famished.
Slums sprang up across the US and it became the only…
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