Before, During, and After the Great Depression

733 WordsFeb 18, 20183 Pages
The Great Depression was a worldwide depression and was the worst depression the world has ever had. The Great Depression started in August of 1929. But the real effects of the depression were not felt until the stock market crash on Wall Street in October, 1929. Following the crash came a ten year long depression in the Western Industrialized Countries. Before the depression started, Calvin Coolidge was the president of the United States. He did not want to serve a second term because he saw the depression coming. Herbert Hoover was president when the depression started. The depression hit less than eight months into his term of office. After Hoovers first term, Franklin D. Roosevelt came into office. The Wall Street Crash of 1929 is commonly known as Black Tuesday. The Stock Market crashed on Black Tuesday and bankrupted thousands of businesses. This was caused by the sudden decline of stock prices and everyone pulling out their stocks at the same time. On the New York Stock Exchange, it was estimated that 880 issues were lost between $8,000,000,000 and $9,000,000,000 on Black Tuesday. Most people during went into a Panic. A Panic is when a group of people are hit with a sudden fear that causes them to not be able to think logically. There were many devastating effects caused from this crash. Many businesses and companies went bankrupt. When the depression hit rock bottom in the early 1933, one-third of the American workforce were unemployed. The percentage of people
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