Black Tuesday

There are primarily two theories as to why the stock market crashed in 1929, affecting innumerable people in the United States and around the world. One speculation to how the devastating catastrophe transpired is driven by the idea that there was an over-production of goods and services and an underconsumption by the people, creating a plummeting bubble; consumers held on to their money and stopped investing, hoping that the market would stabilize. Another common conjecture is the belief that the Great Depression was provoked simply by normal recession, within the business cycle, and was brought about by poor policy on the behalf of the Federal Reserve. Many believe the crash was frankly unavoidable because of the unprecedented combination

The Great Depression was a time of economic loss. People lost their homes, and lost everything they had earned. It affected the middle and low class americans, and the rich become richer and the poor become poorer. People in upper classes even dropped to the lower class. It began on October 29, 1929, and the leading cause was the crash of the stock market. Everyone who put their money into stocks had lost everything they had, including the Braddock family. In the movie Cinderella james braddock and his family show the struggle of life during the great depression. Overall Cinderella Man showed many of the different aspects we covered, and was worth the watch during the class.

Families had to split up in search for work and many children got jobs to make extra money for their families. In 1933, when Roosevelt took office, “24.9% of the total workforce or 12,830,000 people were unemployed” according to the FDR Library. This statistic shows just how much the average American was struggling to keep themselves and their families afloat. The FDR Library also states that “drastic drops in farm commodity prices resulted in farmers losing their lands and homes due to foreclosure” and that “gangs of unemployed youth, whose families could no longer support them, rode the rails as hobos in search of work.” The previous excerpts depict America’s loss of stability because the people providing food were out of jobs and parents had to send their children away since they could not afford to care for them any further. Thankfully, President Roosevelt and his administration stepped in soon afterward to correct the

The Great Depression had resulted in a lot of people suffering. The horrifying event lasted from 1929 to 1939. It was the worst economic downturn in history. The Great Depression happened in October 1929 when the stock market crashed. It had wiped out millions of investors and sent Wall Street into panic. In the movie “Cinderella Man,” it tells the story of James Braddock, a boxer, and his struggles throughout the depression. It shows him steady on his feet in the 1920’s, suffering from the outcome of the depression, and then how he got back on his feet. “Cinderella Man” portrays the struggles of the Great Depression through James Braddock’s harsh complications.

The second reason was the failures in banking. Many banks were unprepared for the market crash. Banks were investing a part of people’s money into the market in hope to profit from it. When the market crashed, many were withdrawing their fund. However, the banks did not have enough fund.

The Great Depression was a major effect on the economy, and it affected the supply and demand of the United States. Before the Great Depression hit, people were building a large amount of things,and once the Great Depression hit people had all of the supplies with nobody to buy them. Businesses went out of business, and people lost their jobs because their employer could no longer afford to pay them. Some homeless people, known as ‘hobos’, would gather together and make homes of whatever scraps they could find. Soon, so many people lost their houses and were resorted to living in “Hoovervilles”, Hoovervilles were a interpretation of regular towns, that were just made of scraps that they were able to find. The prices for farm grown food were low, so the farmers thought if they planted more food that they would make their money back. Doing that only made the prices drop even more due to farmers having such a large supply, and not enough

    The great depression was a time where unemployment was at an all time high and to add on to it people in the great plains faced another problem the dust bowl. In the great depression many kids from all over the country were told or felt like leaving their home because of hard time that have faced their homes because the money was scarce. So they road the rail looking for work and trying to make money for the family. These were kids that were faced with hardship and having to worrying about where their next meal was coming from, they didn't know were they were going or what they would spend the night.

Black Friday has multiple reasons for it being named “Black Friday”. It traces back to the 1950’s when it was called “Black Friday” because of the surplus amounts of call-ins for employees trying to score a four-day weekend after Thanksgiving. In Philadelphia during 1961, the Friday after Thanksgiving was called Black Friday because it was the day when stores were coming out of the “red”, which was the downward shopping period between July and August. This was the biggest time retailors saw the numbers, “in the red”. The Friday after Thanksgiving marked when retailors saw the profit go up, “in the black”; therefore, the term Black Friday arose.

The Great Depression was the longest lasting economic downturn in the history of the industrialized American culture. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a frenzy and wiped out millions of stockholders. The Wall Street Crash of 1929, also known as Black Tuesday, the Great Crash, or the Stock Market Crash of 1929, began on October 24, 1929, and was the most devastating stock market crash in the history of the United States, when considering the full extent and duration of its aftermath.

The 1920s was a period that allowed people to purchase things using credit, but it eventually caught up to them. The market rose quickly and individuals could not handle the sudden changes, resulting in debt. Factories began firing employees and cutting back on production and at the same time, investors began selling stock, causing prices to fall, leading to “Black Tuesday”. While this was taking place, the drought affected the other half of the population. Farmers were unable to farm the hard, dry land, which forced them to relocate to make money or find better land. When the economy took a turn for the worse, many individuals, especially children, allowed it to overtake their minds and play games.

Even with millions of Americans left bankrupt, things managed to go from bad to worse. “Farmers (who had been struggling with their own economic depression for much of the 1920s due to drought and falling food prices) couldn’t afford to harvest their crops, and were forced to leave them rotting in the fields

The Great Depression was 1929 through 1939 was at its lowest in 1933. The stock market crash because of the rise and fall of the stock split in 1927 as a contributor too for mass amounts of inflation and overvalued of the stock price. The first instance of this was on October 24th where the market had opened 11% lower than the closing before, altogether investors tried to pump the stock with more money with higher bids for shares it had only been an illusion. The following Monday the market had fallen 13% upon opening for bidding investors had lost a plethora of money. The following Tuesday it had fallen another 12%. This day, Oct. 29, 1929, was dubbed “Black Tuesday” and the events following were a speeding up to an already declining economy

On October 29, 1929, investors took a turn for the worse and were just in the beginning of a huge crisis that would cause them to lose everything. This crash pushed many Americans to depression, suicide, and destruction. By 1933, 4,000 banks had closed and Americans started to panic. The stock market crash of 1929 was a major turning point in the history of the United States and billions of dollars were lost.

October 24, 1929, is a day that will always be remembered as Black Thursday. This is the day that the Stock Markets crashed and caused America to go into The Great Depression. The drop of consumer spending, pile up of unsold goods, and stock prices constantly raising are the reasons for this crash. The downturn in spending and investment caused factories and other businesses to slow down production and construction and start firing employees. As for the ones who were not fired, their wages and buying power decreased. Many people who were forced to buy on credit fell into debt, and foreclosures and repossessions rose steadily. By 1930, 4 million people looking for a job could not find one, and by 1931, that number increased to 6 million. The countries industrial production had been dropped by half, as bread lines, soup kitchens, and homeless people

The great depression began with the crash of the stock market on October 29th, 1929 but it really started on October 24th when 12.9 million shares of stocks were sold in one day. Four days later, on black Thursday, stock prices fall by 29 percent. About 30 billion dollars worth of stock will simply ‘disappear’ come mid-November. All of this will come to be known as the stock market crash of 1929.