Black Tuesday

865 WordsJul 11, 20184 Pages
The stock market crash, October 29, 1929 this is also known as Black Tuesday. The Great Depression was an economic slump in North America and Europe. The industrialized Western world had experienced the most ruthless and prolonged depression. Cinderella Man is only one example of how families struggle and overcame the great depression. You will see how this effective many Americans. Why the stock market crashed, was due to two factors, economic and financial. For example economic factors where, poor distribution of wealth, many consumers relied on credit, credit dried up, consumer spending dropped and industries struggled. Financial factors were a threat to the stock market rise in the mid-1920s. Speculation in stock…show more content…
In view of the fact that consumers are not purchasing as much food, farmers are struggling in saving their farms. Also, the drought or also known as the dust storms are contributing to this reason. Since people were not buying as much the farmers could not afford to keep the farms, and the drought was making it even more difficult to grow food. Therefore, unable to make payments they would either file for bankruptcy or may be foreclosed. With these failures came unemployment, this is cause by not having enough jobs for people. The unemployment rate rose up to 25 percent, some areas where even higher than that. Hoovervilles and hoboes where the new social groups created by unemployment. Hoovervilles are people who lived in shacks on the out skirts of towns or parks to accommodate the homeless. Hoboes were people who took to the road. They would travel from town to town in search of work, food and housing. A lot of them would try to travel by boarding a moving train this was extremely dangerous. Hoboes develop a language all to their own to tell each other of honest and dishonest opportunities. The Great Depression took a highly emotional toll on every American. The depression affected Jim Braddock and his family in many ways. One way was he could not get work do to his hand been broken from boxing. Jim was not able to afford the essentials to survive (i.e. food, electricity and medical). This was a
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