Who Can You Spare A Dime?

On October 29, 1929, also known as “Black Tuesday”, was a day in history no one will ever forget. It was the day the stock market crashed.

This only deteriorated as businesses would suffer financially and unemployment was at an all the time high. Although President Franklin D. Roosevelt came up with tactics and strategies to lessen the effects of the damage done, the economy wouldn’t fully overcome until after 1939 as World War II shifted America. For a little over a decade, businesses would go through financial turmoil and people would have to find other ways to bring in revenue. During the late summer of the 1929, the American economy entered into a recession. According to the Merriam-Webster Dictionary, a recession is defined as a period of reduced economic activity. Investors had traded some 16 million shares on the New York Stock Exchange in a single day. That day in history was formally known as “Black Tuesday”. Those same shares had ended up being worthless with no monetary value. The investors who bought them with borrowed money, suffered an excessive lost. Consumer reliability was gone as spending was nonexistent which resulted in factories being closed down. The lack of consumerism also impacted those who had invested in mass production. The consumers who still felt a need to spend, were forced to use credit cards and evidently fell into major debt; foreclosures on homes and repossessions climbed rapidly as people tried their best to live again and have that

The stock market crash, called Black Tuesday. Unequal distribution of wealth was a key factor during the time period as well. The day know as “Black Tuesday” was the day the stock market crashed. This led to the fall of stock prices, in fear, people sold their stocks and gathered the money they could. The people who didn’t, lost all of their stocks. Those who bought them on credit, they were now in debt. Investors lost a collective amount equal to the amount spent in WWI, that’s billions of dollars gone, approximately thirty-two billion dollars (32,000,000,000). As bad as the crash was, unequal distribution of wealth did not help. The rich saw an income increase of 70%, and the poor saw an increase of 9%. More than 70% of families earned less than $2500/year. Many of these families couldn't afford household products, such as the flood of overproduced goods. Only one out of ten families owned an electric refrigerator. One thing many people overlook when on the subject of the Great Depression is the president's influence on the situation. The two presidents during this time were Herbet Hoover and Franklin D. Roosevelt. Hoover was in office during the collapse of the economy, he didn’t believe in national relief, he believed in self-prevalence and self-help. His beliefs didn’t get the confidence of the people, in 1933, a fourth of working American’s were out of a job, that’s more than fifteen million people unemployed. Many people disliked Hoover, so when they needed to make a home out of paper, glass, tin, or whatever they could find, they named the towns constructed from these items “Hoovervilles”. They were found mostly on the outside of cities. Hoover's idea of self-reliance didn’t get him reelected, he lost to Franklin D. Roosevelt in 1933. Roosevelt brought forward a new strategy to take on the economic problems, it was called the New Deal. The New Deal was a series of actions him and his

With the expansion of contraction in the business cycle, there was an increase in newly fired workers, who could no longer

However, in 1929, the Great Depression, also known as Black Tuesday, took a heavy toll on many Americans. Many lost hopes. “The Great Depression lasted from 1929 to 1941, and was the worst economic downturn in the history of the industrialized world.” As a result of this, the government, as well as businesses, were struggling to repair any damages or losses. This experience allowed government and business

The Great Depression was a time of great economic tragedy during the 1930’s. October 24, 1929 was the day of the stock market crash, causing economical shortage everywhere, even globally, and this scared everyone, including the rich. This day was/ is known as “Black Thursday”, where over 2.9 million shares were traded. On “Black Tuesday”, five days later, more than 16 million more shares were traded in another wave of panic. Many investors then lost confidence in their banks and demanded deposits in cash which forced the banks to liquidate loans in order to supplement their on hand cash reserves. By 1933, around 15 million Americans were unemployed and nearly half of the country’s banks had failed. This stopped Americans from purchasing which then led to less production of goods and decreased the amount of needed human labor. In the end, millions of shares ended up worthless, and those investors who had bought stocks with borrowed money were wiped out completely.

The stock market crashed which led to less money, less production of cars, and less purchases of alcohol. It affected the world we live in greatly. The stock market crashed on October 29, 1929. It was commonly known as “Black Tuesday”. Obtaining enough food for a family was becoming difficult. Many individuals were out of work and unable to find a job that was willing to pay enough to help put food on the table. Vehicles were no longer selling due to the lack of financial funds. Music had nearly come to a halt and the parties of the roaring twenties became quiet. Even the middle class struggled to keep their homes. The middle class eventually started to allow people to board at their homes for a fee. The fee helped to pay for the home and the food the individuals needed. Eventually, the Great Depression came to an end. The Great Depression ended in 1939, nearly ten years after it had begun. Families were able to get back on their feet and begin to live a better

During Hoovers presidency, the world experienced black Tuesday which was when the stock market crashed and was the beginning of the great depression. More than ten billion in stock market revenue vanished in a matter of hours. That is equivalent to ten times as much in today’s world. Soon, the United States and, indeed, the entire world found itself in the grip of the Great Depression, the economic disasters in modern history. Even before 1929, signs of economic trouble had become evident. Southern California and Florida experienced frenzied real-estate speculation and then spectacular busts, with banks failing, land remaining undeveloped, and mortgages foreclosed (3). The highly unequal distribution of income and the prolonged depression in farm regions reduced American purchasing power (1). A crash of such epic proportions truly changed

What came to be known as the Roaring Twenties was a time of economic prosperity following the First World War. At the crest of Jazz Age, when traditional norms were tested and culture was displayed through music and literature, American consumerism was at its peak. From Ford’s automobiles to the smallest of household appliances, from houses to stock market bonds, the average American used credit to purchase all of these appliances. However, at the height of this consumerism, the wealth gap amidst the affluent and the impoverished refused to contract in size. At this moment, 0.1 percent of the elite acquired the same total income as 42 percent of the Nation’s population. With the average personal debt rising and the overproduction of consumer goods too stubborn to decrease; on October 29, 1929, otherwise known as Black Tuesday, the stock market crashed. Unlike others before it, this crash impacted a significant amount of the Nation’s population; predominantly due to its prosperity within the last decade as a result of foreign market advantages during the First World War. Black Tuesday came to be known as the event that set in motion what was the worst economic collapse in history, the infamous Great Depression, which lasted over a decade. Former President of the United States, Herbert Hoover, passed it on as “a passing incident in our national lives.” As a result of his belief in rugged individualism, Hoover concluded that it was not up to the federal government to try and

The 1920’s were a lavishing time. People of the 1920’s were living off the motto: “Forget about the war and live for today…spend, travel, dine, dance. Dash off to Florida, California, Europe. Buy expensive automobiles, luxurious houses, and costly jewelry. Throw money around, but forget about the war.” Even 31st President Herbert Hoover believed that we would abolish poverty, and the economy would not falter. That all changed on October 29th, 1929, which the date will be known as, “The Black Tuesday.” When the Stock Market crashed, major industries, factories, and millionaires, went bankrupt in a matter of hours.

-Many workers were laid off, and laid off workers did not have the money to spend (unemployment)

Businesses failed, and unemployment rose significantly. Banks failed and life savings were lost, leaving many Americans destitute. With no employment and no savings, a great many Americans lost their homes. The poor huddled in cardboard shacks while hundreds of thousands of the unemployed roamed the country on foot in vain hunt of employment.

When the citizens had bought all that they could buy, there was a decrease in demand. Suddenly, the industries had an excess of goods and no one to sell it to. At this point, the Fordney-McCumber Act began to cripple the economy of America. Other nations introduced high tariffs to boost their revenue and to spite the United States. Sadly for the United States, these high tariffs and low demand were instrumental in the depression that America experienced. When the stock market crashed on October 29th, 1929 or “Black Tuesday”, the united states, along with other nations were in economic turmoil and the widespread prosperity of the 1920s ended abruptly. The depression threatened people's jobs, savings, and even their homes and farms. During the heart of the depression, over one-quarter of the American population was out of work. For many Americans, these were extremely hard times. When Roosevelt was voted into office, he introduced the New Deal. While this plan tried to help the united states out of it’s isolationist rut, the second world war was the final solution. Mobilizing the economy for world war finally cured the depression. Millions of men and women joined the armed forces, and even larger numbers went to work in well-paying defence jobs.

The imbalance between the rich and the poor, with 0.1 percent of society earning the same total income as 42 percent, combined with production of more and more goods and rising personal debt, could not be sustained. On Black Tuesday, October 29, 1929, the stock market crashed, triggering the Great Depression, the worst economic collapse in the history of the modern industrial world. It spread from the United States to the rest of the world, lasting from the end of 1929 until the early 1940s. With banks failing and businesses closing, more than 15 million Americans (one-quarter of the workforce) became unemployed.

The day was October 29, 1929. It was referred as “Black Tuesday”. Everything seemed like a normal day. Parents sent their kids to school and adults went off to work. Some in particular, were working in the stock market. The stock market is a place where people buy stocks in order to earn profits. The stocks range up and down. In October, the stocks on the New York Stock Exchange were increasingly falling. Hence, on Tuesday, the stock finally crashed. That day wreaked devastation, as billions of dollars were lost as many people lost their life savings and fortunes.