Summary:
Chronicles the history of the American Great Depression. Discusses causes of the stock market crash. Details the events of Black Thursday. Describe the effect of the crash on the country.
The Great Depression:
A Time of Struggle, Survival and Reform
I.Black Thursday
A.October 24, 1929
B.First day of panic
C.Investors sold stock fast
II.Causes of Crash
A.1924 to Black Thursday bull market kept prices up
B.People thought stock was a get rich quick scheme
C.Higher wages meant investing more stock
D.Banks lent money on margin
1.Stocks were no longer just for the rich
E.No regulations on banks or stock market
1.Might have prevented this type of investing
III.During the Great Depression
A.National income dropped from $87 billion to $40 billion
B.Great depression struck every individual
C.Economic problems created social problems
- Jobs were lost
- Families were broken
- Students dropped out of school
- Suicides were numerous
- Businessmen sold fruit on street
- People became homeless
- Over 9,000 banks failed
IV.Outcomes of the Depression
A.Federal Deposit Insurance Corporation Developed
- Regulations came for banks and stock markets
- FDIC started insuring individual's deposits in banks
- Regulated banks to prevent lending.....
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