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

1. Jobs were lost
2. Families were broken
3. Students dropped out of school
4. Suicides were numerous
5. Businessmen sold fruit on street
6. People became homeless
7. Over 9,000 banks failed

A. Federal Deposit Insurance Corporation Developed

1. Regulations came for...