The Rise Of The Great Depression - 1183 Words

On October 29 , 1929 marked one of the hardest times in history know as the Great Depression. It has also been known as the Black Tuesday. On this day the stock market crashed. On October 29,1929 people all over the country were panicking not knowing what to do . Their were many causes on what lead to the great depression. People tried selling their stocks that they had bought before the stock market crashed, but no one would purchase them since the stock market crashed stocks were worthless. The stock system was one of the ways they made a living and now the market was bankrupt , no money was coming in. Since the People were not getting money they couldn’t purchase anything which was bad for companies because they would†¦show more content†¦The US economy was coming apart and the great depression was starting, when President Herbert Hoover came into office. Many people blamed President Hoover for the great depression. Newspapers started being called the Herbert Hoover Blankets. Millions of people were out of work and were looking for jobs. If there was a job that had a opening their would literally be about a thousand people lined up trying to get employed for the job. In the 1930s over 9,000 bank deposits were running out of money and were failing people , many people lost their life savings . (Ird.Yahooapis.com) .Many banks that were able to stay open were unsure about how they would survive through the great depression. Many of these banks stopped loaning money and stopped being so generous. (Ird.Yahooapis.com) In 1930s the government created the Smoot - Hawley Tariff to help protect American Companies . This made many Americans pay a high tax for imports which lead to less trade between America and many foreign countries which created a lot of arguments. (Huntington Post).Many People believed that the great depression was because of overproduction , because consumers did not want to take what was all produced , demand had decreased. In the US during the great depression there were many controversies about those who were earning lots of money and those were struggling to make due. In 1929