The Great Depression. Causes of the Great Depression. Stock Market Crash of 1929 $40 Billion dollars in stockholder money gone Led to decrease in confidence. Investors & businesses less likely to invest Banks had invested money in the stock market & lost it.
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2. Lack of diversification in the economy
3. Extremely unequal distribution of wealth leads to overproduction.
Americans stop purchasing Businesses decrease production Workers eliminated Raising unemployment
4. Credit & Investment
5. Destabilizing of American/European Trade
income for farmers
Thousands of farmers unable to make payments to banks for land/equipment loans
The Dust Bowl
“They hung around street corners and in groups. They gave each other solace. They were loath to go home because the were indicated, as if it were their fault for being unemployed. A jobless man was a lazy good-for-nothing. The women punished the men for not bringing home the bacon, by withholding themselves . . . The men suffered from depression . . . They were ashamed of themselves . . . They avoided home.” – Nathan Ackerman (Psychiatrist)
Shantytowns of homeless built outside of cities . . . named after President Hoover
led a migrant lifestyle traveling
from town to town
on foot or railroad car
men became hoboes
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