The Great Depression of the 1930 s. By: Brenna Biggs. What Was the Depression?. An immense tragedy that placed millions of Americans out of work The effect of the stock market crash of 1929 Was the beginning of government involvement in the economy and in society as a whole.
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By: Brenna Biggs
In 1929 the United States stock market along with many stock markets across the world crashed without any warning. While it didn’t happen on a single day, but over the course of 3 or 4, this crash led to the most devastating period in the history of America’s economy. One of the most important days during this crash is known as Black Tuesday,aka October 29, 1929.
Wall Street in 1929
On Black Tuesday almost 13 million shares were traded, causing stock prices to drop at such a quick rate that the stock ticker could not keep up. This incident marked the beginning of the crash and although multitudes of bankers tried to reverse it, the crash had already begun as well as the largest economic depression in history.
To make matters worse, in 1930 the Smoot-Hawley Tariff was passed by senator Reed Smoot and representative Willis C. Hawley. The Smoot-Hawley Tariff raised U.S. tariffs on over 20,000 imported goods to very high levels.
Pennsylvania: three or four families crowded together in one-room shacks and lived on wild weeds.
In conclusion: The Great Depression and the effects of the Great Depression greatly changed the face of American society and economics