Great Depression and The Stock Market Crash The Great Depression peaked in 1932. It got so bad, that over 6,000 people walked the streets in New York City trying to sell apples for 5 cents each. When the stock market crashed in 1929, it took until 1954 for the stock market to return to pre-depression. The average income of the American family dropped by 40 percent from 1929 to 1932. Income fell from $2,300 to $1,500 per year. The Great Depression and The Stock Market Crash was an iconic and a challenging epidemic for the country to overcome. Early September, the stocks began to fall, but in mid-October it began to fall drastically. On October 24, "Black Tuesday" a record 12,894,650 shares were traded. The companies and entrepreneurs, began
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Having lost their jobs, it was very difficult for people to bring food on the table. Families were even forced to sell their houses and move to apartments. Others were made to move in together since the standard of living was going down day by day. Paying rent was now a very hard thing to achieve. It was even complicated for people to separate or divorce. This was the time when the rate of separation and divorce went down.
Companies closed down because of deflation and low demand while some laid down thousands of their workers. Consequently, unemployment levels increased. Real estate properties that were once prized possessions lost value. Investors in real estate could not pay their mortgages. Banks repossessed their properties, which were worthless because no one could afford to buy them. Over nine thousands failed closed down. Nations had to implement major changes in their macroeconomic policies and institutions to recover from the Great Depression. Due to its tremendous effects in the United States and throughout the world, the Great Depression is known in history as a narrow escape from the downfall of the world economy. Hopefully, one day the world economy will beas rich and prosperous as the roaring 1920s, and America and the rest of the world will be chasing the “American Dream” once again, barring another unforeseen event such as the Great Depression.
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Having lost their jobs, it was very difficult for people to bring food on the table. Families were even forced to sell their houses and move to apartments. Others were made to move in together since the standard of living was going down day by day. Paying rent was now a very hard thing to achieve. It was even complicated for people to separate or divorce. This was the time when the rate of separation and divorce went down.
Companies closed down because of deflation and low demand while some laid down thousands of their workers. Consequently, unemployment levels increased. Real estate properties that were once prized possessions lost value. Investors in real estate could not pay their mortgages. Banks repossessed their properties, which were worthless because no one could afford to buy them. Over nine thousands failed closed down. Nations had to implement major changes in their macroeconomic policies and institutions to recover from the Great Depression. Due to its tremendous effects in the United States and throughout the world, the Great Depression is known in history as a narrow escape from the downfall of the world economy. Hopefully, one day the world economy will beas rich and prosperous as the roaring 1920s, and America and the rest of the world will be chasing the “American Dream” once again, barring another unforeseen event such as the Great Depression.
Works