Great Depression Was an Immense Tragedy for Essay

Open, View, and/or
Download this Document

Total Length: 619 words ( 2 double-spaced pages)

Total Sources: 3

Page 1 of 2

Great Depression was an immense tragedy for Americans. It was the beginning of involvement of government in the economy. After a decade of prosperity and optimism, the United States of America was thrown in despair on October 1929. The whole stock market got crashed and the Great Depression began officially. That day is known as Black Tuesday. There was no hope of the recovery of stock prices. Masses of Americans tried to sell all the stock but there was no buyer. At that time, the stock market became the path of bankruptcy. After the crash of stock market, the banks had to close forcefully as they had invested the savings of their clients in the stock market. This caused a lot of panic and people rushed to the opened banks for withdrawing their money.

The Great Depression caused the unemployment to reach 25% and the wages of employed people fell by 42%. During the Great Depression, many farmers lost their farms and they had to travel to California in search of work. Years of erosion, plus the Dust Bowl in Midwest were some of the causes of less agriculture at that time.

Stuck Writing Your "Great Depression Was an Immense Tragedy For" Essay?

View All Our Example Great Depression Was an Immense Tragedy for Essay

Have A Custom Example Essay Written

Causes of the Great Depression include several mistakes of Fed as well. First, the rate of the Fed Funds kept on rising through a recession and led to the crash of the stock market in October 1929. Secondly, a run on dollar was caused in September 1931 due to spectaculars, who started to sell dollars for gold. Also the Fed raised the interest rates for the preservation of the value of dollar; this restricted the money availability for businesses and caused bankruptcies. The impact of the Great Depression caused 1616 banks and 20,000 companies to go bankrupt, 12 million people were out of work and more than 23,000 Americans committed suicide. Charities gave out shelter and food….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Great Depression Was An Immense Tragedy For" (2012, April 03) Retrieved May 16, 2025, from
https://www.aceyourpaper.com/essays/great-depression-immense-tragedy-113204

Latest MLA Format (8th edition)

Copy Reference
"Great Depression Was An Immense Tragedy For" 03 April 2012. Web.16 May. 2025. <
https://www.aceyourpaper.com/essays/great-depression-immense-tragedy-113204>

Latest Chicago Format (16th edition)

Copy Reference
"Great Depression Was An Immense Tragedy For", 03 April 2012, Accessed.16 May. 2025,
https://www.aceyourpaper.com/essays/great-depression-immense-tragedy-113204
   

Open, View, and/or
Download this Document
order custom essay example