THE GREAT DEPRESSION
“All my savings gone just like that. I lost all of it!” Many were saying just that in the afternoon of October 24, 1929 when the stock market crashed. The stock market crash was the one of the worst economical disasters in American history. There were many changes in American life due to the crash, such as an irreversible depression, new types of culture developing, and a new sense of pride in the presidency because of the New Deal. The depression that occurred as a result of the stock market crashing sent the American and foreign governments, and their people into complete disarray. Governments tried in vain to sustain the value of their currency. In the end it did not succeed and the value of the dollar diminished rapidly. This caused dramatic inflation and the increased price of imports. Also exports from America dropped swiftly from 1929 to about 1938, and this increased the strain on the already damaged economy. Many banks went bankrupt because most of its investments were in the stock market, meaning that investors lost everything. The depression was felt around the world with many foreign nations holding stock in the U.S. markets. The industrial production in many countries dropped forty percent and fell fifty per
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, Tom Shachtman, Franklin Roosevelt, Market Crash, Federal Government, CBS ABC, stock market, John Steinbeck, american people, stock market crash, stock market crashing, market crashing, sense pride, tom shachtman, author tom, author tom shachtman, types culture, people complete, foreign nations, information children,
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Approximate Word count = 921
Approximate Pages = 4 (250 words per page double spaced)
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