The debt accumulated by Americans rose from 1.4 Billion to 3 Billion dollars. Such a large debt and rather small paychecks lead to Americans having no wages because their earnings would go straight to pay for their outstanding debts. Because of this, Americans fell deeper into debt. .
Although people were becoming farther and farther in debt, the 1920's prospered in America. American's were celebrating victory after World War I and morality was very high. People spent money they didn't have consistently. The decade became well known for its free spending and jazz music. However, economic crisis wasn't far removed from the Americans. .
Meanwhile in Europe, the countries were not enjoying the same vibrant social lives the Americans were living. The Europeans were affected much more severely by the war then the Americans. European countries had to pay the United States 10.3 billion dollars to pay for war costs. The Europeans attempted to repay the Americans with large amounts of gold. However, this hurt their economy even worse because without gold backing their currency, their money was worthless. During the depression, the United States also instituted many high tariffs against European goods to promote the buying and selling of American products. This further crippled the European economy. .
The third reason for the great depression is the most widely known. Americans did not only buy their goods and food on credit; the people began to look for quick fortunes in the stock market by paying for their shares on credit. When buying a stock on credit, the buyer would only pay for a small percentage of the share and loan the rest from a bank. After the person would make a profit and sell the share, he would only need to repay his remaining debt from the sale of the stock plus a five percent commission fee. Stories of quick fortunes caused hoards of citizens to try their luck in the stock market. By 1929, Americans owed eight and a half billion dollars in broker's loans.
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The great depression began around the 1930's and ended near the late 1930's. ... Almost 30% of the people during the great depression were unemployed. ... The Chrysler building was created during the great depression. ... Fads and fashion was coming along very strong in the great depression. ... Sports were a major fad for men during the great depression. ...
The Great Depression The Great Depression was one of the longest depressions in the history of North America left Americans shaken. ... My grandmother, a survivor from the great depression says "we had to gather food from were ever we could find it, we were starving". ... The Great Depression sent people that were ordinarily comfortable with life scurrying for reassuring shelter and it left many people badly shaken from the experience. ... People that went through the Great Depression and survived will forever remember the way that it felt to stand in line for hours for food or even to...
Economics during the Great Depression were very different than periods of time during the depression. ... People were not earning much money during The Great Depression. ... Political views also changed during the Great Depression. ... Shirley Temple, Will Rogers, and marie Dressler were few great performers during the Great Depression. ... The Great Depression has definitely left it's mark on America. ...
So the average American was living quite content, but had no savings if something was to happen like, The Great Depression. ... The collapse of the stock market did not cause "The Great Depression" like many may think, it was a total accumulation of wealth, bad business deals and the stock market . ... The Great Depression was a worldwide phenomena, more than 1300 banks closed in 1930 and 3700 more within the next two years. ... At this time The Great Depression had psychological effects and health effects on our nation. ... In 1939, the final chapter to "The Great Depress...
The Great Depression When Franklin D. Roosevelt took office, America was going through what was known as the Great Depression. ... Farm families are an example who suffered during the Great Depression. ... The banks were closing down due to the depression. ... The Great Depression was not the first or only depression Americans had seen, but it was the worst. ...
The Great Depression The Great Depression was the greatest economic slump to ever occur in US history. The depression began in late 1929 and lasted throughout the following decade. Several factors played key roles in bringing about the depression. ... However, though a great deal more work was being done, the average wage for a manufacturing worker increased minimally. ... Though the Great Depression has long since ended, it continues to leave an indelible imprint on our economic society. ...
Great Depression was the worst and longest economic collapse in the history of the modern industrial world. ... The depression started in the United States and spread to most of the world's industrial countries. ... During the Great Depression there were rapid falls in the production and sale of goods and a rise in unemployment. There were many factors to the cause of the Depression. ... Another one of the factors to the Great Depression was what the government had done or had not done to ensure that this would not happen. ...
The Great Depression On Thursday October 24, 1929 at 10:00am the stock market bell went off at the New York Stock Exchange, stocks were plummeting down. ... The Great Depression did not just happen there were many factors that contributed to the depression like the United States international credit system, economic dependency, and international trade policies. ... The great depression is a very important chapter in our history. Through the great depression we learned many great lessons and as a country we came to realize how fragile what may ...
Causes of the Great Depression The Great Depression was the severe economic crisis that began in 1929, that sent the United States into a frenzy. ... It's undeniable that the Great Depression was one of the hardest trails the US has had to endure. ... The Great Depression was a trying and difficult time for America. ... Work Cited Page America's Great Depression. ... Available http://odur.let.rug.n1/~usa/H/1994/ch9_p8.htm "Great Depression" Encyclopedia.com . ...
