Black Tuesday: The Cause Of The Great Depression

History.com recounts that in one year 4 million people were unemployed and by the next year another 2 million were added to that leaving 6 million Americans without jobs by 1931 (The Great Depression). On October 29, 1929, also known as “Black Tuesday”, the stock market crashed. This was caused by the trade of millions of stocks in one single day, sending Wall Street into a panic and naming the start of ten year economic depression. Following the crash, many American people rushed to the banks to retrieve their money and savings but at this time the banks did not have enough actual cash to give each person their invested amount in full starting the historical event known as the Bank Run. At this time, Herbert Hoover was in the Presidential Office and many of the American citizens blamed the economy’s downfall on him, even naming their shantytowns “Hoovervilles” to insult him and his failed recognition of the severity of the Great Depression. Four years into the depression the people elected a new President, a man by the name of Franklin Delano Roosevelt, he was Inaugurated on March 4, 1933, and from that day forward change was implemented.
Roosevelt introduced the New Deal to society and it became a turning point in American history because it created jobs for the public, reopened the banks, and restored faith in the government amongst the people at the