January 24th 2010
America’s All Time Low
The United States of America has always been known as a very strong, free, wealthy country. People all over the world immigrated to the U.s for many reasons one of them being the freedom and the opportunity to choose their own living. After World War I the United States of America went through a wide economic expansion because of the new technology. The stock market benefited greatly to all this money the country was making. Many people began putting money into stocks to make a fast killing. Most of these people never even thought that what was about to happen was even possible. The stock market will always go up is what everyone thought and never realized that it would soon come crumbling down. In September of 1929 the stock market hit an all time low which resulted in one of history’s greatest stock market disasters (Quinn). As everyone knows what goes up must come down there for in October of 1929 the market began to crash. “Even though most people did not own stocks the effects of the stock market crash were not limited to stockholders”(ABC-CLIO). The stock market crash affected the whole entire country. This down fall was one of the major factors that caused the great depression. “After ten years of soaring values, Wall street
commodities plunged to frighteningly low depths on Black Tuesday, October 29, 1929. The stock market collapsed in a frenzy of selling in which a record 16 million shares were dumped” (Wukovits, 19). The millions of shares in the stock market being cut created financial issues for everyone. Very rich business men lost money in their stock and started to raise prices and cut salaries.
Men and women all over the country lost their jobs and or saw their salary slashed. The unemployment percent skyrocketed and almost seven hundred banks were closed in the year of 1929, and eighty-five thousand...