Herbert Hoover beets Smith in elections and drives stock market to new heights. This being quite the challenge it brings some sort of prosperity to the decade that is causing people to invest in stock market because of this prolonged Bull Market. Also investors are beginning to purchase stock on margin therefore the market in going to keep increasing!
The stock Market Crashes!
This all starting because of Black Tuesday, worried buyers put their stocks up for sale in a hasty and worrying atmosphere; in which doing this putting the market in a deeper hole. The average income of the American citizens, engaged in speculation, is roughly equivalent to the sum of the billions lost in the mix up causing banks to close. Depositors fearing that they will never get their money back they all have chose to go on a bank run. Many brokers were even calling Margin calls. Hoping to save money many buyers have stopped buying new items altogether and paying off debts that have been put on the installment plan.
With The Depression and suspended operations by banks the outcome of all of this is making business and factories close down resulting in unemployment to increase. Without basic income families suffer from losing their homes to necessities of food deprivation. Unable to pay rent, courts are sending bailiffs to kick out tents who cannot afford the house no longer. The now homeless become hobos, wandering of the streets. [continues]
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