What Was The Stock Market Crash In The 1930's

Stock Market Crash When the Stock market crashed in 1929 it affected people's lives worldwide . After World War 1 ended it had sent every major European country near bankruptcy in 1918. People thought the United States’s future faced limited opportunity. It was the longest and darkest economic depression in American history. Then signs of recovery began to show in the early 1930s. The American economy lost more than $30 billion on October 24, 1929 also known as Black Tuesday. All major European countries were near bankruptcy after WW1 ended but United States and Japan were financially in good shape. The United States was making more product and made less demand causing the Stock Market to decline. Investors sold all of their shares causing the Stock Market to crash. Thousands of businesses and some banks had closed. Twenty-five percent of all Americans had lost their jobs and not one had a cent in their savings accounts.
Impact of the Depression on Americans was shown by the unemployment statistics. U.S. Labor Department found out that almost 1.5 million people were without jobs in the country in 1929. In 1933 it was 12.6 million stood without jobs. National income combined went from $87.4 billion to $40.2 billion. The first two years of the Depression spread worldwide. During the time of the spread President Hoover was depending on voluntary cooperation of business and labor payroll. President Hoover took positive steps when the crisis deepened. The most important achievement of President Hoover was the
Reconstruction Finance Corporation. Reconstruction Finance Corporation is a loan agency designed for large business- like railroads, banks and insurance companies. Reconstruction Finance Corporation later became an important deal to The New Deal . President Hoover had received funds from congress and