Stock Market Crash Of 1929
The Stock Market Crash of 1929
“I have no fear for the future of our country”(Washington, page 1), that is what President Herbert Hoover said during his inaugural speech to ensure brightness and hope for the country after the stock market crashed on October 29, 1929. The Stock market crash of 1929 had a huge impact on American society by putting out businesses and causing hundreds of people to lose their jobs and homes, it led to the point where people committed suicide rather than living in a depressed society.
After World War I, America experienced a time of tranquility and opulence during the 1920’s. The war had ended and there was an economic and cultural boom during America’s “roaring twenties”(Colombo, page 1), it was fueled by favorable …show more content…
The popularity grew so investors invested huge parts of their money to purchase shares thinking that stocks were extremely safe. Shortly after, investors bought stocks on margin meaning that one borrows stock for the reasoning of leverage financially. By doing that, if the worth of stock increases, the investor will get more in return, and if the worth of stock decreases, the investor would lose his investment. If it decreases too much, they may owe money to the broker. For example, Dow Jones increased from 60 to 400, which made many people wealthy. That became the reason as to why stock trading was considered America’s favorite past time, investors would mortgage their homes and invest their life savings so that way it can be invested into stocks like Ford and RCA. In the investor’s minds the stock market “always went …show more content…
She was part of a generation of Americans who lived through the Depression and the hardships of World War II. Her father, Benjamin Hinig, built houses for a living in the early 20th century. Davie’s lived in the Hinig family home at Fairmount Boulevard in the late 1920’s. When the crash came and shuttered banks, shantytowns and suicides happened, Davie’s father became known for building mansions, was now part of that legend(Panepento, page 1). In 1933, her father was depressed from what was going on with the demise of the real estate market and his family’s financial problems, he jumped out of the National City Bank building in downtown cleveland. Davie’s was only 13 years old when this happened and it changed her life forever. It affected her so much to where she could recite every verse of a song symbolized toward the pain suffered from the crash and the subsequent Depression. With unemployment down 24.9 percent across the nation, it was hard for Americans to get a job. It led to begging for food and investors leaping to their death. Even once rich families cuddled together during the winter for warmth because they could not afford heat. Children were nonetheless aware that something had changed. Dorothy Cristof of Erie would go home every day at about noon and get a penny from her father so she could buy some candy, after the crash, there were
“I have no fear for the future of our country”(Washington, page 1), that is what President Herbert Hoover said during his inaugural speech to ensure brightness and hope for the country after the stock market crashed on October 29, 1929. The Stock market crash of 1929 had a huge impact on American society by putting out businesses and causing hundreds of people to lose their jobs and homes, it led to the point where people committed suicide rather than living in a depressed society.
After World War I, America experienced a time of tranquility and opulence during the 1920’s. The war had ended and there was an economic and cultural boom during America’s “roaring twenties”(Colombo, page 1), it was fueled by favorable …show more content…
The popularity grew so investors invested huge parts of their money to purchase shares thinking that stocks were extremely safe. Shortly after, investors bought stocks on margin meaning that one borrows stock for the reasoning of leverage financially. By doing that, if the worth of stock increases, the investor will get more in return, and if the worth of stock decreases, the investor would lose his investment. If it decreases too much, they may owe money to the broker. For example, Dow Jones increased from 60 to 400, which made many people wealthy. That became the reason as to why stock trading was considered America’s favorite past time, investors would mortgage their homes and invest their life savings so that way it can be invested into stocks like Ford and RCA. In the investor’s minds the stock market “always went …show more content…
She was part of a generation of Americans who lived through the Depression and the hardships of World War II. Her father, Benjamin Hinig, built houses for a living in the early 20th century. Davie’s lived in the Hinig family home at Fairmount Boulevard in the late 1920’s. When the crash came and shuttered banks, shantytowns and suicides happened, Davie’s father became known for building mansions, was now part of that legend(Panepento, page 1). In 1933, her father was depressed from what was going on with the demise of the real estate market and his family’s financial problems, he jumped out of the National City Bank building in downtown cleveland. Davie’s was only 13 years old when this happened and it changed her life forever. It affected her so much to where she could recite every verse of a song symbolized toward the pain suffered from the crash and the subsequent Depression. With unemployment down 24.9 percent across the nation, it was hard for Americans to get a job. It led to begging for food and investors leaping to their death. Even once rich families cuddled together during the winter for warmth because they could not afford heat. Children were nonetheless aware that something had changed. Dorothy Cristof of Erie would go home every day at about noon and get a penny from her father so she could buy some candy, after the crash, there were