The great depression

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The Great Depression In the mid of October, 1929, depression struck. Millions were forced out of their homes they have lived in forever because of the harsh conditions. This terrible era became known as The Great Depression. The depression lasted many years, from 1929 until late 1930’s start of 1940’s. We have learned over time the cause of the great depression and the effects it had. Lands became useless due to the dust bowl, no one could afford to buy food due to the high unemployment rates, life savings vanished because of the stock crash and all the bank failures, and overproduction left retailer losing earnings instead of making. This causes all came together to create the great depression. This era devastated all, leaving most without a home or money. One of the main causes of the great depression was the crash of the stock market in 1929. The stock crash of 1929 was the start of the worst era, the Great Depression. The stock market held money people had invested into a stock they believed would raise and would earn them money. Those poor individuals who had put their hard earned money into a stock to better their family and where completely cheated in the end. Poorer families invested all they could hoping to get a raise in the stock and to make profit. Farmers were the main people who were affected; they profited then lost it all. “Farmers had barrowed a lot of money at high rates during the war to increase output.” (Himmelberg5). The crash made all the farm prices collapse as well as banks. They both collapsed due to inability to repay loans. The stock crash failed just as more and more banks failed. “More than one thousand banks closed.”(Blumenthal). Banks were like people’s hopes, collapsing. There were many reasons the banks were closed, starting with their risky loans. People who were interested in buying a stock but didn’t have the money were not a problem, the bank allowed brokers to barrow more than 75% of the value of the stock purchase. Banks

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