Essay about The Great Depression in America - 2951 Words

There were many primary causes for The Great Depression, Unequal distribution of money to the economy, and the stock market speculation, and much more which all played a major factor for The Great Depression. The Great Depression impacted everyone, it impacted different people of all kinds of backgrounds. It was a low time for Americans in the 1920s, and for other countries also. One of the causes were Uneven Prosperity, 0.1% of families made 100,000$ a year, and 80% had zero savings. 200 companies controlled 49% of all U.S industry which caused uneven prosperity. Although the economy was booming in the 1920s most purchasing was done by credit. U.S wealth was not spread evenly and the economy was unstable. The U.S. economy was†¦show more content†¦As a result, these banks ended up with tons of property but no way to get cash from it. This cash shortage closed even more banks. With the economy falling in shambles and companies defaulting on loans, nearly all private and corporate investment ceased. Companies couldn’t afford to expand—in fact, many had to consolidate in order to cover the margins on their loans. In doing so they stopped hiring more people and began laying people off. unemployment sky-rocketed. With people willing to work for less money—than companies were currently paying, wages lessened too. Farmers and workers did not profit. Impact- All these changes affects the society in different ways .The Great Depression caused many people to close businesses and led the government to regulate the businesses and economic affairs. Depression hurt a lot of people, especially working people who lose there jobs. Bank failures clean out some depositors savings if funds are not ensured. When there was the depression, most people can not meet the house or apartment payments so they lose there homes and become homeless. During a depression some people must live on charity just to support themselves and there families. Sometimes the people who get the charity money, clothes, and food get kind of embarrassed that they need the money and they feel ashamed that they cant afford toShow MoreRelatedThe Great Depression Of America920 Words   |  4 PagesThe Great Depression A major event in American history that has shaped society today is the great depression that began in 1929 and ended in 1939. The official day the stock market crashed was a a day known as â€Å"black Tuesday†. At the time, the American government was not prepared nor did they have policies in place that made them well prepared for such an event to take place. 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