1929 wall street stock market crash youtube
But the vast bulk could not afford any loss of money.
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This had a very important economic impact as these people could no longer afford to spend money and therefore did not buy consumer products. Therefore as there was no buying, shops went bust and factories had no reason to employ people who were making products that were not being sold.
Therefore unemployment became a major issue. The Great Depression took a while to get going but by the winter of it was at its worst.
The impact of the Wall Street Crash: There was no system of benefit for the unemployed. Charities such as the Salvation Army gave out free food and shelter. It is known that some people actually starved to death. In some states men deliberately set fire to forests futures commodities trading software get temporary 1929 wall street stock market crash youtube as fire fighters while farmers killed their animals as no-one could afford to buy them in the cities despite there being great hunger there.
What did the government do?
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The president was a Republican, Thomson reuters ifr forex watch Hoover. He believed that if you were in trouble you should help yourself and not expect others to help you.
Therefore he did not do a great deal to help those out of work. However, Hoover did do some good. Money was used to create jobs to build exness forex review such as the Hoover Dam.
In the November election, Hoover was heavily defeated 1929 wall street stock market crash youtube the Democrat candidate. His name was Franklin Delano Roosevelt. Thirteen years of Republican rule had come to an end.
Causes of the Great Depression. America in the s. Weimar Republic and the Great Depression.
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