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The Great Depression in the USA

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28. The Great Depression in the USA Main causes and consequences of the Great Depression Causes: Raising popularity of the New York Stock Exchange (Wall Street) In the 20’ you could have bought shares on credit and made money this way Many people borrowed huge amounts of money from the banks, to buy shares “on the margin” Fall 1929: the urge to buy shares became a sort of fewer and prices went up The companies weren’t producing that much profit – people/investors started to slowly sell their shares More and more people sold their shares – the prices of shares were falling unstoppably Black Thursday, Terrifying ThursdayConsequences By the end of 1929 the value of all shares had dropped by 40.000 (dollars) Thousands of people, mostly those who borrowed to buy shares “on the margin” found themselves in a huge debt, often without job or even homeless People decided to rather save the money than spending them on new gadgets (cars, radios…) American factories were already overproducing by that time, but now even less people wanted to buy their goods The factories had to dismiss many workers, which resulted in huge unemployment At that time people had become no social help from the state – homelessness All were suffering – people, workers in the cities, farmers on the countryside… The call for help and solution from president Hoover was getting stronger He had only promised, but not taken any action New president Roosevelt was almost unanimously elected, after promising a “New Deal” Black Thursday On Thursday – October 24th, 1929, the panic unleashed and people sold over 13 Million of sharesThis day was later known as a “Black Thursday”On the following Tuesday – October 29th 1929, other 16, 5 Million of shares were sold, that is known as the “Terrifying Tuesday” Roosevelt’s New Deal The main idea was that the federal government should take the lead in the fight against the DepressionHe set up many government organisations, so called “agencies” The Civilian Conservation Corps found the work for many young men The Federal Emergency Relief Administrationgave money to fight against unemployment and homelessness The Agricultural Adjustment Administration…This had helped many people not just regain their jobs, but also their confidence, they again owned possession, had independence and self-confidenceDespite that, many people feared losing their jobs again, many thought the Deal is just a drainage for the economy, or that it is ‘too soft and planned’1939 around 10M people were again without their jobsWhat helped to start the economic 100% again, was the WW2 in Europe, because the USA became the no. 1 supplier of the weapons for the Allies

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