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Black Tuesday Problems

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Throughout every point in United States history, Americans confronted a multitude of problems regarding several different social and financial issues. Of the many issues, one of the catastrophes was the decade of the Great Depression. Americans came across innumerable challenges in the time of the Great Depression and the government obtained actions striving towards possible solutions. The Stock Market Crash on October 29th, 1929 was one of countless difficulties that altered American life during the time of the Great Depression. Deficient new investors in the stock market triggered the prices of each individual stock to drop. On Black Tuesday, the stock prices uneasily descended, prompting a $10 to $15 billion loss in stock value. Black Tuesday did have a vital outcome on what was to come in the future of the Great Depression, although it was not the foremost cause of the economic crisis. On top of the Stock Market Crash, unemployment equally affected American citizens during the time of recession. By only 1933, 25% of Americans were unemployed due to the fact that businesses were plummeting and job opportunities were plunging. Also that year, 14 million were jobless and …show more content…
These economic debacles had a huge impact on society because a majority of people's life savings were in these banks and they all simultaneously closed. Banks had invested a great quantity of their money into the stock market, yet after the Stock Market Crash, lost an abundance of their investments. Americans panicked and attempted to withdraw their money out of banks immediately. Additionally, crowds of people were not capable of repaying their loans to the banks as a result of the Stock Market Crash. In just 1929 alone, 600 banks had already failed, and by 1933, 11,000 of the 25,000 banks nationwide had collapsed. Banks were an immense financial struggle during the Great

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