what was the great depression?
The Great Depression took place during the era of the 1930s in the United States of America. It is defined as the collapse of the economy which lead to the Dust Bowl – fail in farming. This resulted in many losing their jobs and being left homeless, particularly young teenagers who were forced to leave home as their parent couldn’t afford to put enough food on the table. Losing their dignity, these people were alienated by the poverty of The Great Depression. The major cause of this significant era was the crash of the stock market on Black Tuesday, October 29, 1929. Stockholders had lost over $40 billion just two months after the crash in October. Although America started to regain some of its losses, it still wasn’t enough. Also, throughout the 1930s, 9,000 banks failed and as they were uninsured, all savings were lost.
Unemployed men vying for jobs at the American Legion Employment Bureau in Los Angeles during the Great Depression.
Police stand guard outside the entrance to New York's closed World Exchange Bank, March 20, 1931. Not only did bank failures wipe out people's savings, they also undermined the ideology of thrift.
People demonstarte outside the bank of the United States in 1931 after it failed.