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Rampant speculation led to falsely high stock prices, and when the stock market began to tumble in the months leading up to the October 1929 crash, speculative investors couldn’t make their margin calls, and a massive sell-off began.
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An estimated $30 billion in stock values will disappear by mid-November.The first time the stock market has crashes in history.
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President Herbert Hoover says, "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish."He didnt help when he tried to help it was too late.
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More than a million acres of farmland were rendered useless because of severe drought and years of overfarming, and hundreds of thousands of farmers joined the ranks of the unemployed.Many Farmers had no job and couldnt grow or sell crops
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Hooverville shanties were constructed of cardboard, tar paper, glass, lumber, tin and whatever other materials people could salvage.
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New York's Bank of the United States collapses. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history.Banks also start to fail and loose circulation of money.
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Though the relief and reform measures put into place by President Franklin D. Roosevelt helped lessen the worst effects of the Great Depression in the 1930s
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In the First New Deal, the federal government provides immediate relief from the Depression by creating new public agencies to employ civilians, as well as regulate the banking industry.
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The FDIC helps to prevent bank runs by assuring depositors that they have access to their money.
