Today we were talking about our blogs from last week. I already got my 10 points so I don’t have to say anything today. My internet is not working today and it is making me kind of angry, but oh well. The Federal Reserve raised interest rates so that people pay back more money and it prevents them from buying things. They don’t want them to buy things because they are all in debt. “The only thing you have to fear is fear itself.” This is an important quote because if you don’t have much money, then you don’t buy things and that causes a depression.On Black Thursday the market dropped tremendously. Every body was selling their stock. On Thursday, this rich banker went and bought a lot of the stock and the prices went up again. On Friday it was better, but then the weekend came and everybody was thinking about selling. Then on Tuesday everybody was selling and even though the rich people were buying it still wasn’t enough.We are having a WTL quiz tomorrow, what was the cause of the stock market crash. It was very inflated, everybody was in debt, over speculation, buying on margin, banks were lending money to people they shouldn’t lend money to, fraud, pooling, federal reserve bank.What were the causes of the Great Depression? Banks were not loaning money that much, People were in massive debt, people stopped buying goods, banks closed after the market crashed and that made the depression worse, unemployment, overproduction of goods, the stock market crash, uneven distribution of wealth(rich get richer, poor get poorer)...Well, this is all I got because my Microsoft word just decided to close and this is all that it saved.Then Bruns started talking about our projects. He gave us our first topic and then class was over.
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