today mr. bruns went over what we talked about yesterday for reveiw, and then we started talking about...
banks and businesses collapse: approx. 9 thousand banks failed. banks closed because they used the peoples money and when the stocks failed they closed and never to reopen and if the people didnt get all of their money out of the banks then they lost it all. In businesses they didnt make as much products and then that caused pirices to go down and many people lost their jobs. businesses werent makin money (kept spiraling downward.) 90,000 businesses went bankrupt. Unemployment was up to a high at 25%.
Effects stock market crashes had on other countries: Due to the Tariff it made it harder to trade with other countries. when we put high tariffs on our goods i makes prices higher for the other countries which was neagative for american businesses. We aren't able to sell over seas. Because of the high tarriffs, other countries couldn't buy our goods. not only america was suffering from the deppression but other countries were suffering. People were able to become to power because people were desperate and people like hitler promised better times for them. Germany already had it rough because they were trying to pay back war reparations. We gave them a 1 year suspesion where they didn't have to pay us for one year.
Depression in the cities: Businesses were suffering because people didnt buy things because they didnt have any money and lost their jobs and homes. People who lost their homes and built houses out of boxes and basically anything they could use. These places were called hoovervilles. A lot of people would go to bread lines and soup kitchens to get their food because they couldn't buy itg themselves. You see a lot of people selling apples on street corners. they sold them for like a penny each.
Depression in the rural areas: farmers the crop prices were really low. They couldnt pay their loans becasue they didnt make hardly any money. Money people lost their homes becasue of it. Farmers had an advantage because they could grow their own food. Food was destroyed in the country because of over production and yet people in the cities were starving.
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