What effects of the stock market and the great depression on the U.S.?
Homelessness
- Many mortgages on peoples homes were foreclosed and left millions of people homeless because they couldn't pay the bills
- Lead to many people building small shacks or shanty towns called hoovervilles.
Starvation and Illness
- Because of loss of income, didn't have enough money to buy food. stole, took from dumpsters, ate very little. Lead to soup kitchens.
Unemployment
- At this time unemployment was at an all time high.25% in the US and 33% in other countries. one out of every four people with out a job. Hours were cut.
- Many unemployed workers committed suicide because they had nothing. Husbands would loose jobs and would be embarrassed so they felt like they were worthless and left their families.
- WW2 brought unemployment way down
Stock Market
- world trade fell
- economic growth fell
- Cause of great depression
- bank failure
- business failure
Bank failures
- People tried to withdraw money that wasn't there
- 40% of banks collapsed
- 1933, people lost about 140 billion dollars.
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