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- Farmers made up 1/4 of the American workforce
- To meet  crop demands farmers increased their land size and bought expensive equipment
- This caused the farmers to have large debts that followed them into the 1920's
- Farmers relied on credit
- when the economy struggled, farmers were hit first and the hardest

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People withdrew their money from banks, but banks didn't have enough money to give out. Investors ran to banks as well, taking what little money the bank had left, forcing them to close.

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More than 60% of all American families had yearly incomes of less than $2,000 per year.

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-Demand for crops dropped immensely.
-Post-war production remained high due to the use of machines and intensive farm methods.
-Farmers could not  sell a huge proportion of their crops, therefore they couldn't pay their debts. This resulted in a rural depression.
-Farmers did not thrive during the 1920s', and did not have the cash to buy consumer goods.

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Not enough money in circulation to support the economy after the market crash.

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In contrast, 24,000 of the county's wealthiest families enjoyed annual incomes of more than $100,000, which was 50 times more than what most families earned.

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The Stock Market Crash of 1929 sparked a chain of events that led to the collapse of the American economy.

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Families did not have the money to buy what they needed or wanted

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Families did not have the money to buy what they needed or wanted

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A healthy economy needs more people to buy more things to create more even weath.

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People gambled in the stock market money that they didn't have

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As the market started going down, people were scared and sold their stocks at a discounted price

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Business leaders believed that the survival of their companies depended on production cutbacks, to maintain price levels, and layoffs, to reduce payroll..

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-Since many people purchased Model Ts, industrial laborers were in a good financial place.

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Prices kept falling, and within a matter of days was "Black Tuesday", which was when millions of shares were sold, the market had crashed within a few hours

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-The problem was that while wages rose gradually, worker productivity increased astronomically. Americans were working 32% harder but only making 8% more money.

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The international economy was funded mostly by American loans to European countries. This meant that the depression in America lead to an economic depression around the world.

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amilies did not have the money to buy what they needed or wanted

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-Corporate profit from workers skyrocketed 65%, causing the rich corporate workers to become much, much richer, while industrial workers simply became a little less poor.

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For a time the expansion of credit hid this problem

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Americans would buy big items putting only a small payment down paying the rest off in the next months relying on credit.

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Tariffs were made to protect American goods from foreign competition. The Hawley-Smoot Tariff was passed in June 1630, making tariffs so high that foreign competitors could not compete. The effect was that European countries retaliated with high tariffs of their own.

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Tariff was one of the causes of a depression spreading across the globe, another was war debt payments and international imbalance of trade.

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In August  of 1931, Henry Ford closed several of his Detroit automobile factories putting nearly 75,000 people out of work.

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In August  of 1931, Henry Ford closed several of his Detroit automobile factories putting nearly 75,000 people out of work.

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Americans even bought stock on credit,making such purchases on margin

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The top 1% of the wealthiest people made as much as the 42% of least wealthiest people

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In 1929, the wealthiest 1% of the population earned about the same amount of money as the bottom 42%.

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In the past , they feared debt and waited to buy goods when they had all the cash to pay for those items

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In the past , they feared debt and waited to buy goods when they had all the cash to pay for those items

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Hawley Smoot Tariff added to the issues, American manufacturers had many unsold products. This impacted the global economy and damaged international trade

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Companies began closing plants and forcing workers onto the growing ranks of unemployment.

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The growing credit burden could mask the problem of Americans living beyond their means

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The growing credit burden could mask the problem of Americans living beyond their means

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The problem of production cuts got bigger and bigger.

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Nearly 25% of all American workers had lost their jobs.

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People's fortunes got wiped out from this crash