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How did severe economic problems impact the nation, as the 1920's ended?

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How did severe economic problems impact the nation, as the 1920's ended?

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Video Relating to The Nation's Sick Economy

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Video Relating to The Nation's Sick Economy

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https://www.youtube.com/watch?v=vIRVyqnNTSY

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1. How does the picture relate to the Black Tuesday market drop ?

2. Why does this picture represent the stock market?

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The stock market crashed signaled the beginning of the Great Depression, a period from 1929 to 1940 in which the economy plummeted and unemployment skyrocketed. It hastened the collapse of the economy and made the depression more severe.

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October 29, the bottom fell out of the market and the nation's confidence. Shareholders frantically tried to sell before prices plunged even lower. The number of shares dumped that day was a record 16.4 million.

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Early September 1929, stock prices peaked then fell. Confidence in the market started to waver, and some investors quickly sold their stocks and pulled out. On October 24, the market took a plunge. It ultimately resulted in many people losing their savings.

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People were engaging in speculation that is, they bought stocks and bonds on the chance of a quick profit, while ignoring risk. Many began buying on margin, paying a small percentage of a stock's price as a down payment and borrowing the rest.

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The most most widely used barometer on the stock markets health. It is a measure based on the stock prices of 30 representative large firms trading on the New York Stock Exchange. In the 1920's it rose steadily and many took advantage by buying bonds and stocks hoping to increase their wealth or attain it.

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Throughout the 1920's, the stock prices rose steadily. This made people want to invest in buying stocks to make more money. The Dow had reached 381 points, almost 300 more points than it had had in five years.

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During all 1920's, the money distribution was very uneven. The rich got richer, and the poor got poorer. The 1920's was an era that favored big business. More than 75 % of the population earned less than $2,500 which was considered enough for a whole year.

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The demand for agriculture was high during World War I, but dropped after the end of the war. Farmers sped up their production hoping they would sell more of their products, but the production led to a drop in prices. Once the prices fell, the farmers fell into debt which made them give up their property to the banks.

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The 1920's was a time of a large industrial boom. However, the introduction of new transportation forms, such as automobiles, led to a loss of business for railroads. Coal mining also decreased due to hydroelectric power, fuel oil, and hydroelectric power. The decline in railroads and coal mining led to the elimination of jobs in those related fields. In addition to coal mining and railroads, the number of houses being built also dropped, which led to the fall of jobs in the corresponding areas, such as carpenters.

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The introduction of credit allowed for a consumer to buy a product and pay for it later, and pay using installments rather than paying the whole amount all at once. However, consumers began over using credit and lived far beyond their means, eventually piling up large amounts of debt.

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Due to the nationwide rise of prices, low wages, and the over use of credit, Americans began spending less money. This led to production expanding more than the wages of Americans, and less profit for companies.

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The McNary Haugen was passed by Congress in order to help farmers, who were losing income to due unstable prices of goods. The bill called for federal price supports, which maintained the prices of goods at a certain, stable level. However, the bill was vetoed twice by president Coolidge because he didn't believe that farmers would make any more of a profit.