Question

Describe the economic situation for people in the U.S. During the great depression

Answer 1

Due to the fall in the stock market, there has been a decrease in consumer spending and investments. This was caused by a steep decline in industrial production and a rise in unemployment due to failed companies that fired their workers. After the fall in the first 10 months of 1930, 744 banks collapsed - 10 times more. In all, 9,000 banks collapsed during the decade of the 1930s. It is estimated that 4,000 banks failed only during one year in 1933. Until 1933, depositors lost $ 140 billion due to the failure of banks. This is too simplified to find out the decline in stock trading as a unique cause of the Great Depression. However, in 1932, when the country collapsed in the depths of the Great Depression and about 15 million people (more than 20% of the American population at that time) was unemployed.