The Great Depression of 1929 crushed the U.S. economy. 33% of all banks fizzled. 1 Unemployment rose to 25% and vagrancy expanded. 2 Housing costs dove 67%, universal exchange fallen by 65%, and emptying took off above 10%.
During the 1920s, an economic bubble was created. After World War 1, many Americans had more money, some used this new money to invest in stocks. They would pour large amounts of money into investments, they believed the value would never stop rising and they could turn a large profit. Eventually, the stock market crashed. Bank depositors tried withdrawing their money from banks but the banks didn’t have enough money to depositors. The banks went out of business and depositors lost their money. Many Americans were left unemployed, homeless, and starving.
