The correct answer to this open question is the following.
Although there are no options attached we can say the following.
The long-term crash that made this happen was the United States stock market crash of October 29, 1929, marking the beginning of the so-called Great Depression in America.
It is true that people who were in deep debt from buying stocks on a margin throughout the 1920s were then unable to walk away from the stock market because they needed a big payoff to cover their debts. This led to the Crash because people continued to play the stock market throughout the 1920s without putting enough cash into it to create real value.
And yes, teh Great Depression hit hard. After that US stock market crash, millions of American citizens lost their jobs, thousands of companies broke, and banks went into bankruptcy. The Great Depression has been the worst economic crisis in the United States. And people did not receive any help from the federal government, under President Herbert Hoover.
It was until the arrival of Franklin D. Roosevelt as the US President in 1933, that he created the New Deal, a series of programs and legislation aimed to help the American people.
