The Great Depression is considered on of the worst economic downturn in the history of the industrialized world. It lasted from 1929 to 1939. It all started after the stock market crashed on October 1929. After the crash Wall Street went into a state of panic, that ended up wiping out millions of investors.
The Great Depression caused the GDP to fall by half, which limited economic movement. It was only able to end when the when the New Deal passed, as well as World War 2 ending.
The stock market crash was an event where people were spending money that they didn’t have. When things started to go wrong in the stock market, people tried to sell everything too quickly causing it to crash. The time that followed this was The Great Depression. This was a worldwide economic depression in which many people did not have any money. It started in 1929 and lasted until the late 1930s.
It lasted for 43 months total and many people could not meet their basic needs. People were so broke that they couldn’t afford common things like food and shelter. People slept wherever they could and the lines at soup kitchens for a free meal were extremely long. Some people waited in lines for hours. Most people tried to sell whatever they could to get some money to feed their families.
The great depression affected both rich and poor countries. All around the world people couldn’t get enough food and could only afford little food. During this time the stock market lost at least 90% of its value. Over 11,000 banks failed and people’s life savings were being spent. During the start of The Great Depression Herbert Hoover was the president. He believed that the government should not interfere and help the people that were suffering. This made him very unpopular with the people.
