The market then recovered for several months, starting on November 14, with the Dow gaining The following year, the Dow embarked on another, much longer, steady slide from April to July 8,when it closed at For the rest of the s, beginning on March 15,the Dow began to slowly regain the ground it had lost during the crash and the three years following it.
The History Learning Site, 22 May The very rich lost money on Wall Street but they could just about afford it. But the vast bulk could not afford any loss of money. This had a very important economic impact as these people could no longer afford to spend money and therefore did not buy consumer products.
Therefore as there was no buying, shops went bust and factories had no reason to employ people who were making products that were not being sold.
Therefore unemployment became a major issue. The Great Depression took a while to get going but by the winter of it was at its worst. The impact of the Wall Street Crash: Charities such as the Salvation Army gave out free food and shelter.
It is known that some people actually starved to death. In some states men deliberately set fire to forests to get temporary employment as fire fighters while farmers killed their animals as no-one could afford to buy them in the cities despite there being great hunger there.
What did the government do? The president was a Republican, Herbert Hoover.
He believed that if you were in trouble you should help yourself and not expect others to help you. Therefore he did not do a great deal to help those out of work.
However, Hoover did do some good. Money was used to create jobs to build things such as the Hoover Dam. In the November election, Hoover was heavily defeated by the Democrat candidate. His name was Franklin Delano Roosevelt. Thirteen years of Republican rule had come to an end.Feb 27, · These are the sources and citations used to research The reasons for the Wall Street stock crash as well as the economic and social impact of the crash in the USA.
This bibliography was generated on Cite This For Me on . The Wall Street crashed on September 29, , Dow Jones was down by points an average of 54 percent compared to percent in This was the biggest loss on Wall Street since The loss was estimated at around trillion Dollars.
The stock market crash was a major systemic shock. Not only did the prices of many (see for example Wall Street Journal (a) and Anders and Garcia ()).
There had been an inﬂux of new investors, such as pension funds, into the stock market during the s, and the increased demand helped support prices. “Also, business, economics and finance play a bigger role in our lives than they did in when the first Wall Street was released. Media outlets such as CNBC, Bloomberg and others have a key.
Economic History Economics of the s What Caused Wall Street Crash of UK economy under Mrs Thatcher Lawson Boom of the s UK recession of General Economic Essays The Dismal Science Difference Between Economists and Non Economists War and Recessions The Economics of Fear The Economic of .
Vigilante economics acknowledges no national borders, bows to no regulatory authority, and accepts no rule but the rule of financial power.
Vigilante economics enforces rough justice against all those, who violate fundamental economic laws.