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Why the Stock Market Crashed, the effect this had on the American People and how it affected the economic structure of the United States.
Title: Why the Stock Market Crashed, the effect this had on the American People and how it affected the economic structure of the United States.
Category: History / North American History
Details: Words: 692 | Pages: 2.9 (approximately 235 words/page)
Why the Stock Market Crashed, the effect this had on the American People and how it affected the economic structure of the United States.
The 1920's were a time of unbelievable prosperity. The stock market was going through the roof and the United States seemed to have the formula for limitless prosperity. However, the same formula that generated all of that profit would also be the cause of Black Tuesday. For five years prior to 1929, the stock market had been characterized by rising prices; there was an enormous "bull market."
One of the causes for the stock market rising …showed first 75 words of 692 total…
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…showed last 75 words of 692 total…existing businesses to lower their prices, and so forth. The overproduction also brought less interest from the European market, which further degraded jobs and business profits. A key figure during this time was Secretary of the treasury Andrew W. Mellon who believed in the dropdown economic effect, and wanted to stimulate the economy. Him and president Hoover, both tried to pass certain bills, to help revive the economy but it was too little too late.
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