aug 1, 1929 - Great Depression

Description:

what:
The Great Depression was the worst economic downturn in the history of the industrialized world

cause:
stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over years, consumer spending and investment dropped, causing declines in industrial output, employment and laid off workers.

effect:
Half of all banks failed. Unemployment rose to 25% and homelessness increased. Housing prices plummeted 30%, international trade collapsed by 65%, and prices fell 10% per year. people abandoning their children so that they could eat and the great Emu war.