oct 24, 1929 - Stock Market Crash
Description:
Though the 1920’s seemed like a very prosperous time, there were certain important industries that were not making money. For example the railroad businesses were losing business to new transportation that had just come about. As well as farmers who were making more than they could sell and going into debt. While many people had good jobs and were making more and more money, many people couldn’t find a job by the end of the 1920’s. There was an uneven distribution of wealth, causing a lot of people to not be able to buy what was being made, which made life difficult on the producers and the consumers. Another huge contributor to the crash was the relatively new idea of credit, where you could buy now and pay for later. People were using so much credit that they were in a lot of debt and when the banks collapsed, they lost all of their things. People were buying stocks on margin, where they bought a small percentage of the stock and borrowed the rest, which caused major repercussions when the stock market crashed on October 24, 1929.
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End of Semester Timeline Project
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