Effects of the Wall Street Crash
- Created by: Nika Nerd
- Created on: 23-03-14 17:13
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- Effects of the Wall Street Crash
- SOCIAL
- DEBT
- Borrowed money to buy shares that they can't pay back
- Job loss
- 1933- 14 million unemployed
- 1932
- Cleveland- 50% Unemployed
- Tolerado-80% unemployed
- Wages fell by 60%
- Industrial/ farm production fell by 40%
- Total farm income went to $5 billion dollars
- Farmers unable to pay morgages- refused to let banks take their homes
- Dust bowl farms- unused land turned to desert
- Farmers move to California looking for work
- Americans found it hard to accept charity
- Hooverville- shanty towns
- Looked for food in rubbish tips
- 1931
- 238 in hospital for starvation/ malnutrition
- 45 died
- DEBT
- ECONOMIC
- Taxes cut
- Lack of share confidence
- Billions withdrawn
- Kept money instead of investing
- Banks going bankrupt
- 1929- 659
- 1930- 1352
- December 1930- Bank of the United States
- 400,000 depositers
- 1/3 of New Yorkers saved in it
- 1931- 2294
- Issues with European banks
- 1933- 5000
- International trade
- 1929- $10 billion
- 1932- $3 billion
- POLITICAL
- Hoover
- Prosperity 'just around the corner'
- 1932
- Refused to accept that there was a major problem
- Blocked Garrer- Wagner relief bill
- $21 billion to create jobs
- Hoover
- SOCIAL
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