Wall St CRASH

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DEPRESSION

  • 1928 Hoover declares USA had triumphed over poverty
  • By 1929 WSC world economy plunged into depression
  • By 1932 USA in eceonomic depression (high unem, drop in prices , fall in production )
  • 13 m unemployed
  • primitive living conditions
  • Hoovervilles
  • 2 million desperately seeking work
  • 1932 Hoover at rock bottom

CAUSES

  • Collapse in land prices in Florida
  • too much production not enoygh buyers
  • farming goods prices drop /lack of demand
  • too many small banks ,ruch in savings withdrawal caused many to fail
  • psychological blow WSC
  • Speculation
  • Lending to Europe , recall loans and knock on effect
  • Collapse European banks

EFFECTS

  • Unemployment
  • drop in bproduction by45% from 1929-32
  • House building fell by 80%
  • American banking system on brink of collapse
  • 5k banks out of business
  • death lack of nutrition
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