Short Term Causes of the Great Depression

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What was October 17th 1929 called?
Black Saturday, as stockbrokers began selling shares, causing fear
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What happened on October 19th 1929?
Share Prices began falling
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Why was the stock market so unstable?
Much of the money used to buy shares ($8.5 billion in 1929) was borrowed, so the market was unstable
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What was overspeculation?
The practice of buying and selling shares quickly on the assumption their value would keep increasing
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What did selling shares on the margin mean?
When shares were sold for around 10% of their value, as part of speculation
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What did Lamont declare on the 24th of October?
That nothing was seriously wrong in the stock market
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How many shares were sold on 'Black Tuesday'?
16 million
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What was a knock on effect of the Wall Street crash?
The Banking crisis of 1931, where 1616 banks went bust
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Other cards in this set

Card 2

Front

What happened on October 19th 1929?

Back

Share Prices began falling

Card 3

Front

Why was the stock market so unstable?

Back

Preview of the front of card 3

Card 4

Front

What was overspeculation?

Back

Preview of the front of card 4

Card 5

Front

What did selling shares on the margin mean?

Back

Preview of the front of card 5
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