Short Term Causes of the Great Depression

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

What happened on October 19th 1929?

Share Prices began falling

Why was the stock market so unstable?

What was overspeculation?

What did selling shares on the margin mean?

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