DEPRESSION

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1.5 million people owned stock in various
companies. People in every kind of financial situation owned stocks. It seemed that it was an easy
way to make money, and most investors were getting rich. The stock market reached its all-time
high on September 3, 1929. This caused even more people to buy stock. In October of 1929,
however, the stock prices slowly began to decrease. This did not bother the stockholders that much
because they just figured that the stocks would go back up like they always did. Unfortunately,
these predictions were terribly wrong. On the 24th of October, the stock market plummeted.
Shareholders rushed to sell their stocks as quickly as possible, but they found no buyers. The 24th
came to be known as "Black Thursday." Five days later there was a "Black Tuesday." ...

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was a continuous cycle that caused the
economy to get worse and worse. The unemployed people desperately needed money, so they all
rushed to the banks to take their savings out. Unfortunately, most banks had also been hit hard by
the crash of the stock market. The banks, like the people, had bought large amounts of stocks when
they were doing so well. When the stocks dropped, they could not afford to give their customers
the savings account money which they demanded.

The lucky people who still had their jobs were forced to take a ...

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