Lecture 4

Lecture 4 - April 7, 2008 Page 1 of 3 Lecture 4 The Great...

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April 7, 2008 Page 1 of 3 Lecture 4 The Great Depression The economic problems started in 1925-1926 Everyone was buying credit borrowing too much Net private debts increased by four times Stock market and trading sky rocketed in the summer of 1928 Crash and the Depression Crash The market crashed on Black Thursday (October 24, 1929) followed by Black Monday and Tuesday (October 29, 1929) The stock market lost $14 billion Most of the people affected were businessmen, speculators, and investors If the market would have stabilized it would not have been so bad, but it kept going down into the early 1930s (another $8 billion) The market finally stabilized in 1932 Speculation The crash led to breadlines, selling apples on the street, and having to give up jobs The world’s highest standard of living was no longer attainable The crash was a factor leading to the Great Depression Banks Thousands of bankers (brokers and investors) went under Banks closed and suspended payments to their depositors Cash was disappearing the demand dropped prices fell cut of production and
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This note was uploaded on 04/06/2009 for the course HIST 17c taught by Professor Kaulman during the Spring '07 term at UCSB.

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Lecture 4 - April 7, 2008 Page 1 of 3 Lecture 4 The Great...

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