Week 3-Discussion 2 - Week 3-Discussion2 The Great...

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Week 3-Discussion2 The Great Depression, “the largest economic downturn in history” (Barnes & Bowles, 2014). This time period was caused by multiple different factors that could not have come at a worse time for the United States. It started with the stock market crash of 1929. Within one day 13 million shares of stock were sold and then the following day over 16 million additional shares were sold, this ominous day was later coined “Black Tuesday”. The result of this was that the value of shares dropped dramatically low thus causing a significant domino effect with the closure of businesses and banks. Many people as a response to the stock market crash; rushed to their banks to pull out there money and so many banks closed as a result. This caused another problem because with banks failing and Americans pulling their money out of the economy; the economic situation in the states further deteriorated. A third issue to contend with was overproduction and under consumption. Many industries were producing at a faster rate than the
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