Great Depression - people faced repossession Businesses...

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Check Point: The Great Depression The Great Depression was a horrible nightmare. The stock market of 1929 crashing was a big event causing the Great Depression. Stockholders lost billions of dollars. At this time, bank failures were also being faced and dealt with. People lost their savings as deposits were uninsured. Banks that did not fail were more scared to create loans than before. Money wasn’t flowing like it should, purchasing of goods went down. Along with purchases dropped, production did as well as many lost their jobs. Many
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Unformatted text preview: people faced repossession. Businesses were no longer thriving, a high tax was being charged for imports causing less trade between America and other countries. Another factor was the drought; many had to sell their farms making no profit off of them. Many couldn’t pay the taxes that were owed. This was known as the Dust Bowl. The Great Depression was something America never wanted to face again....
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