Unit 3 - The October stock crash in 1929 had a profound effect on the economy and the country itself that would last many years before there was a

Unit 3 - The October stock crash in 1929 had a profound...

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The October stock crash in 1929 had a profound effect on the economy and the country itself that would last many years before there was a complete recovery. With the country beginning the 20’s a major economical downturn only to recovered and roared back to great economically prosperity for almost the remainder of the decade. With the country booming the decade was given the name “The Roaring Twenties” but the decade would end on a major downturn. On October 29,1929 the Stock Market crashed on the New York Stock Exchange and continued to fall at an unprecedented rate for a full month. The Crash was due in part to a speculative investment which burst and also may have been instigated by the Federal Reserve’s raising of the discount rate in August 1929. The Crash made it more difficult for many businesses to repay their loans to the banks and many of them found their balance sheets impaired as a result. With the number of bank runs increasing; where the depositors
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