The stock market crash of 1929
The stock market crash of 1929: Under the surface of America’s economic prosperity in the 1920s, there were serious weaknesses, including no regulation of the investment companies, stock market speculation and over-expansion of credit. The first blow to the stock market came on October 24, 1929, called the black Thursday. The stock market crash was the beginning of a long economic depression. Its effects are including the following: America’s GNP shrank, unemployment went up, and banks failed; rural Americans were no better off, losing their land and other properties because of foreclosures; misery and personal sufferings were widespread. (p.258-259)
