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Causes of the stock market crash of 1929 essay

21/04/2021 Client: muhammad11 Deadline: 2 Day

Economic Collapse CAUSES OF THE GREAT DEPRESSION ROARING TWENITIES • AMERICANS EARNED MORE MONEY COULD BUY MORE NATIONAL INCOME: 1922-$61 BILLION 1929-$87 BILLION • FACTORIES INCREASED PRODUCTION BY USING MACHICHINES 72% INCREASE • STOCK MARKET ALL-TIME HIGH 1927-550 MILLION SHARES 1929-1.1 BILLION SHARES ROARING TWENTIES • SIGNS OF CHANGE • BY 1929 UNEMPLOYMENT RISING FARMERS LOSING LAND STOCK PRICES BEGAN TO DROP FACTOR 1. REPUBLICAN ECONOMIC POLICIES Domestic Issues • “TRICKLE DOWN ECONOMICS” – MONEY FROM BIG BUSINESS AND WEALTHY WOULD BENEFIT ALL AMERICANS. PROSPERITY WOULD TRICKLE DOWN. – CUT TAXES ON BIG BUSINESS AND REDUCED WEALTHY INCOME TAXES – RAISED MIDDLE AND LOWER CLASSES TAXES – RESULTS: WORKERS WAGES LOW AND INCREASE GAP BETWEEN RICH AND POOR Republican Economic Policies International Policy • $11 Billion loaned to Europe during WWI Reduce or release loans? U.S. Loaned England and France more money Defaulted on the loan • High Tariff placed on foreign goods FACTOR 2. REAL ESTATE AND STOCK SPECULATION • SPECULATION-A RISKY INVESTMENT IN HOPES OF MAKING A PROFIT • REAL ESTATE: BOUGHT LAND IN CALIFORNIA HOPING TO SELL TO HOUSING DEVELOPERS. BY MID 1920’S LAND FOR SALE EXCEEDED DEMAND FOR HOUSING • BY 1925, FLORIDA THE PLACE TO VACATION OR RETIRE. NORTHERNERS BOUGHT LAND SIGHT UNSEEN- SOME BOUGHT SWAMPLAND SOLD AS “BEACH FRONT PROPERTY”. FACTOR REAL ESTATE AND STOCK SPECULATION • BELIEVED STOCK PRICES WOULD CONTINUE TO INCREASE • CROOKED INVESTORS PURPOSELY INFLATED STOCK PRICES TO MAKE QUICK PROFIT • VALUE OF STOCK INFLATED NOT BASED ON THE COMPANYS’ PROFIT FACTOR 3. STOCK MARKET CRASH AND UNREGULATED BANKING INDUSTRY • Bear vs. Bull Market? • 1929 INVESTORS BEGAN TO SELL STOCKS • BY OCTOBER 1929 PRICES ON DOWNWARD SPIRAL • “Black Thursday”-Oct. 24, flood of orders to sell • “BLACK TUESDAY”-OCT. 29, 1929 ORDERS TO SELL AT ANY PRICE, $113 PER SHARE TO $4 PER SHARE $16 BILLION LOST STOCK MARKET IN RUINS FACTOR 3. UNREGULATED BANKING • LITTLE TO NO GOVERNMENT REGULATIONS • NO INSURANCE ON DEPOSITS • BANKS INVESTED CUSTOMERS MONEY IN STOCK MARKET-MONEY LOST • BANKS NOT REQUIRED TO KEEP RESERVES ON HAND • BANKS LOAN MONEY TO INVESTORS TO BUY STOCK AND ACCEPTED STOCK AS COLLATERAL • EVEN THOSE WHO DID NOT INVEST LOST THEIR MONEY WHEN BANKS CLOSED • BY 1932 6,000 BANKS CLOSED FACTOR 4. OVERPRODUCTION » INDUSTRIAL GOODS • DEMAND FOR GOODS VERY HIGH AFTER WWI • MACHINES ALLOWED FACTORIES TO PRODUCE MORE IN LESS TIME • UNRESTRICTED GROWTH-EXPANDING & FLOODING THE MARKET • BY 1929 MARKET WAS SATURATED FACTOR 4. OVERPRODUCTION • AGRICULTURAL GOODS • FARMS PROSPERED DURING WWI • NEW TECHNOLOGY-BECAME MORE EFFICIENT, BUT AFTER WWI DEMAND DROPPED CREATING A SURPLUS OF CROPS FACTOR 5. DECLINE IN FARMING INDUSTRY • DECLINE DURING THE 1920’S • FARMERS BORROWED MONEY TO BUY NEW MACHINES BUT THEN COULD NOT SELL CROPSBANKS FORECLOSED • 1929-1933 FARM INCOME DROPPED 50% • SEVERE DROUGHT TURNED SOIL INTO DUST 1930-1934 1 MILLION FAMILIES LOST THEIR FARMS • FARMERS FLED DUST BOWL FOR CALIFORNIA • LIVED IN SHACKS AND WERE MIGRANT WORKERS FACTOR 6. UNEQUAL DISTRIBUTION OF WEALTH • GAP BETWEEN THE RICH AND POOR GREW 1% OF AMERICANS HAD 59% OF THE COUNTRY’S WEALTH 60% LIVED BELOW POVERTY LEVEL OF $2,000 A YEAR FOR A FAMILY • Income-AVERAGE AMERICAN INCOME INCREASED 9% LACKED BUYING POWER • RICH AMERICANS INCOME ROSE 75% HUMAN IMPACT UNEMPLOYMENT • 1933-25% UNEMPLOYED • 34 MILLION PEOPLE LIVED IN FAMILIES THAT HAD NO FULL-TIME WAGE EARNER • MINORITIES USUALLY THE FIRST TO LOSE THEIR JOBS • SOME STATES PASSED LAWS FORBIDDING THE HIRING OF MARRIED WOMEN LACK OF PUBLIC RELIEF PROGRAMS • BEFORE 1933 THE RED CROSS AND A FEW LOCAL GOVERNMENTS OFFERED ASSISTANCE • PROGRAMS LACKED MONEY-SHOT ZOO ANIMALS AND CLOSED LIBRARIES TO SAVE MONEY •

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