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Great Deprission (Causes (Bank Failures, over 9,000 Banks failed. Bank…
Great Deprission
Causes
Bank Failures, over 9,000 Banks failed. Bank deposits were uninsured and people lost their saving.
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Stock Market Crash of 1929. Two months after the original crash on October 29, 1929, stockholders had lost more than $40 billion.
Drought or "The Dust Bowl" of 1930. Food became really scarce as the drought made it hard to grow food.
New Deal
Created social security to build up credit and help the elders after retirement, which made it easy for them not being able to work
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Produced a political realignment making the Democratic Party the majority yet they were split with conservatives opposing the New Dael as an enemy of business and growth
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Impact
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Housing coast went down to 30%, while global trade collapsed by 60%
By 1933, unemployment was 24.9%, which meant that nearly 15 million people were out of work.
After the Great Depression people had little to no trust on the government involvement and trust on banks.
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