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The Great Depression (Causes (1926 (Florida (The boom was under threat…
The Great Depression
Causes
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Autumn 1929
There were too many small banks that didn't have enough funds to cope with the sudden rush to take out savings.
Too much speculation on the stock market the middle class had a lot to lose and they had spent a lot on what amounted to pieces of paper.
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Effects
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From 1929 to 1932, 5 000 went bankrupt.
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In 1928, president Herbert Hoover tried to cheer up the American people but in a year, all the confidence had ended and America was plunged into the depression.
The American economy did not fully recover until the USA entered the Second World War in Decmber 1941.
It was given this name because of the huge impact on people's live, American society, and the world but also because of the time it lasted.