The Great Depression

The Great Depression was the longest and most severe economic crisis in the United States that began in 1929 and lasted for about 10 years. It's believed the Depression began with the stock market crash on Wall Street in October 1929. Stock prices continued to fall, and most people lost their jobs and homes. Banks lost everything and were forced to close. By 1933, 11,000 of our 25,000 bank failed. Things continued to get worse with an extreme drop in peoples' item and production demands. This resulted in a drastic drop in unemployment. In 1932 the unemployment rate was 12-15 million people. Just 3 days after the stock market crashed, investors had already managed to lose over $5 billion. Near the end of 1929, stock prices had fallen another $11 billion. Banks that had money in stocks lost everything and big factories were forced to close. Many people were unsure of how to handle the situation, because at the time things were only getting a lot worse with no clear skies for miles and miles in the future.