All across America, from 1929 to 1939, the Great Depression plagued millions of people with grief and suffering. Lasting almost a decade, it was the largest economic recession in US history. ‘Stock markets lost 90% of their value, 11, 000 banks closed, and unemployment reached 25%’ (‘US History: The Great Depression’’). According to Ducksters Education Site, the effects of the Great Depression were devastating and left almost all of America bankrupt and unable to find work.
‘During the 1920s, many Americans invested their entire life savings into the stock market, in hopes of getting rich.
When the economy crashed in October of 1929, no-one was expecting it and families were left with no money’ (‘US History: The Great Depression ’’). Everyday people from lawyers to teachers to cashiers had invested in the stock market. Entire life savings had become worthless in a matter of days. ‘As large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand’ (‘Great Depression History’).
History.com argues that after so many people withdrew all their money at the same time, the banks ran out, resulting in billions of dollars lost and life savings’ vanished. ‘Meanwhile, the country’s industrial production had dropped by half. Bread lines, soup kitchens and rising numbers of homeless people became more and more common in America’s towns and cities’ (‘Great Depression History’). Because of the lack of money, the quality of life for millions of people declined.
Families who were once stable, then couldn’t even afford food or housing. The Great Depression was one of the worst events in US history and will always be known for the agony and pain it put people through.