he Great Depression was the worst economic downturn in the history of the industrialized world, it lasted from 1929 to 1939. This was when many people lost all of their money and a lot of people got layed off of their jobs.
The Great Depression
One of the causes of the great depression is the lack of banks. When people heard about the great depression, they all chose to quickly get to the bank to get all of their money out of the bank. This left the banks with no money and caused them to shut down.
Oh my goodness! I need to go to the bank and get the little money I have RIGHT NOW!
I am a very rich man and all of my money is in the bank! I need to leave right now before I have no money!
The banks did not have enough money to give everyone ALL of their money back at the same time, so some people did not end up getting their money back at all. And since the banks shut down, they never would.
Whaddya mean you don't have my money?
I'm sorry sir, but we don't have anymore money in this bank... We cannot get you your money back
Another cause of the great depression is Farmer struggle, with new machinery, farmers were growing crops more crops than ever before. However, this caused prices to drop so low that the farmers could not make any profit
because of this new technology, we are growing A LOT more crops!
After the great depression hit, the farmer's situations got even worse. A drought started in the Midwest that would last a while. Because there was no rainfall, the soil turned to dust. Many farmers migrated to California because they couldn't pay their bills and lost their farms.
I can't believe I lost my farm... What am I going to do now?!?!?
Overall, the great depression was a huge issue that affected many people. Many People did not end up getting their money back from the banks, the farmers ended up migrating towards California hoping to find work. Of course, the US overcame this issue in the future or else we would be majorly struggling right now.