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In the 1920s, factories increased production. During this time the economy was booming, so factories made more products than people can buy. This made the price of products drastically decrease.
People would buy many things, such as cars, on credit. People would buy a lot and would exhaust their credit. This wasn't a good thing because some people couldn't pay their credit.
People would take loans out of the bank and would buy stocks on the stock market. This was extremely risky because people are gambling with loans.
In the late 1920s, the banking system was extremely shaky. The government didn't monitor banks. Because many people were investing in the stock market, not all of them could pay back the loans. Between 1929-1932, over 5000 banks closed and tens of thousands of people lost all of thier savings.
In 1929, tragedy struck when the stock market crashed. Many Americans relied on the stock market for money. Americans were left worried and uncertain about the future.
Greatest Crash in Wall Street History
By 1933, the unemployment rate was at 25%, the highest in United States history. Many people were evicted from their homes. Others struggled to feed their families. The Americans were in desperate need for someone to help.
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