History
Updated: 12/12/2019
History
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Storyboard Text

  • Banks lost a lot of peoples savings, due to irresponsible loans. A lot of people were waiting outside of banks to get whats left of their money, but a lot of banks closed before everyone got their money because they ran out of money.
  • The Stock Market crashed On October 29th. That day is typically called Black Tuesday. The stock market was not able to regain some loses but it was not able to, so it led to the great depression by the end of 1930s
  • The drought and dust storms during the 1930's made it worthless for farming. That lead to farmers selling their farms because people could not pay taxes or debts.
  • There was a reduction on consumerism. It led to a decrease in the number of products being made and the number of people that are working. Because of unemployment people weren't able to pay off debt.
  • The Hawley Smoot Tariff was created to protect American companies. They charged a high tax on imported goods. Because of that there was less trade between America and Foreign Countries.
  • After spending so much in the 20s, Americans couldn't pay off their debts because they bought things they couldn't afford, like loans.
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