Notes
- Dow Jones Industrial average collapsed
- Continued selloff took place until 1932 when the DJIA was 89% of its 1929 peak
- People threw themselves out of buildings
- Businesses go bankrupt
- Banks close
- Depression begins
Summary
With an over production, prices fell and people were buying and selling everywhere. People started going bankrupt, and so did businesses; as a result, banks closed which led to the stock market crash; furthermore, the depression.
Quotes
"While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States-that is prosperity." - President Hoover
Subjunctive Questions
What would the economy look like as of now, if the stock market did not crash?