The Effects Of The Wall Street Crash :: Free Essays

The effects of the W every last(predicate) Street Crash were felt all around America as people starved, businesses became bankrupt and unemployment rose. This era was cognize as the Great printing and would last for another ten to xx years.In the short term, rich investors lost great deals of money. Whilst, poorer investors, who had borrowed on the circumference, could not repay their loans and thus became bankrupt.After a while, these incidents began to affect the American public. Firstly, unemployment rose as industries sunk into decline. The 14 million unemployed was a stark contrast to the 1.5 million unemployed in the 1920s. To make things worse, pay across the country began fall rapidly as people became more than and more prepared to work for less.This conduct to many impoverished families creation forced into homelessness, poverty and starvation. Every town had a so-called Hooverville, a shanty town of ramshackle huts where migrants lived, while they searched for work . In these Hoovervilles, conditions were unsanitary and indisposition spread easily. many an(prenominal) of these people lived on food provided by charities, still by 1932, the Red Cross, for example, could only give 75 cents a workweek to each family.A banking crisis then swept across America, as the presumption of the American public fell. In 1929, 659 banks failed due to unpaid loans. As a result people stopped trusting banks and withdrew their savings. This in turn led to more banks failing.People in agriculture were hardest hit by the Depression because the 1920s had not been kind to them anyway. Many farmers had their overturn and homes repossessed, as they could not afford to pay back their mortgages and loans. Furthermore, since areas in the Southern States had been over cultivated, the land became less and less fertile and a Dust Bowl arose. Many of these ruined farmers travelled to California to find any labouring work.