Crowd at New York’s American Union Bank during
a bank run early in the Great Depression.
The stock market crashed on Tuesday, October 29, 1929. I suppose everyone knows someone in their family who was ruined by The Great Depression. When I speak with people about those years, most everyone suffered and had to cut back on their living standards. In addition, however, were those who were living in wealthy circles and overnight, lost great fortunes, relegating them to what they considered poverty.
“Anyone who bought stocks in mid-1929 and held onto them saw most
of his or her adult life pass by before getting back to even.”
Richard M. Salsman
There was a high level of prosperity during the 1920s.
Most people felt the country would never go back
Rethinking the Great Depression is a very informative book by Gene Smiley. It is good for formally educated economics students and also, for beginners without such a background. All readers will have a better understanding of the Depression period which technically only lasted from 1929-1933, but whose repercussions are remembered as lasting throughout the 1930s.
If you would like to learn more about the great Depression and the effects it
had on all facets of American life, hover your mouse over the link below: