The Great Depression
The Great depression lasted from 1930-1939. (American Cultural History) During the Great depression all the immigrants that had come to the USA to live the American dream could now no longer come due to the fact that the land was making no money. Many farmers had to leave to California during the depression because to make things worse this was a time at which no crops were growing because of the dust bowl. (Kelly)On October 29, 1929 A.K.A.
Black Tuesday the stock market took an awful crash. In 1930 over 9,000 banks went bankrupt since bank deposits were uninsured to save money, but when the banks failed, all the people’s money went with it. Expectedly, people began to shop less, therefore less demand; less of a product being produced. When the factories couldn’t make as many products, they began lay off workers leading to 25% unemployment. Legislation decided to pass the Smoot-Hawley Tariff at this time, which was originally meant to protect agricultural worker’s exports, instead it backfired.
By charging this tax instead of protecting their workers, Europe began to trade less with the United States. (Amadeo) During this time unemployment was at a all time high of 25%. Past agricultural workers needed a way to support themselves and their families leaving them no choice other than to become migrant workers. Migrant workers moved from job to job and it became necessary for them to go to the job instead of the job coming to them. (Kelly) Black Tuesday is still to this day known as one of the worst stock market crashes. It is so memorable because from one day to the next American stocks fell apart and had a huge effect on the economic status of America at the time.