How Bank Failures Contributed to the Great Depression

On the surface, everything was hunky-dory by the summer of 1929. The total wealth of the United States had nearly doubled during the Roaring Twenties, fueled, in part, by stock speculation eagerly undertaken by a wide range of citizens ranging from the fifth The Dowagers of the Avenue to the Factory Workers. A Midwestern woman, a farmer, made an overnight profit of $ 2,000 ($ 31,000 in today’s dollars) betting on the stock of an auto maker.

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