Essay heading: Depression

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American History

 

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Date added:

February 17, 2002

 

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3 / 762

 

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Not until October 29, 1929--BLACK TUESDAY--anyway, when the bottom of the stock market fell out, taking millions of American lives with it. Even thoug h any didn't admit it, they knew what was on the way. People who had been buying stocks on margin (10% down) suddenly found themselves penniless and in bigger debt than they could imagine...
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America went into a panic, pulling money out of banks in a frenz y causing many to close their doors. President Hoover tried hard to make the times better for the unemployed first by setting aside almost $800 million for public works like the now Hoover Dam. Conditions, however, failed to improve...
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