Oh no what happened?? :[
People think the great Depression was just a mishap, perhaps it was, but what really happened was banks failed, and reduction of purchasing across the board, that's how the Great Depression came about. People often ask " Why do we still talk about the Great Depression?". That is because of The Great Depression was a devastating time with far reaching global effects. Banks failed, unemployment reached 25%, and it took 27 years for the stock market to reach pre-crash levels. Those who grew up during the Great Depression never outgrew its effects.
Many older Americans, even those with considerable wealth, have been known to hoard their money, even burying it in the back yard, or hiding it around the house. The Great Depression had such an influence on them that they will not spend money unless they consider it an absolute necessity, preferring instead to stash it away somewhere, just in case.A string of unfortunate and ill-timed economic factors led to the Great Depression. Most people attribute The Stock Market Crash of 1929 as the cause of the Great Depression, but the economy had been stagnant for months prior, and the effects of the market crash were compounded due to the use of margin, and the general lack of market regulations at that time.
Many older Americans, even those with considerable wealth, have been known to hoard their money, even burying it in the back yard, or hiding it around the house. The Great Depression had such an influence on them that they will not spend money unless they consider it an absolute necessity, preferring instead to stash it away somewhere, just in case.A string of unfortunate and ill-timed economic factors led to the Great Depression. Most people attribute The Stock Market Crash of 1929 as the cause of the Great Depression, but the economy had been stagnant for months prior, and the effects of the market crash were compounded due to the use of margin, and the general lack of market regulations at that time.