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Created with Fabric.js 1.4.5 The Stock Market crash of 1929Drew Burns Farmers and how they affected the crash -Overproduction, and competition made farmers struggle in the 1920s -govt raises tarriffs -Wages go down, industrial workers make 80% more than farmers, farmers move to the cityies -Prohibition hits barley production, 600,000 farmers go bankrupt, there is no immigrants to do work -The south gets hit with lower cotton prices, more farmers go bankrupt The crash in general -People were investing in a bull market which is when stocks keep going up, People borrowed to pay stocks -Before the 1920s people thought the stock market was risky, stocks went up raipidly in 27' and 28' -Stocks were now a long term investment, people bought stocks on 10% of what they have and put the other 90% on credit, causing the crash -Black Thursday was an event when people could not afford their stocks so they sold them The aftermath of the crash -12 million people out of work, 12,000 people lose their jobs everyday -20,000 companies had gone bankrupt, about 1600 banks close because stocks were worthless -1 in 20 farmers evicted, 23,000 people committed suicide, recovery started with public works, like the Hoover dam People could not afford houses, they moved to slums called Hooverviles, govt didn't get involved untill 1932 with the election of FDR -Marks the end of 14 years of Rebulicans in the white house Sources: Pietrusza, David "The roaring twenties" Lucent books 1998- Hardcastle, Nick, 2005-,
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