Question

What was the Great Depression

Answer 1

In 1929, the United States experienced a period of economic hardship that became known as the Great Depression. This economic downturn had staggering effects on financial institutions, businesses, and people across the country. Millions were hungry, poor, and out of work. People lost their savings when the stock market crashed in 1929. In addition, many customers worried as to whether their money was safe within banks and rushed to withdraw their money. Yet many banks didn't have the cash reserves on hand to meet withdraw requests and were forced to close. These events influenced a decline in confidence of consumers and prompted political policies focused on ending the Great Depression and the creation of programs to protect consumers.

Answer 2

The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.