The reasons for the 1829 wall street stock cash was because the bank, the investors, and the business owners lost their money to european countries. Banks could not repay any money invested into it. you could ask for your money back but yhe bank had lost it. The social impact the crash had on the u.s. is that millions went jobless, homeless, and poor. Hoovervilles were created after President Herbert Hoover who was in office at the time of the crash. These Hoovervilles were shanty towns on the outskirts of big cities. Hoovervilles were communities of old cardboard shacks were people lived since they had lost their homes.
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