Final answer:
The Stock Market Crash of 1929 had an immediate impact on Oklahoma, as well as the rest of the United States, leading to economic hardship. The crash was due to stock market losses, contributing to the start of the Great Depression. Even though the crash wasn't the only cause of the Great Depression, it played significant role in it.
Step-by-step explanation:
True. The Stock Market Crash indeed had an immediate impact on not only Oklahoma but on a large portion of the United States. This crash occurred in October 1929 and led to disastrous financial outcomes nationwide. The stock market, during this time, lost over half of its value, falling from $64 billion to around $30 billion.
The aftermath of the crash was felt predominantly due to banks' investment in the stock market. Over 90% of all banks were invested in stocks, and these banks progressively failed due to their dwindling cash reserves. This resulted in individuals and businesses finding it harder to secure loans, leading to further economic slowdown. The vicious cycle of financial panic meant that as more people worried about the falling market, more of them sold their stocks, causing the market to decrease further.
This period marks the start of the Great Depression, a decade-long period of extreme financial despair across the United States, thus affecting individual states like Oklahoma too. Although, it's noteworthy that the Stock Market Crash wasn't the sole cause of the Great Depression, it indeed laid foundation for the years of economic hardship that followed.
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