Interwar Period: The Stock Market Crash of 1929, the Great ...
Interwar Period: The Stock Market Crash of 1929, the Great Depression and the
New Deal
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“Stock prices virtually collapsed yesterday, swept downward with gigantic losses in the most disastrous trading day in the stock market's history. Billions of dollars in open market values were wiped out as prices crumbled under the pressure of liquidation of securities which had to be sold at any price.
There was an impressive rally just at the close, which brought many leading stocks back from 4 to 14 points from their lowest points of the day.
From every point of view, in the extent of losses sustained, in total turnover, in the number of speculators wiped out, the day was the most disastrous in Wall Street's history. Hysteria swept the country and stocks went overboard for just what they would bring at forced sale.”
The New York Times, 30 October 1929
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Margaret Bourke-White: Bread line during the Louisville flood, 1937, during the Depression
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ACTIVITIES
1. Read the text from The New York Times. Put it in context and explain its significance.
2. Compare the graphic about the Dow Jones Index with the US Gross Domestic Product. Relate to the Roaring Twenties, the 1929 crash, the Great Depression and any other relevant events.
3. Which were the consequences of the crash for workers? What was the Great Depression?
4. Analyse the picture by Margaret Bourke-White and the one above, Jobless men keep going. When were they taken? What do they refer to? Write about the irony in the first one and the slogan “There is no way like the American way”.
5. How did president Roosevelt face these problems in the economy?
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