Name:
Name: Date:
US History Ms. Byrne
The Great Crash
Stock Market Soars
■ _____________ ___________________________ ( a long period of rising prices in the stock market
■ A prolonged bull market in the late 20s convinced people to _____________________ in stocks
■ By 1929, _______________ of American households owned stocks
■ Investors began to buy on ________________________ (making only a small cash down payment)
■ _______________________ ___________________( stockbroker could demand the investor to repay the loan used to buy on margin at once)
■ _____________________________ ( Buyers would bet that the market would continue to climb so they would buy riskier stocks hoping for a __________________ ______________________
Stock Market Crash
■ Monday, October 21, 1929 ( stock market ________________________ and people began to have to ____________ __________________ loans used to buy stock
■ People began to ______________ their stocks at a frenzied pace to gain back as much money as they could
■ Thursday, October 24, 1929 ( the stock market ____________________________ once again
■ “Black Thursday”
■ Tuesday, October 29, 1929 ( Prices fell again to an all-time low
■ “_________________ _________________________”
■ Almost 16 million shares of stock were sold
■ Stock market lost between $10-15 billion
■ By mid-November, stock prices ________________________________ by more than a ______________________
■ $__________ __________________________ was lost (equal to total wages earned by Americans in 1929)
Banks Began to Close
■ Stock market crash greatly ____________________________ the nation’s ____________________
■ By 1929, banks had ________________________ nearly $6 billion to stock speculators
■ Banks were also investing depositor’s money in the ___________________ ________________________, hoping for higher returns than by simply loaning money
■ Banks ___________ _______________________ on the investments with the crash and speculators ________________________________ on their loans
■ With ______________________ __________________________, banks began to cut back on the loans they made
■ Less ___________________________ available = consumers and businesses being unable to ________________________ as much money = economy in _______________________________
■ Some banks were forced to close
■ Government did not ____________________ bank deposits, so if a bank collapsed, people would lose their __________________________
■ Bank failures resulted in a severe loss of _______________________________ in the banking system
Bank Run
■ News of ________________ __________________________ worried many Americans
■ Some depositors would take their money _____________ of the ___________________
■ ____________________ _________________ ( many depositors take their money out of a bank at one time
■ Banks only kept a _______________ ___________________________ of depositors money in the actual bank
■ Too many people ____________________________ their money often resulted in a bank collapse
■ More than 10% of the nation’s banks (almost ____________________) had _______________________ by 1932
Unemployment Increases
■ With the loss of savings due to the bank crisis, many businesses were forced to make cut backs in their __________________________
■ As Americans were losing their _________________, they began to spend less money in the market
■ More businesses were forced to close, and more Americans became ___________________________
■ The unemployment rate during the great depression rose to _______________
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